- May 22, 2022
- Posted by: Stratford Team
- Category: Economy
The Chinese Economy is in Trouble: “What we are going to see with China, for the first time that anyone can remember who’s alive, is an economy that’s twice the size of the U.S., possibly three times the size of the U.S., and it’s going to be very weird living in that world,” said Elon Musk on the “All-In with Chamath, Jason, Sacks & Friedberg” podcast.
At first glance, Musk looks correct. China is catching up to America fast. Last year, the Chinese economy skyrocketed 8.1%, producing $17.46 trillion in gross domestic product. The American economy clocked in at $23.00 trillion, growing only 5.7%.
Yes, Musk is America’s leading visionary, but this particular vision is off-target. The Chinese economy will never overtake America’s, at least not this century.
Elon Musk is making predictions by extrapolating. Extrapolation works most of the time, but not now.
The Chinese economy – and the nation overall – is passing a…