U.S. Not The Top Economy Anymore
Although I shouldn’t be surprised, I am depressed about it. Seems the United States isn’t the top economy anymore. What’s stunning is that I expected the report, from the World Economic Forum in Geneva, actually has Switzerland as the top economy. Sorry, but isn’t this the same Switzerland that basically bent over and said “thank you sir, may I have another” to the United States months ago when we pressured them into giving up the names of those Americans who had accounts in their supposedly secret banks?
Anyway, we’re number two; how’s that feel, America? Well, from the news story, I guess we weren’t at number one in 2005 either, when Finland was number one; hmmm, this just doesn’t sound right, does it? And guess who number three and four are this time around; Sweden and Denmark. Is there something about that part of the world, and a small part nonetheless, that knows something the rest of us don’t?
Maybe. These countries heavily tax their citizenry, yet have universal health care and some of the most liberal laws in the world. Doesn’t do much good to try to be rich there, because upwards of 85% of your wealth is going to the government. That’s why Bjorn Borg and others, once they started making money, moved their main residences here. You don’t see the rich from other countries complaining about the taxes they have to pay here, do you?
Oh well, maybe in two years, America, because we’re not regaining it next year. You can take that to the bank; if we still have banks next year at this time.
After this post showed up on Twitter, one of my business friends wrote me to tell me that the article is on the topic of “competitiveness,”, not economy. He turned me onto the full report, which is almost 500 pages long. On page 34, it acknowledges that not only is the United States the top economy in the world, but the report uses the words “hands down.”
I have to admit that I’d have never picked up on the difference in the terminology, but I’m glad my friend picked it out for me. Here’s the link to the full Global Competitive Report.