Biden Brags About U.S. Economy, Which Has Low Growth-Rate

Eric Zuesse

“One of the reasons why our economy is growing is because of you and many others.  Why?  Because we welcome immigrants.  We look to — the reason — look, think about it.  Why is China stalling so badly economically?  Why is Japan having trouble?  Why is Russia?  Why is India?  Because they’re xenophobic.  They don’t want immigrants.”

Joe Biden, Campaign Speech, May 1st

Though the U.S. President was bragging about America’s rate of economic growth in comparison to other countries, America has a rate of economic grown that actually lags behind and below the global average; and, so — for examples — whereas China’s GDP increased 17.44 times during the past 25 years, America’s grew only 2.81 times during the past 25 years; Russia’s grew 8.30 times, and India’s grew 8.41 times, during that same 25 years. However, Biden was right about Japan’s low growth-rate, because it was 1.04 times, the lowest growth-rate of any major economy. The global average economic-growth rate during those 25 years was 3.18 times; and so America’s was below the global average, but not nearly so badly as Japan’s. (As you will be able to see here, the EU’s was even worse than America’s, but not nearly so bad as Japan’s; and South Korea’s was the best of the U.S.-and-allied bloc and exceeded the global average, but was still far below that of China, Russia, and India. The U.S.-and-allied bloc had economies whose growth-rates averaged way below the global average.) 

Here are the exact figures, calculated from the World Bank’s data, which you can immediately access and verify just by clicking onto the link for each given country:

ECONOMIC GROWTH IN GDP

DURING  THE 25 YEARS 1998-2022

China=$17.96/$1.03=17.44x

Russia=$2.24/$.27=8.30x

India=$3.42/$.42=8.14x

S. Korea=$1.67/$.38=4.4x

WORLD=$100.88/$31.75=3.18x

U.S.=$25.44/$9.06=2.81x

EU=$16.75/$7.97=2.10x

Japan=$4.26/$4.10=1.04x

ECONOMIC GROWTH IN GDP PPP 

DURING THE 25 YEARS 1998-2022

(GDP PPP or Gross Domestic Product at Purchasing Power Parity, measures the economic growth that consumers — which includes employees — experience, whereas traditional GDP measures the economic growth that producers — the owners of businesses, the investors — experience)

China=$30.34/$3.04=9.98x

Russia=$5.33/$.8=6.66x

India=$11.9/$1.89=6.30x

WORLD=$164.53/$43.69=3.77x

S. Korea=$2.6/$.69=3.77x

U.S.=$25.44/$9.06=2.81x

EU=$19.6/$7.33=2.68x

Japan=$5.7/$3.22=1.77x

CONCLUSIONS

China and Russia were the most successful economies during the 25 years (inclusive) 1998-2022, especially for investors in those countries, but also for consumers and workers there. China was the top, then Russia. India was close behind Russia. South Korea was a little better than the global average. U.S., EU, and especially Japan, performed considerably worse than the global average. And, right now, the prospects at least for the U.S. economy are even grimmer than its past performance was. Perhaps Biden simply doesn’t want to know about any of this.

HOMELESSNESS

Russia had 64,077 homeless in 2010 but 11,285 homeless in 2021.

U.S. had 637,077 homeless in 2010 and 582,462 homeless in 2022.

Russia has 144,237,000 people; U.S. has 333,288,000 people.

If America in 2010 had the same percentage homeless as Russia did in 2010, it would have had 144,660 homeless then. If America in 2021 had the same percentage homeless as Russia did in 2021, then it would have had 26,666 homeless then.

IMPRISONED

Russia has 300 prisoners per 100,000 residents, and that’s the 29th-highest rate of the listed 219 countries.

America has 531 prisoners per 100,000 residents, and that’s the 6th-highest rate of the listed 219 countries. Until recently it ranked as having the world’s #1 highest imprisonment-rate, but now the 5 worst are 1=El Salvador; 2=Cuba; 3=Rwanda; 4=Turkmenistan; 5=American Samoa.

During the past year, America brought down its imprisonment-rate 17%, and Russia brought down its imprisonment-rate 12%. El Salvador increased its imprisonment-rate 92%. Cuba increased its imprisonment-rate 56%. Rwanda increased its imprisonment-rate 25%. Turkmenistan increased its imprisonment-rate 4%. American Samoa increased its imprisonment-rate 56%. If imprisonment-rate is a measure of a dictatorship, then America at 531 per 100,000 is the most dictatorial of the large countries, and Brazil, at 390 prisoners per 100,000 is the second-most dictatorial of them. However, Pakistan, which is another large-population country, has an imprisonment-rate of only 38 per 100,000, but is clearly a dictatorship. It’s certainly no democracy. Although it’s a military dictatorship serving its aristocracy, it isn’t a police-state, like America is.

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Investigative historian Eric Zuesse’s latest book, AMERICA’S EMPIRE OF EVIL: Hitler’s Posthumous Victory, and Why the Social Sciences Need to Change, is about how America took over the world after World War II in order to enslave it to U.S.-and-allied billionaires. Their cartels extract the world’s wealth by control of not only their ‘news’ media but the social ‘sciences’ — duping the public.