We're Number ... 2? Are Americans in Denial About the Country's Decline?

By Dean Baker, Nation of Change
Posted on May 1, 2012, Printed on May 7, 2012

Politicians in the United States must ritualistically assert that the United States is and always will be the world's leading economic, military and political power. This chant may help win elections in a country where respectable people deny global warming and evolution, but it has nothing to do with the real world.

Those familiar with the data know that China is rapidly gaining on the United States as the world’s leading economic power. According to data from the International Monetary Fund (IMF), China’s economy is currently about 80 percent of the size of the U.S. economy. It is projected to pass the United States by 2016.