The USA has had the largest economy on the planet since 1871.
Our projected GDP for 2022 is 25.3 trillion dollars, while the global economy is right at 100 trillion.
There are 330 million people in the USA out of 8 billion people around the globe, so our little 4% population represents a full 25% of the global economy.
4% of the global population generates 25% of the global economic output!
The 2nd place for GDP goes to China, at 19.9 trillion for 2022.
China’s GDP is impressive, but China is now cracking down on basic freedoms and asking all foreign nationals to leave their country… history shows that countries that rule by authoritarian government do not prosper, grow, or attract foreign investment.
China was on an aggressive GDP growth path from 1990 until about 2013, but the current authoritarian dictatorship running the Chinese Communist Party does not bode well for continued economic growth or freedom in China.
There also exists a massive Chinese real estate bubble artificially propped up by government spending… empty ghost cities that will never return a profit to the investors who put their life savings into these failed projects.
BTW… distant 3rd for GDP goes to Japan with $4.9 trillion… far behind China and the USA.
Our military has the best technology, hands down.
The F-35 5th gen fighter jet was developed here in the United States, and that technology is already 15 years old. I would not be surprised if our Defense Department has some extremely advanced technology that is being kept secret until we actually have to use it.
The USA spends $720+ billion a year on defense, by far the largest miltary spending on the planet, but when your GDP is 25 trillion that’s not such a large number.
We remain the only country with a large enough military to fight a global war on 2 fronts.
Our military is prepared to fight Russia (alongside NATO) in Eastern Europe while also fighting China…. when they invade Taiwan in the next few years.
In 2021 the USA pumped 16,500 barrels of oil per day, making us the largest oil producer in the world.
Saudi Arabia was 2nd place at 10,900 barrels, Russia a close 3rd with 10,800 barrels per day.
Most of that oil is consumed right here in the USA, so we are not sending US dollars OUT of the country to buy oil from foreign regimes.
This is one of the reasons the US dollar just hit 1 to 1 parity with the Euro.
Some of the oil produced here is exported to Asia, South America and Europe, which further adds to our GDP.
With 4% of the global population here in the USA we harvest 8.4% of the global wheat supply.
In contrast China harvests 17% of the global wheat supply but the Chinese people consume 19% of that same number.
If China stops importing wheat there could be widespread famine across their country.
With our wheat surplus here in the USA we have food security.
We have 2 massive oceans to the east and west, a natural barrier to invasion.
Those oceans are guarded by nuclear submarines and 11 nuclear powered aircraft carriers… with F-35 and F-22 fighter jets ready to launch at a moment’s notice.
Our neighbors to the north and south are friendly.
Canada is too polite to invade and Mexico is busy fighting their own homegrown drug cartels.
Also, neither Canada nor Mexico has to worry about the USA invading their country. Not in this century, anyway.
If Canada or Mexico ever invaded US soil our military would obliterate them in days if not hours.
The USA has been a immigration magnet for the last 200 years.
My hard-drinking Irish and German ancestors came here in the 1860’s to fight in the Civil war, build infrastructure and get in drunken fights in bars all over the Northeast.
Our entire space program after WWII was staffed with German and Jewish rocket scientists.
Immigrants from India have been the backbone of the American software industry for the last 40 years.
Korean and Chinese immigrants came here to start small businesses, and their children became a 2nd generation of doctors and engineers.
My ex wife came here from Taiwan to work as a teacher and realtor.
My next wife came here from Ukraine and works in the shipping business… we’re getting married in the spring btw…
The USA has been a place where talented immigrants like Sergey Brin and Elon Musk came here to start multiple companies, innovate and add to our huge GDP.
Americans are really frickin’ creative.
This is where Jazz, Blue Grass, Hip Hop and social media was invented.
The modern power grid was invented here in the United States… so was the Internet!
There exists a creative energy that comes from a society with a mix of people from all over the world, coming together and doing cool shit.
Part of this massive creativity comes from our freedom to do whatever we want, worship or not worship any religion… if you have a creative idea you can come to the USA and use that idea to start a business, make money, and come up with more creative ideas.
Our population continues to grow.
In China the population has SHRUNK since 2018, down to 1.4 billion from 1.5 in 2010.
The population of Japan, Russia and Italy are also shrinking in similar fashion to China…
Young people in those countries are not having children as much as previous generations.
These countries will eventually have a large mass of retired people living off government pensions with barely enough middle aged and younger people paying into the taxbase to support them!
In general retired folks are not innovationg, starting new companies or hiring new employees.
In the United States our Hispanic / Spanish speaking population is our fastest growing demographic, going from 12% in 2010 to 20% in the 2020 census.
The USA can use immigration to add younger people to our population, even if our natural born citizens are having fewer children.
Young people pay taxes, invent new stuff, start new companies and help grow the economy.
If the USA wants to remain a dominant superpower we should allow for MORE immigration, especially young people who already have a college degree.
I’m pro-immigration as long as those folks are law abiding and willing to work.
There is corruption in every country, but for the most part Americans (and American companies) are known globally for being honest and getting the job done.
Elon Musk was born in South Africa, but he came to the USA to start Paypal, Tesla and SpaceX.
Corruption here in the USA is the exception, not the rule… after working in many American businesses over the last 28 years I have never had anyone try to bribe me, and I’ve never had anyone ask me for a bribe.
In contrast I’ve heard many stories about rampant pay offs and corruption from friends who have done international business in Eastern Europe, Africa or South America.
There are still lying and cheating Americans, but for the most part we are known for being straightforward and honest in our business dealings.
There exists a legal system in the United States that allows a citizen to sue a business if their product is dangerous and causes injury or death. This system is occasionally abused, but it keeps companies in check when it comes to offering safer products and services.
I hope you like the stats I’ve compiled here, we don’t have a perfect country, but it still beats everywhere else when one looks at macroeconomic factors.
I’ve spent time in Europe, Asia and Central America and these varied adventures have given me a unique perspective on what we got right and what we need to change in this country.
Have a great August!