Do you remember when Rush Limbaugh was pilloried by the left and the media for saying he hoped President Obama failed? Limbaugh wanted Obama to fail in enacting his agenda of fundamentally transforming America because he wanted to avoid what’s happening today. The dollar is declining, the cost of living is soaring, the economy is stuck in a rut and the Democrats are spending us into oblivion. In short, America is in decline. The International Monetary Fund just released a forecast that China’s economy will overtake ours by the year 2016.
The Wall Street Journal picked up the news, whether the rest of the media will pass it along is questionable.
For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.
And it’s a lot closer than you may think.
According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now.
Put that in your calendar.
It provides a painful context for the budget wrangling taking place in Washington, D.C., right now. It raises enormous questions about what the international security system is going to look like in just a handful of years. And it casts a deepening cloud over both the U.S. dollar and the giant Treasury market, which have been propped up for decades by their privileged status as the liabilities of the world’s hegemonic power.
According to the IMF forecast, whoever is elected U.S. president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy.
Most people aren’t prepared for this.
Read the whole thing, then go apologize to your kids. The days of the next generation being better off than the current generation appear to be behind us. How pitiful, especially because it didn’t have to be this way.
I won’t hold my breath waiting for the left to apologize to Rush Limbaugh. Turns out he was right.
Update: Memeorandum has a thread and linked.