Why USA is losing to China?
I am American first and will always support the United States of America. The fact that I am admitting we are losing to China should outright push us to do better.
So what runs the US economy? 2/3 of the GDP is on consumer spending. As a fellow American I implore people to spend more. It is insane what China is doing to the very first Costco opening in its country. Chickens sold out in minutes. Store literally closed in a few hours after opening because it was over capacity.
I understand the younger generations as a millennial myself most of us do not have much to spend. However baby boomers and retirees have plenty to spend and should to boost the GDP much more and be able to compete with China. Stop hoarding money for the sake of money and start spending it for the greater good. Or better yet donate it to the younger generations so they will spend it.
I’m sorry what? If anything that’s something to be proud of, good on the baby boomers for not being that materialistic and no the US ain’t losing so far...
I do not mean to speak ill of the boomers. It is great that they are saving and want younger generation to emulate. But how the economy works comes down to buying and selling goods and services. Costco is "cheap buy in bulk" of mostly daily essentials and if China's demand is higher than US than it's another sign US is lagging behind. Not a good sign for average household. Middle class basically getting crushed while rich, mostly boomers, are getting even richer. Just feel like it because even a store like Costco there looks to be a large China population demand.