America’s economy has got back to where it was before the recession began.
Americans have not.
In the third quarter, gross domestic product (GDP) grew at a +2.5% annual rate, finally putting it above its late 2007 level.
But with a growing U.S. population, GDP per capita is still -2.9% below its pre-recession peak.
China just surpassed Japan as the #2 country in the world in total Gross Domestic Product (GDP).
But after adjusting for GDP (Purchasing Power Parity) on a per-capita basis, China (at $6,567 per person) has a long way to go before it achieves "Superpower" status, considering that it ranks #102 according to the CIA, #99 according to the IMF, and #92 according to the World Bank.
In fact, on a per-capita basis in 2009, China ranked behind Namibia, Jamaica, Belize, Thailand, El Salvador, and Albania.
U.S. per-capita GDP currently stands at $46,400, or more than 7 times that of China.
U.S. household income currently is in the $50,0o0 neighborhood, or more than 20 times that of China, whose household income is roughly $2,500 per year.
And the last time the U.S. had per-capita GDP of $6,567 was back in 1932.
