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20 facts on the fall of America
The world's largest economy, United States is no longer a dream destination. Post-recession, the economy is in doldrums, with huge public and private debt as well as fundamental weaknesses in the financial systems.
It is projected that ten years from now, China would topple the United States to become the world's largest economy.
The nation, which topped the charts in various parameters - jobs, wealth creation, manufacturing, education, technology usage - is now facing a downfall.
Here's a look at some startling facts listed by Businessinsider.com on the fall of America...
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20 facts on the fall of America
The number of poor people in the US is rising to record levels with the ranks of working-age poor approaching 1960s levels.
The US has the third worst poverty rate among the advanced nations.
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20 facts on the fall of America
During his visit to India, Obama signed $10 billion worth of deals and said it would create 54,000 new American jobs.
The recovery is still a long road ahead.
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20 facts on the fall of America
Today, the US has fallen to 12th place.
"We are in a very competitive environment, where other countries like China and India have now caught up -- in some indicators -- and are going to keep on moving because they are hungry and they've got some very talented people," Obama said in his remarks at a Democratic Party fundraiser in Greenwich, Connecticut.
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20 facts on the fall of America
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20 facts on the fall of America
The economy of India is projected to become larger than that of the US by 2050.
Chinese economy will be 3 times as big as the US economy by 2040.
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20 facts on the fall of America
China's efforts are sharply focused on 16 fundamental sectors.
Among them are high-end chips, semiconductor manufacturing, next generational wireless communications, software, pharmaceuticals, large aircraft and space systems, including high-resolution earth-observation systems.
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20 facts on the fall of America
The US has lost about 42,400 factories since 2001.
Without an industrial and manufacturing base, the trade deficit will rise. Another 90,000 manufacturing companies face the possibility of a shut down.
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20 facts on the fall of America
2001: The US ranked 4th in the world in per capita broadband Internet usage.
2010: It has slipped to 15th position.Click NEXT to read on...
20 facts on the fall of America
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20 facts on the fall of America
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20 facts on the fall of America
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20 facts on the fall of America
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20 facts on the fall of America
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20 facts on the fall of America
The US economy will lose over half a million jobs this year, if the US trade deficit with China continues to rise.
In October, 6.2 million people were reported to be jobless for more than six months.
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20 facts on the fall of America
The consumer confidence in one of the highest spending nations, has hit all time lows.
The median household income in the US dropped from $51,726 in 2008 to $50,221 in 2009.
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20 facts on the fall of America
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20 facts on the fall of America
The dollar's exchange value rose against currencies, such as the Euro, British pound, and Swiss franc.
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20 facts on the fall of America
The gross domestic product grew at a 2 per cent in the third quarter.
The US government spending as a percentage of GDP is now about 36 per cent.
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20 facts on the fall of America
Tax revenues were hit by the recession. Recessions typically slash government tax collections as economic activity slows.
For example, during FY 2009, the US government collected about $400 billion less than FY 2008.
Individual income taxes fell by 20 per cent, while corporate taxes declined 50 per cent.
At 15 per cent of GDP, the 2009 collections were the lowest level of the past 50 years.
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20 facts on the fall of America
The US government's public debt is projected to hit 716 per cent of GDP by 2080.
Today, each citizen's share of this debt is $44,393.
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