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20 facts on the fall of America

Last updated on: November 16, 2010 13:49 IST

20 facts on the fall of America

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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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Image: A makeshift home with General Motors headquarters in the background, in Detroit.
Photographs: Rebecca Cook/Reuters.
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2000: The US topped the charts in terms of average wealth per adult.

2010: It has slipped to 7th place.

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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Image: US President Barack Obama with workers during a tour of Stromberg Metal Works.
Photographs: Yuri Gripas/Reuters.
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The US has lost 32 per cent of its manufacturing jobs since 2000.

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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Image: United Auto Workers (UAW) activists protest against Toyota.
Photographs: Yuri Gripas/Reuters.
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Earlier, the US boasted of the highest number of students with post-secondary degrees in the world.

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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Image: Students protest state budget cuts, tuition fee increases in California.
Photographs: Robert Galbraith/Reuters.
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The US is ranked as the 10th most prosperous country in the world -- down 6 places from 2008, in the prosperity index.

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Image: New York.

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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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Image: Bombay Stock Exchange.
Photographs: Reuters.
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China is tipped to become the global leader in patent filings.

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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Image: A parade in Beijing.
Photographs: Reuters.
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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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Image: Setback for manufacturing.

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2001: The US ranked 4th in the world in per capita broadband Internet usage.

2010: It has slipped to 15th position.

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Image: Obama greets school children.
Photographs: Reuters.
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In 1959, manufacturing represented 28 per cent of all US economic output. This dropped substantially to 11.5 per cent in 2008.

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Image: GM plant.

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The television manufacturing industry, which started in the US has no manufacturing factories today. Sony was the last company to exit the TV manufacturing sector in the US in 2008.

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Image: TV manufacturing shuts shop.

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In 1980, the US imported about 37 per cent of its oil. Today, the imports have risen to 60 per cent.

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Image: An oil rig.

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America's trade deficit with China increased by nearly 300 per cent in nine years since 2000.

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Image: Chinese currency.

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Today, the US spends about $3.90 on Chinese goods for every $1 that China spends on products made in the US.

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Image: Beijing.

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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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Image: Harvey, a homeless man, begs for money along 14th Street in Washington.
Photographs: Stelios Varias/Reuters.
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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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Image: Sales and discounts to attract customers.
Photographs: Reuters.
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Morgan Stanley had warned earlier this year that it would take four years for the US housing crisis to be over.

According to the report, 10 per cent of loans are delinquent.

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Image: A home auction sign.
Photographs: Reuters.
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Since the Federal Reserve was created in 1913, the US dollar has lost over 95 per cent of its purchasing power.

The dollar's exchange value rose against currencies, such as the Euro, British pound, and Swiss franc.

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Image: Dollar notes.
Photographs: Reuters.
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Though the US economy officially exited recession in June 2009, growth fell to 1.7 per cent rate.

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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Image: Recession hit the economy.
Photographs: Reuters.
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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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Image: US sees fall in tax revenues.

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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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Image: Public debt rises.

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