The U.S. — the world's largest economy since the 1880s — is on the verge of losing its status as the world's largest economy, and is likely to slip behind China this year, says the International Comparison Program, part of the World Bank.
In 2005, the World Bank estimated China's economy was less than half the size of America's, equaling just 43 percent of America's total output. But in 2011 the research placed China's GDP at 87 percent of the U.S., reflecting China's staggeringly enormous economic growth, as well as an updated methodology on purchasing power parity (the amount of goods and services money buys) that recognizes that money goes much further in developing economies than it does in wealthier economies.
With China's economy now expected to have grown 24 percent between 2011 and 2014 while the U.S. is expected to expand only 7.6 percent in that period, China is on course to overtake the U.S. this year. China has already overtaken the U.S. as the world's largest trading nation.
The new measurements dramatically change the shape of the global economic landscape, emphasizing the importance of developing economies. For example, India becomes the world's third-largest economy having previously been in tenth place. The size of its economy also dramatically expanded from the equivalent of 19 percent of the U.S. economy in 2005 to 37 percent in 2011. Russia, Brazil, Indonesia, and Mexico have also grown significantly.
Of course, the U.S. remains vastly ahead of China in terms of economic activity per person. The U.S. has just 4.44 percent of the world's population, while China has 19.1 percent, so it is unsurprising to see China catch the U.S. in terms of total activity. But in terms of economic activity per person, the U.S. is further down the list, in sixth place behind Qatar, Luxembourg, Norway, Singapore, and Brunei. John Aziz
After years of delay, Twitter feuds, and technical difficulties, Kanye West has finally bestowed upon us his seventh album, The Life of Pablo. You can stream it through Tidal, buy it from his website, or just watch a couple of his Saturday Night Live performances below. Here's "Highlights":
And this is "Ultralight Beam." Enjoy. Julie Kliegman
In his first full day in Mexico, Pope Francis spoke directly to the issues facing the nation Saturday, the Los Angeles Times reports.
"I beg that you not underestimate the moral and antisocial challenge which the drug trade represents for Mexican society as a whole, as well as for the church," he told church leaders at a Mexico City cathedral.
The pope also delivered a speech to politicians alongside President Enrique Peña Nieto. Francis stressed the need to care about the common good, not just those who are privileged.
"Each time we seek the path of privileges or benefits for a few, to the detriment of the good of all, the life of society becomes a fertile soil for corruption, drug trade, exclusion of different cultures, violence, and also human trafficking, kidnapping, and death, bringing suffering and slowing down development," Francis said. Julie Kliegman
In 2015, 3,545 civilians were killed due to war in Afghanistan, while 7,457 were injured, the United Nations said in a report released Sunday, The Associated Press reports.
That's a 4-percent decrease in deaths, but a 9-percent increase in injuries. The majority of the violence can be attributed to civilians caught in the ongoing crossfire between the Afghan government and the Taliban. Julie Kliegman
Donald Trump is backed into a corner in South Carolina, where he has been routinely booed by the debate audience for everything from insulting Jeb Bush to insinuating 9/11 was George W. Bush's fault. Perhaps as a result, when Ted Cruz turned his criticism on Trump, Trump came back swinging with a particular vengeance.
"You are the single biggest liar, you're probably worse than Jeb Bush," Trump said — a mighty insult in his book. Trump added that Cruz is a "nasty guy."
"This guy lied about Ben Carson…and he just continues," Trump went on.
However, Trump was met with what is becoming a familiar sound this Saturday: Boos. Watch below. Jeva Lange
— POLITICO (@politico) February 14, 2016
Marco Rubio and Ted Cruz are the only Cuban-Americans on the South Carolina Republican debate stage, and things got especially heated and personal when Cruz criticized a time Rubio went on Univision to speak in Spanish about his immigration policy.
When Rubio was given the chance to respond, he snapped, "I don't know how [Cruz] knows what I said on Univision because he doesn't speak Spanish."
Cruz countered by shouting in Spanish at Rubio. "We can do this in Spanish, if you want," he roughly said.
Some Spanish speakers took issue with Cruz's reply, however:
Spanish-speaking person here. Whatever gibberish Cruz uttered to Rubio wasn't Spanish. Gracias. #GOPDebate
— Alex Beech (@alexbeech) February 14, 2016
Anyone who heard Ted Cruz's gibberish and thought it was Spanish... Sorry you also you don't know Spanish.
— Aura Bogado (@aurabogado) February 14, 2016
Nevertheless, Rubio didn't take Cruz up on the challenge, continuing on in English — but it was a moment for the books. Watch below. Jeva Lange
— Huffington Post (@HuffingtonPost) February 14, 2016
Jeb Bush and Donald Trump locked horns for the second time in the South Carolina Republican debate when Trump took a swing at one of his favorite subjects of ridicule — the Bush family.
"I am sick and tired of him going after my family," Bush began in response, going on to say that, "While Donald Trump was building a reality TV show, my brother was building a security apparatus to keep us safe."
Trump interrupted, pointing out that 9/11 happened while George W. Bush was in office — and was greeted with a round of angry boos.
"He had the gall to go after my mother," Bush went on. "My mom is the strongest person I know."
But Trump, never one to cede the last word, quipped, "She should be running." Jeva Lange
After Jeb Bush explained his policy for going after ISIS at the GOP presidential debate in South Carolina Saturday night, Donald Trump ripped into the former Florida governor — and was met with ferocious boos from the audience. "Jeb is so wrong, Jeb is absolutely so wrong," Trump said of Bush's call to dispose of Syrian President Bashar al-Assad, only to get the audience hissing.
Trump wasn't put off. "You know who that is? That's Jeb's special interest and lobby talking," he said, drawing his second round of boos.
"I only tell the truth, lobbyists," Trump replied. Jeva Lange