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
With the polls showing him in fifth place in New Hampshire, Florida Sen. Marco Rubio said he wasn't happy, but "our disappointment tonight is not on you, it's on me."
A dejected Rubio cut a much different figure than the jubilant Rubio who came in third in Iowa one week ago. He pinned the loss on his performance at the Republican debate on Saturday, but told supporters: "Listen to this: That will never happen again. That will never happen again. Let me tell you why: It's not about me, it's not about this campaign, it's about this election. It is about what is at stake in this election." Rubio said he will end up winning the election, and he "must" because otherwise, "we may lose our country." Catherine Garcia
Both CNN and The New York Times have called Donald Trump the winner of the New Hampshire primary, where he holds 34 percent of the vote with 76 percent of precincts reporting. Giving his first victory speech of the election, Trump vowed "to make America so great again. Maybe greater than ever before."
A number of news organizations have called John Kasich the second place winner with 16 percent. Ted Cruz, Jeb Bush, and Marco Rubio are locked in a battle for third place, virtually tied between 11 and 10 percent. Jeva Lange
John Kasich's second-place finish in New Hampshire prompted a feel-good speech full of tears and hugs and Chicken Soup for the Soul-esque advice about slowing down and living in the moment. It also had a fabulous super villain cackle:
Many people watching were put off by the laugh. "Whoa, Kasich sounded a little unhinged with that evil laugh," tweeted Fusion's Collier Meyerson. American Interest's Peter Blair agreed: "That Kasich laugh was the best thing so far shown on CNN tonight." Jeva Lange
Young voters like Bernie Sanders because they think Hillary Clinton is their parents' candidate, PBS finds
Sen. Bernie Sanders (I-Vt.) is crushing Democratic presidential rival Hillary Clinton among voters under 30, at least in the first two voting states. There are probably a lot of reasons younger voters back Sanders, including his aura of authenticity and outsider status, his promise of a Washington-shaking revolution, and his stands on campaign finance, tuition-free college, and taxing Wall Street. But, PBS Newshour's Daniel Bush says, millennials aren't "connecting with Hillary" for a more "obvious" reason, "and we're missing it." That reason? Clinton is yesterday's candidate.
The idea that Clinton, 68, is too old-school may seem odd considering that her main challenger — the one beloved by young voters — is a 74-year-old self-described democratic socialist. But many millennials were babies during Bill Clinton's presidency, in middle school during Hillary Clinton's 2008 run, and in high school when she was secretary of state. "Hillary is like our parents' Bernie," college freshman Madison Egan told Newshour over the din of indie rock group Edward Sharpe and the Magnetic Zeroes, playing on stage at a Sanders rally in Manchester, New Hampshire.
"People who are 18 or 20 didn't live through the Clinton era. To them, Hillary is just another public figure," Democratic strategist Hank Sheinkopf, a veteran of Bill Clinton's 1996 campaign, tells Newshour. "There is a generational shift going on." Peter Weber
Ted Cruz, vying for a third-place finish in the New Hampshire primary after his first-place showing in the Iowa caucuses, congratulated Donald Trump and second-place finisher John Kasich on Tuesday night. But he quickly declared that his strong showing (11.6 percent, with 63 percent of precincts counting) meant the real winner was "the conservative grassroots" and the real loser "the Washington cartel." To win in November, he said, the Republicans need conservatives, traditional Republicans, and "especially the Reagan Democrats." To earn the votes of blue-collar Democrats, he said, "we must stand univocally against amnesty" and ObamaCare, "and for Pete's sake, we don't need more deals," a probable shot at New Hampshire winner Donald Trump.
Cruz said he would continue to campaign against abortion and for gun rights, and said that when he wins the White House, it will be "a victory for We the People" and the death knell for "bipartisan corruption of Washington." Peter Weber
Jeb Bush is in a fight for third place in the New Hampshire Republican primary, but told supporters he's optimistic as he makes his way to South Carolina.
"This campaign's not dead," he told about 250 people at Manchester Community College. He thanked his volunteers, many of whom came from Florida, and said the pundits "had it all figured out last Monday night when the Iowa caucuses were complete. They said the race was now a three-person race between two freshmen senators and a reality TV star. And while the reality TV star's still doing well, it looks like you all have reset the race."
In case people forgot what was at stake, Bush announced: "We're electing the president of the United States. A person that has to make tough decisions. And I got to share my heart and share my ideas about the future of this country and I'm so grateful to have that opportunity here in New Hampshire." Bush has three events scheduled in South Carolina on Wednesday, and some time in the near future is expected to be joined by his brother, former President George W. Bush, The Washington Post reports. Catherine Garcia