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
Former Hewlett-Packard CEO Carly Fiorina suspended her bid for the Republican presidential nomination, she announced Wednesday.
"While I suspend my candidacy today, I will continue to travel this country and fight for those Americans who refuse to settle for the way things are and a status quo that no longer works for them," Fiorina said in a statement.
— CBS News (@CBSNews) February 10, 2016
On Wednesday, Iranian state television aired previously unseen footage of the U.S. Navy crew members detained by Iranian authorities last month. In one of the video's segments, an unidentified sailor appears to be crying, red-eyed and seemingly wiping away tears with a tissue.
— Abas Aslani (@abasinfo) February 10, 2016
The footage was reportedly shot during the 16-hour period on Jan. 12 when 10 sailors were detained after two small U.S. navy boats allegedly drifted into Iranian territory. The Pentagon says that one of the boats was experiencing mechanical problems.
While previously released photos of the sailors showed them on their knees with their hands behind their heads, Secretary of State John Kerry and the Obama administration had thanked Iran for its "quick and appropriate response" and for providing the soldiers with "blankets and food and... their return to the fleet." The sailors' release was largely celebrated as a diplomatic victory.
However, The Washington Post reports, this new footage suggests that, despite being released unharmed the next day, the captured sailors' experience was "still stressful."
Watch the footage below. Becca Stanek
— Abas Aslani (@abasinfo) February 10, 2016
Republican National Committee Chairman Reince Priebus wouldn't be thrown by Michael Bloomberg entering the presidential race as an independent. In fact, he thinks it could help his party, telling CNN's Wolf Blitzer it's "no skin off our back."
"Yeah, I don't really view it as a third party, I just view it as another Democrat," Priebus said Wednesday. "So you get two Democrats running and splitting their vote."
Priebus then cited some well-known actions of the former New York City mayor.
"He's been fighting and pounding away at Republicans for how long now?" Priebus said. "He wants to take all the guns away, he wants to tax Slurpees and sodas. The guy's a liberal Democrat."
Watch Priebus' full segment below. Julie Kliegman
As part of Amazon's ongoing quest to run every aspect of your life, the tech giant is testing a free sommelier consultation service. Customers can leave their number between 12 p.m. and 5 p.m. and wait for a call from a licensed professional who can talk them through buying wine on Amazon, The Wall Street Journal reports.
Ben Carson evacuated New Hampshire hours before the primary, leaving his own election party to revel without him. Only, there wasn't actually much reveling: Beating only Jim Gilmore, Carson skidded into a dismal eighth place, which doesn't do much to stoke a celebratory spirit.
Consequently, the party was a bit of a bust. It peaked with 50 attendees and while the campaign had optimistically set up two bars, "neither was inundated," The Guardian reports. Even worse, "A woman working behind one [of the bars] spent much of her time knitting a blanket."
Carson's campaign manager, Bob Dees, stressed that there is no cause for concern. "We didn't throw the kitchen sink in here. He'll perform very well in South Carolina. He could easily be in the top three and above in South Carolina. He could easily win in South Carolina," Dees said. Jeva Lange
Gov. Chris Christie (R-N.J.) is reportedly suspending his presidential bid as early as Wednesday, after weak showings in both Iowa and New Hampshire. Media mogul Rupert Murdoch was ready with an uncouth analysis of the news:
Chris Christie, suicide bomber. Damages victim while blowing himself up!
— Rupert Murdoch (@rupertmurdoch) February 10, 2016
The victim he references, surely, is Sen. Marco Rubio (R-Fla.), who came in fifth place in Tuesday's New Hampshire primary, just days after Christie steamrolled him for repeating himself in a presidential debate. Julie Kliegman
With Rand Paul out of the running, the Kentucky senator's former campaign manager is joining up with another Republican presidential candidate: Florida Sen. Marco Rubio. Both Paul and Rubio's campaigns confirmed Wednesday that Chip Englander will now serve as a senior political adviser for the Midwest to Rubio's campaign. Paul suspended his presidential bid last week.
The announcement follows Rubio's disappointing fifth-place finish in the New Hampshire primary Tuesday after a shaky performance in the Granite State's GOP debate Saturday. With the addition of Englander to the team, Rubio's campaign hopes to capitalize on his connections to Paul's supporters. Becca Stanek