SYNDICATED COLUMN: America is in Decline. Get Used To It.
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We knew this was coming. The American Century, after all, was the 20th. Things were bound to go downhill. Like 4th century Romans and post-World War II Europeans, Americans are beginning to realize that they are no longer citizens of an unrivaled superpower. And they’re kind of freaking out about it. Using a novel “purchasing power parity” measure, the World Bank estimates that China’s economy will surpass the United States later this year. By per capita GDP — and most useful indices — the U.S. still maintains its lead. Nevertheless, many Americans agree with the thesis of Marxist economist Thomas Piketty’s book “Capital in the Twenty-first Century” thatAmerica’s boom days are behind us, unlikely to be seen again. As The Economist summarizes Piketty: “The middle of the last century was unusual in its growth rates as well as in the distribution of income; the good times most of us see as our due as residents of rich economies were in…
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