Beijing Running Circles Around the U.S.

The economy is going gangbusters. Gross domestic product grew 9.1 percent in the third quarter of 2011; the currency is strengthening; wages are going up; people’s standing of living is on the rise; and there’s actually a shortage of workers to fill all the new manufacturing jobs in the expanding industrial sector. Over a 20-year stretch, annual economic growth has averaged more than 10 percent. Millions are moving out of poverty into the middle class. It’s remarkable. Unfortunately, all this positive news is about the robust Chinese economy, not America’s.