Recently, I was inspired by some data contained in a research report written by Joseph Quinlan, Chief Market Strategist for Bank of America. He presented a valid and important perspective that will most certainly be overlooked by the myriad of doomsayers who seem determined to write the obituary for the American economy. I thought you might enjoy some key excerpts and might find encouragement to maintain your resolve in your outlook of our economic future.
Taking Stock of What Is Right with the United States
• The United States Economy is the Largest and Most Productive in the World — With just over 4% of the global population, the United States accounts for 25% of the world's GDP. We produce more output each year than Japan, China, Germany, and the United Kingdom combined.
• The United States is the World's Leading Manufacturer of Goods — Despite the popular belief that we no longer "make stuff," America produces over 20% of the world's manufacturing output. This has hardly changed since 1980 when we produced 22%.
• The United States is the World's Favorite Destination of Foreign Direct Investment — Lost amid the chatter of outsourcing jobs, the United States remains the most popular market for foreign investment. Foreign investors are attracted by many factors including our vast and wealthy consumer market, large skilled labor pool, and our transparent rule of law.
• America is Home to the World's Top Global Brands — Over half of the top 100 global brands (52) are American. Of the top ten, eight are American giving corporate America an unequaled global footprint relative to its international competitors.
• The United States is the World's Technology Leader — The United States remains the most innovative economy in the world. America's entrepreneurial bent attracts the worlds' best talent which has created the largest market for information technology spending on hardware, software, and services.
• The Top Ranked Universities in the World are in the United States — 39 of the top 100 universities in the world are American, including the top two. American universities hosted over one-fifth of all international students making it the top destination for foreign scholars.
• The U.S. Dollar is Still the World's Top Reserve Currency — The U.S. dollar remains the reserve currency of choice for many nations — it accounted for roughly 65% of global central bank reserves last year. Despite the current financial crisis, the dollar remains king of currencies.
• The U.S. Military is Second to None — Military might still matters, especially in a world where geo-strategic flashpoints continue to simmer (think Pakistan, the Middle East, and parts of Africa). It is also worth noting that important technological breakthroughs have come from military investments — including the Internet.
(Kudos to Bill Haas, Keller Williams Realty, for submitting this inspiring dissertation)
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