USA Outgrows China...Because Of Florida?
A popular YouTube channel has just uploaded a thought-provoking video highlighting Florida’s recent economic growth and posing the question, “But At What Cost?”
Economics Explained (EE) is an Australian-based YouTube channel whose creative 10 to 15 minute videos summarize complex economic issues of the day in an engaging fashion with a good mix of Aussie humor, historical context and supporting graphics.
“USA Outgrows China….Because of Florida?” has already garnered over 500,000 views in 48 hours, so it’s on pace to overtake other popular Florida-centric videos with the requisite clickbait titles.
Yet unlike “How Florida Got So Weird,” the Economics Explained video delves much deeper into issues of U.S. migration patterns, Florida’s economic diversification, capital flight, brain drain and state incentives for business relocation.
US Pulling Away From China in the Battle For GDP Superiority
The video title is addressed in the opening segment with EE showing the GDP growth of major industrialized nations from 1960 to the present day.
The U.S. and China are the clear leaders in GDP growth with America’s upward trajectory beginning in the 1970s and China’s beginning around 2000 and rapidly narrowing the gap with the U.S. since 2010.
For the past decade, media outlets have constantly speculated on when exactly China would overtake the U.S. as the world’s #1 economy. The EE video makes the case that this won’t happen anytime soon given America’s economic resilience contrasted with China’s three years of lockdowns, manufacturing exodus and real estate market collapse.
Drilling Deeper Into State Policies & Net Migration Patterns
EE drills deeper to the state level and focuses on states like Florida that have been the biggest beneficiaries of domestic migration thanks to low tax, pro-business policies at the state level combined with an increasingly mobile workforce here in the United States.
According to the latest Census data, Florida ranked #1 with a net migration total of 622,000 followed by #2 Texas with 475,000, and #3 North Carolina with 211,000.
At the opposite end of the ranking are #48 Illinois with net migration of -282,000, #49 New York with -664,000 and #50 California with -871,000.
And this leads us back to the question posed about Florida’s growth in the video’s placeholder image above…”But at what cost?” The topics of brain drain and capital flight are recurring themes on many EE videos, and the Florida example gives us plenty of food for thought.
Watch the full video here: USA Outgrows China…Because of Florida?
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