World underdogs take the lead

As western nations face stunted economic growth and years of painful budget-slashing ahead, developing nations like China, Brazil, India and Russia are slowly moving up on the world stage. The United States is struggling to hit 2.7% growth for the year, while emerging economies, which also include smaller countries mostly in Asia and Latin America, are collectively on track for 7.1% growth for the year. On a trip to Asia this week, President Obama reaffirmed India's increasing importance as a global trading partner, signing $10 million in contracts for U.S. exports. And when world leaders meet in South Korea for the G-20 summit this week, Europe will give up a few IMF seats to emerging nations to reflect their expanding global influence. China has already surpassed Japan to become the world's second largest economy, and could overtake the United States for the no. 1 position in 10 to 15 years. If that happens, it will mark the first change in the leadership position, since the U.S. overtook Great Britain in 1894. Even if China does become the world's largest economy, its population is roughly 4.5 times bigger than that of the U.S., making it difficult for China to catch up to the American standard of living, said Jay Bryson, global economist with Wells Fargo. "It's only a matter of time before they catch us. Sooner or later India will probably catch us as well," Bryson said. "But, when that day comes, they will still be very, very dirt poor economies. The average Chinese citizen will be 25% as well-off as the average American citizen."   

What do you guys think about this? Do you think that its quite possible that China, Brazil, and India can one day catch up with the U.S. and become the leading superpower nation? If so, how do you think this will effect the U.S. as nation?

I personally think that the way the U.S.economy is headed and because of our tremendous debt and the U.S. dollar gradually declining in value it is quite possible that if we don't recover quickly and repair our economy we could fall behind and no longer be the leading superpower. We can't just rely on the fact that we have one of  the best military to stay ahead of all the other nations. A plan needs to be devised to boost our economy quickly and efficiently, decrease unemployment, and to lower our national debt!