Evaluating Population and Geography

One argument against the notion of U.S. significance is its population of 332 million. While this figure is substantial, it constitutes only about 4.2% of the global population of 7.9 billion. In terms of rank, the U.S. is third, which is respectable but dwarfed by the combined populations of China and India, which account for 35.5% of the world's inhabitants. Europe, with a population of 748 million, also surpasses the U.S. in numbers.

Geographically, the U.S. is considerable, covering approximately 3.7 million square miles, making it the third or fourth largest country, depending on the metrics used. Despite this, when considering both population and land area, the U.S. does not necessarily position itself as the world leader.

Why America Matters: The Economic Argument

So, what elevates the U.S. on the global stage? The answer lies in its economy. The United States boasts the largest and most intricate economy globally. To illustrate its magnitude, the U.S. economy is over twelve times larger than that of South Korea, which ranks tenth worldwide.

Globally, only 17 other nations possess a gross domestic product (GDP) exceeding $1 trillion, while the U.S. GDP surpasses $22 trillion. Though China and India are growing at a faster pace, the U.S. economy remains about 15% larger than their combined output, even with their vastly larger populations.

In comparison to the European Union, which had a 2021 GDP of $17.1 trillion, the U.S. economy is 33.9% larger. It’s worth noting that this figure does not account for the populations of countries like the United Kingdom, which is not part of the EU’s economic statistics post-Brexit.

Africa's Economic Growth

Africa, with a population exceeding 1.3 billion, is one of the fastest-growing regions economically. However, the combined GDP of the continent—led by Nigeria, South Africa, and Egypt—still falls short at just under $2.7 trillion, making the U.S. economy 8.5 times larger.

Where the Data Comes From

Various international organizations monitor global economic sizes, primarily using U.S. Dollars for consistency. Institutions such as the International Monetary Fund (IMF), the World Bank, and the United Nations (UN) provide these insights. For this analysis, I have primarily drawn from the IMF's October 2021 World Economic Outlook estimates.

Comparative Economic Sizes in the Americas

When comparing the U.S. economy to those in North and South America, it stands out dramatically. If one aggregates the GDP of every nation in the Americas—including the Caribbean and Greenland—it remains significantly smaller than that of the U.S. Even with Puerto Rico, the tenth largest economy in the Americas, considered separately, the U.S. economy is three times larger than the next 29 economies in the region.

The largest economies in the Americas following the U.S. are Canada (ranked ninth worldwide), Brazil (twelfth), and Mexico (fifteenth). Argentina, with a GDP of $455 billion, ranks 31st globally.

Major American Corporations

An examination of leading U.S. companies reveals their immense scale. For instance, Apple, the most valuable American corporation, reported a revenue of $365 billion in 2021, positioning it as the 42nd largest economy globally. Walmart, while having a lower stock value than Apple, achieved a remarkable gross revenue of $523 billion, making it the 27th largest economy, marginally larger than Ireland.

Amazon ($280 billion) and CVS Health ($256 billion) follow, ranking 47th and 49th, respectively.

State-Level Comparisons

According to estimates from the U.S. Bureau of Economic Analysis (BEA), California alone would rank as the fifth largest economy worldwide, surpassing all 55 African nations combined. Texas and New York would each rank tenth, with Florida at sixteenth, just behind Mexico.

Illinois, close to the $1 trillion mark, would be in 19th place, while the smallest state economy, Vermont, would rank 100th with a GDP of $36.6 billion. The District of Columbia, with a GDP of just under $154 billion, would rank 59th globally.

Conclusion

In summary, while the U.S. may not dominate in terms of population or land mass, its unparalleled economic strength and influence solidify its position on the global stage.

The first video discusses the current state of the U.S. economy and forecasts what lies ahead, featuring insights from Adam Taggart.

The second video explores Wall Street's reactions to a surprising jobs report, shedding light on the U.S. economic landscape as of April 2024.