We Intend To Be First The Gdp, Research Gaap. On September

WE INTEND TO BE FIRST: THE GDP, RESEARCH GAAP On September 12, 1962, while giving a speech at Rice University in Houston, Texas, President John F. Kennedy rallied his compatriots to embrace the country’s challenge of sending a man to the moon and returning him safely to the earth. He reminded them that their ancestors ensured that â€Å"this country rode the first waves of the Industrial revolutions, the first waves of modern invention and the first wave of nuclear power.† He let it be known in the speech that his generation did not intend to disappoint the country as the age of space loomed over the world. Though Kennedy’s goals seemed really great at the time, the president was cognizant of the fact that they could only be achieved if all†¦show more content†¦President Kennedy recognized this in 1962 and so must we in 2017. Having said the above, this article is not oblivious to the fact that the second decade of the 21st century is one that finds Ame rican principles and dominance under assault globally. Since the great recession occurred, America’s ability to lead financially and geopolitically has come under scrutiny and the nation’s skyrocketing debts coupled with its large trade deficits have done little to ease the world’s gaze. In a Fortune Magazine article from February 2017, it was stated that a new study by PricewaterhouseCoopers forecasts China’s economy surpassing that of the U.S. as largest in the world by 2030. The article also mentions that the study shows India’s economy will be bigger than America’s by 2050. What’s happening is the rest of the word is gazing at a faltering U.S. economy, the slow growth rate of the U.S. productivity and, they are doubling productive efforts in order to catch up to the United States. Since it’s well known that the Chinese and Indians are in a race to displace the U.S. as directors the world’s largest economy, how then c an the U.S. maintain its position even as challengers rear their heads? The fortune magazine article from Feb 9th, 2017 makes it clear that the gross domestic product of a nation is simply derived by multiplying the total population in the nation by its productivity. The article also states that since ChinaShow MoreRelatedDifferent Approaches to Corporate Reporting Regulation22097 Words   |  89 PagesAccounting and Business Research Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/rabr20 Different approaches to corporate reporting regulation: How jurisdictions differ and why Christian Leuz a a b c d J. 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