I ran across this excellent column from Jonah Goldberg awhile back. Simply put, while China is to be applauded for adopting freer markets that have helped bring hundreds of millions of people out of poverty, the United States is still in a better position, especially when it comes to living standards.
Certainly, China has surpassed the US in SOME aspects of economic freedom, but, as the Heritage Foundation’s annual rankings show, it has a long way to go. As Goldberg notes, however, the left in particular seems to have a China fetish when it comes to government planning and “green” subsidies.
The major problems in the US are over-spending and over-regulation, but they pale in comparison to those of governance and basic freedom in China.