Despite its economic slowdown, China's real GDP continues to grow faster than that of the United States

The Biden administration recently made a flawed claim that an expanding US economic lead over China demonstrates the success of US policy.
The calculation is based on nominal GDP growth rates in both countries. After adjusting for inflation in each country, China's economy continues to grow faster. The supposed expanding gap between US GDP and China's since Biden came into office is almost entirely due to elevated US inflation and the high US interest rates. Prices (measured by the GDP deflator) in the US have risen almost three times as fast as in China, boosting the nominal US GDP growth…