We were already a lot poorer than the US, and now the gap is really opening up. At this rate China will overtake Europe by 2040 or so.
It’s really the combination of the energy crisis (we are dependent on Russian gas or US LNG - we don’t have enough nuclear), demographics crisis (the public pensions are unsustainable, and yet it continues to be forced upon workers having their income stolen by governments who almost certainly won’t provide a pension for them in the future), and just a general lack of investment in the future infrastructure and technology (it’s been over a decade, and we’re still not ready for full electric vehicle switchover, nor is international high-speed rail competitive with airlines, etc.).
Your first article just shows the EU growing at 1% and the US growing above 2%. That’s not plunging at all. By definition, 1% growth is increasing. This indicates to me that you either exaggerate pessimistically or believe article headlines. It’s the same thing.
Your GDP chart is a bad comparison for two reasons:
You didn’t use PPP to compare them. With PPP numbers they are closer. Unless you are looking at government budgets for buying jet fighters or something, you have to use PPP to compare economic strength accurately.
You should compare median personal or household income instead of GDP. GDP is influenced by large earners like billionaires, which the US has a lot of. Median income measurements are not. Which country Bill Gates calls home doesn’t affect your personal economic situation.
Your first article just shows the EU growing at 1% and the US growing above 2%
This means that the gap between our economies is growing. And a lot of countries are in recession (or bouncing in and out) - like Sweden, Germany and the UK.
You didn’t post anything about PPP median income. As I said earlier, you are being extremely pessimistic without any data.
I looked it up for you: the US is fifth in the world in median income. Switzerland, Norway, and Luxembourg all have higher median income than the US. That makes sense intuitively too, as those countries all have extremely high quality of life on many measures.
https://www.bbc.com/news/world-us-canada-68203820
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&locations=US-EU&start=1990&view=chart
We were already a lot poorer than the US, and now the gap is really opening up. At this rate China will overtake Europe by 2040 or so.
It’s really the combination of the energy crisis (we are dependent on Russian gas or US LNG - we don’t have enough nuclear), demographics crisis (the public pensions are unsustainable, and yet it continues to be forced upon workers having their income stolen by governments who almost certainly won’t provide a pension for them in the future), and just a general lack of investment in the future infrastructure and technology (it’s been over a decade, and we’re still not ready for full electric vehicle switchover, nor is international high-speed rail competitive with airlines, etc.).
Your first article just shows the EU growing at 1% and the US growing above 2%. That’s not plunging at all. By definition, 1% growth is increasing. This indicates to me that you either exaggerate pessimistically or believe article headlines. It’s the same thing.
Your GDP chart is a bad comparison for two reasons:
You didn’t use PPP to compare them. With PPP numbers they are closer. Unless you are looking at government budgets for buying jet fighters or something, you have to use PPP to compare economic strength accurately.
You should compare median personal or household income instead of GDP. GDP is influenced by large earners like billionaires, which the US has a lot of. Median income measurements are not. Which country Bill Gates calls home doesn’t affect your personal economic situation.
This means that the gap between our economies is growing. And a lot of countries are in recession (or bouncing in and out) - like Sweden, Germany and the UK.
Median wealth and income are arguably worse:
Income: https://en.wikipedia.org/wiki/List_of_countries_by_average_wage
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita#Table
Wealth inequality: https://en.wikipedia.org/wiki/List_of_sovereign_states_by_wealth_inequality#List
Sweden is far worse than the US for example - with much higher wealth inequality and much lower median purchasing power.
I don’t think you can find a single area where the EU is performing better economically.
You didn’t post anything about PPP median income. As I said earlier, you are being extremely pessimistic without any data.
I looked it up for you: the US is fifth in the world in median income. Switzerland, Norway, and Luxembourg all have higher median income than the US. That makes sense intuitively too, as those countries all have extremely high quality of life on many measures.
https://www.insidermonkey.com/blog/10-richest-countries-by-median-income-1248583/6/
Here’s another source with older data, but it’s easier to rank countries. The rest of Europe is very close to the US.
https://worldpopulationreview.com/country-rankings/median-income-by-country
A 33% difference isn’t exactly “very close”.