EU vs USA, Part III
1. Italy ($30,756), Greece ($29,361) and Portugal ($30,756) would rank as the three poorest U.S. states, below even Mississippi in per capita GDP ($31,233); Portugal would be 26% poorer than Mississippi.
2. Spain ($31,955) would be America’s second poorest state, ranking between West Virginia ($33,978) and Mississippi ($31,233).
3. France ($34,045) and Belgium ($34,493) would rank #48 and #49 as U.S. states, just barely ahead of Arkansas ($34,437).
4. Germany ($35,613), U.K. ($35,445) and Finland ($35,426) would rank among the poorest 15% of American states, with per capita GDP below Alabama ($36,469).
5. Although Switzerland (not an EU country but included here), Netherlands, Austria, Sweden and Denmark rank among Europe's wealthiest countries, they would be below average as U.S. states measured by GDP per capita, ranging between 9.5% below the U.S. average for Switzerland to 22% below the U.S. average for Denmark.
6. Luxembourg is the only EU country that would rank above average and would in fact be the wealthiest American state, but behind the District of Columbia in per-capita GDP.
Bottom Line: Professor Krugman claims that “Europe’s economic success should be obvious even without statistics.” Unfortunately for Krugman, the economic statistics tell a much different and bleaker story about Europe than Krugman portrays, and suggests that "America's economic success should be obvious - just look at the statistics."