Tuesday, November 14, 2006

Europe vs. USA

From today's WSJ, an article "Euro-Zone Economic Growth Slows in Third Quarter," here is a quote:

"The latest growth data, combined with strong business surveys, still back up the European Central Bank's view that the 12-nation currency area is heading for growth of around 2.5% this year, the region's fastest pace of growth since 2000."

When Europe has output growth of 2.5% it is the strongest economic performance in 6 years. When the US has output growth of 2.5%, it would be considered below-average performance.

According to a report by the Swedish think tank Timbro called "
EU versus USA:"

"If the European Union were a state in the USA it would belong to the poorest group of states. France, Italy, Great Britain and Germany have lower GDP per capita than all but four of the states in the United States. In fact, GDP per capita is lower in the vast majority of the EU-countries (EU 15) than in most of the individual American states. This puts Europeans at a level of prosperity on par with states such as Arkansas, Mississippi and West Virginia."

The Dangerfield US economy gets no respect.