'The GDP gap between Europe and the United States is now 80%'
www.lemonde.fr
COLUMN. As after every crisis, Europe has been stalling since Covid-19, observes Arnaud Leparmentier, Le Monde's correspondent in New York.
  • @Tar_alcaranEnglish
    4•10 months ago

    Since when is wealth (ie, assets minus debt) expressed in GDP per capita (ie, economic value added per inhabitant)?

    I’m pretty sure the US is dangling behind basically all of western Europe in median wealth and median saving rates. GDP says basically nothing about the income, wealth or welfare of average people, just about how rich the ultra rich get (and even that is poorly correlated).

    • @alokirEnglish
      1•10 months ago

      In my estimation the US is set up to support corporations and the rich while European countries in general give more support for the people.

      Just compare things like social services, workers rights and guarantees, taxes etc.

      That’s why most of the biggest companies and richest people are from the US, but when you compare the life of an average person their life is probably better in (Western) Europe.

  • @neanderthalEnglish
    1•10 months ago

    Broken window economics. The US spends loads of money on things like health insurance, for profit hospitals, fuel for canyoneros, and other things that don’t build wealth, but show up in GDP numbers.