June 17, 2004
MUCH TO BE GLOOMY ABOUT:
Sick Economy, Sick Society (James K. Glassman, 06/17/2004, Tech Central Station)
A giant 2002 Pew Research Center survey found Americans comfortably ahead of Europeans in satisfaction with income, family life and job. More important, when asked how they see the next five years, 61 percent of Americans were optimistic and just 7 percent pessimistic (and this was just 12 months after the attacks of 9/11). By contrast, only 35 percent of Germans were optimistic, 19 percent pessimistic.Europeans have good reason for gloom. Their economy is sick, and so is their society.
Economy first: Over the past year, the GDP of the Euro Zone countries (the large European nations, except Britain) grew just 1.3 percent, while American GDP grew 4.4 percent. Unemployment in France is 9.8 percent; Germany, 10.5 percent; Spain, 11.4 percent; the United States, 5.7 percent.
None of this is new. Germany, the largest European economy, averaged 1.3 percent annual growth over the past decade; the United States, 3.3 percent. A half-century of increasing prosperity in Europe has come to an end -- and for the obvious reasons. Europe is overtaxed and over-regulated, with a welfare system that discourages work and a guild mentality that deters entrepreneurship.
It was a European, Joseph Schumpeter, who explained that a lust for "creative destruction" makes an economy grow. But risk-taking is not on the menu in Europe; smug entitlement is the house specialty.
As Andrew Grimson wrote in The Spectator, "This civilization has the defects of its virtues. It is peaceful but passive; stable but stagnant; morally concerned but preposterously self-righteous."
One strange thing is that the guys who write these essays always feel compelled to start out by excepting European cuisine from their condemnations. Put some French dish (boiled quail with truffles or whatever they eat) on the picnic table at your next barbecue and see if anyone prefers it to American food. Posted by Orrin Judd at June 17, 2004 3:29 PM
In the heart of the recession, we're still hopeful.
Posted by: Sandy P at June 17, 2004 4:27 PMIf that's not GDP-per-capita, the picture for the Europeans is *slightly* better than it looks...
Posted by: mike earl at June 17, 2004 4:37 PMmike:
The unbelievably useful CIA Fact Book has GDP per capita for everyone. For instance:
France: 27, 500
http://www.cia.gov/cia/publications/factbook/geos/fr.html
USA: 37,800
http://www.cia.gov/cia/publications/factbook/geos/us.html
Posted by: oj at June 17, 2004 4:46 PMEscargot, in garlic-butter... well nevermind.
Glassman predicted 36000 on the DOW, supposedly prior to 2004, can't you quote more reputable European critics. (although, his article is Okay)
I got it! Chocolate Creme-brulee, with chocolate cappuciano cookies on the side. Sure as heck beats Lorna Doones and Tea.
Posted by: h-man at June 17, 2004 4:49 PMlike The Man said,
Ribs? Good. Let's order up some ribs.
Posted by: Chris B at June 17, 2004 5:54 PMBoiled quail goes with asparagus. Brillat-Savarin.
Posted by: old maltese at June 17, 2004 7:37 PMItalian cuisine isn't European? It beats the living daylights out of so-called French cuisine. You can find lots of Italian restaurants here, but French restaurants are kind of thin on the ground these days.
Posted by: Joe at June 17, 2004 7:39 PMJoe:
They are chock-a-block compared to British restaurants.
Posted by: Jeff Guinn at June 17, 2004 7:42 PMone man's view of another dull survey. can't you guys say "deficit"? this is going to bite uncle sam on the behind some day. no time to be smug just yet.
highest gdp/capita in the world is luxembourg. where is luxembourg? europe. do you want to live there? no. so are these figures relevant? hell no.
Posted by: at June 17, 2004 8:22 PMSeveral score of regions within the US with just 500,000 would match or exceed Luxembourg per capita--its size gives it innumerable advantages in these measures.
The deficit threat always hangs over the horizon but never approaches.
Posted by: oj at June 17, 2004 8:30 PMBritish restaurants? Somebody here WANTS blood pudding or spotted dick?
Posted by: John Barrett Jr. at June 17, 2004 10:48 PMNo. Just noting there is probably a reason--you cited two--behind their absence
Posted by: Jeff Guinn at June 18, 2004 5:30 AMOn the other hand, I keep hearing of Britans who come to the US and complain about how hard it is to find a decent Indian restaurant here...
Posted by: mike earl at June 18, 2004 12:01 PM"Boiled quail with truffles"? How Unenlightned! How -- Cowboy American!
ESCARGOT!
Posted by: Ken at June 18, 2004 12:55 PM37:27? The French are catching up.
It used to be about 4:1.
Posted by: Harry Eagar at June 18, 2004 2:26 PM