From the ‘No, We DON’T Want to Be Just Like Them’ Department
The differences between Europe and the US economically is starting to remind of the mid- and late-1980s, when the economic differences between the lumbering old Soviet Union and the high-tech US were becoming too obvious to ignore.
Here’s something I saw (HT Market Center Blog, though I saw it elsewhere too) about a week ago on the topic (bolds are mine):
The EU is 22 years behind the US on economic growth according to a new study, with several other economic indicators showing further gaps despite Europe’s ambitious reform agenda to be praised by leaders at this week’s summit.
A report by Eurochambers, the Brussels-based business lobby, published on Monday (5 March) argues that the US reached the current EU rate of GDP per capita in 1985 and its levels in employment and research investment almost 30 years ago.
Given the stark differential, which continues to grow, it’s disappointing that so many, including the New York Times’ Paul “French Family Values” Krugman (link requires registration; fisked nicely by Independent Sources here and here), point to Europe’s high-tax, high-regulation, entrepreneur-hostile environment as something to emulate. No way.
