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Learning From Europe
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Krugman points out that the prevailing bias in the US distorts the facts about Europe's performance. Frankfurt, London and Paris he says are just as lively and modern as New York and Chicago. They are not poor and backward. When you factor out population growth in the USA, since 1980 per capita real GDP which is what affects living standards has grown in America at about the same rate as the 15 European Union countries: 1.95 percent in the USA vs. 1.83 percent for the EU. And for the 25-54 years working age group unemployment in the EU 15 countries in 2008 was 80% of adults (83% in France), which is about the same as in the USA. The French and Germans work fewer hours but output per hour is close to American levels.
The performance of socially conscious economies of Europe and the U.S. economy compared.
01/11/2010
Why Europe compares favorably with the US economy in areas like unemployment when looking at the 24-54 working age group, technology adoption, economic growth when you factor out population growth in the USA, and with higher taxes offset by social benefits for large segments of society.
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A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..
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Hannes Swoboda, member of the European parliament from Austria, and other voices.
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The Dow Jones Averages dropped 900 points on the 6th of May, 2010. The huge swings in the equity markets in the U.S., Europe and Japan since 2008. The crisis atmosphere, and huge swings on the downside and the upside in the second half with sentiment focussed on deficits and central bank stimulus going one way then the other way.
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The "kurzarbeit" program, work sharing and other measures taken in Germany.
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The Price of Saving Jobs in Germany
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Germany reaps rewards of entitlement cuts - The Washington Post
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Amid crisis, Italy confronts a culture of tax evasion - The Washington Post
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Even Critics of Safety Net Increasingly Depend on It
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Saving practices in the U.S. and in northern European countries of France, Germany, and Sweden
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Eduardo Porter compares Italy with the U.S. in attitudes to public services, health care and taxes
01/11/2010
Why are Americans averse to higher taxes in comparison to Italians and other Europeans asks Porter. And does it have something to do with European satisfaction with seeing tax dollars at work in the homogenous societies of Europe, compared to less evidence of tax dollars put to productive use and the linguistic and cultural diversity in the U.S.?
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The German Council of Experts and the plan for a European Redemption Fund as a solution for eurozone crisis
01/11/2010
The plan would take over sovereign debt in excess of 60% of GDP of troubled eurozone countries. The countries would setup constitutional brakes on spending and rapidly reduce debt levels with strict economic governance. This plan from German experts is designed to provide the strict economic governance seeks and avoid the solution of common eurozone bonds which Germany opposes.
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Quarterly EU growth reports from Eurostat, the European statistics agency, and other national statistics agencies.
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In euro zone crisis, Germany is the reluctant savior - The Washington Post
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Analysis by the Economist of the economic prospects and policy moves for Europe and the U.S. in 2011
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Analysis by The Economist and other expert opinion in 2010 of the economic prospects for Europe and the U.S.
01/11/2010
The Economist looks at the near term trends- unemployment not down as much in Britain in August and consumer spending holding up in Britain- as evidence a recovery is looming. And it cites the Suppy Managment Index up slightly in the US. Most other experts see a difficult situation in 2011 as the stimulus fades and local governments cut back- economists such as Stiglitz, Shiller, Krugman, Feldstein and others, and businessmen like Malone.
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How safety nets in Japan and Europe do what the stimulus helps to do in the USA. Coping with high unemployment.
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OECD report cites rising income inequality - The Washington Post
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