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In Reply to: Bullshit, baby, bullshit! posted by Victor Khomenko on October 30, 2024 at 04:44:27:
Excerpt:
Sometimes—okay, fine, most of the time—we here at Capitolism tend to get stuck in the economic policy weeds, dissecting this or that discrete issue area and explaining (usually) a better way forward. But occasionally it's good to simply step back and take stock of where things are with the U.S. economy, especially with the presidential election less than a week away and at least one major party candidate—and his surrogates—constantly declaring the United States to be a terrifying economic wasteland.
This is, to put it mildly, insane, but it's also nothing new. For decades now, pessimists on the right and left—and especially in politics—have talked down the U.S. economy and talked up whatever economy might happen to be riding high at the moment, usually thanks to gobs of government subsidies and other seemingly brilliant economic plans coming out of their capitals. Yet time and again, the American Prosperity Machine proves the naysayers wrong and forges ahead. This time, it appears, is no different. And, while the U.S. economy surely has some issues (our messy politics being one of them), the latest data beg today's naysayers to answer a simple question: Where else would you rather be?
Checking In on the USA
The entirety of last week's edition of The Economist was dedicated to documenting the U.S. economy's continued global dominance—a win streak that people here and abroad have repeatedly said was destined to end but ...- never has. The whole report is worth a read, but here are the main points supporting their #USAUSAUSA thesis:
Economic output. Yes, real (inflation-adjusted) gross domestic product is an imperfect metric, but it's still probably the best overall tool we have for measuring across countries both living standards (on a per capita, "purchasing-power parity" basis) and global economic influence (total, at either PPP or current exchange rates). And here, the USA is still killing it:
China's output per person remains less than a third of America's; India's is smaller still. ...- In 1990 America accounted for about two-fifths of the overall GDP of the G7 group of advanced countries; today it is up to about half. On a per-person basis, American economic output is now about 40% higher than in western Europe and Canada, and 60% higher than in Japan—roughly twice as large as the gaps between them in 1990. Average wages in America's poorest state, Mississippi, are higher than the averages in Britain, Canada and Germany. And America's outperformance has accelerated recently. Since the start of 2020, just before the covid-19 pandemic, America's real growth has been 10%, three times the average for the rest of the G7 countries. ...
This year the average American worker will generate about $171,000 in economic output, compared with (on purchasing-parity terms) $120,000 in the euro area, $118,000 in Britain and $96,000 in Japan. That represents a 70% increase in labour productivity in America since 1990, well ahead of the increases elsewhere: 29% in Europe, 46% in Britain and 25% in Japan. ... When assessed on a per-hour basis the gap remains sizeable: 73% productivity growth for American workers since 1990 versus 39% in the euro area, 55% in Britain and 55% in Japan.
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Follow Ups
- Take a breath, Vic. Zoom out and consider the Big Picture. It's about much more than drilling... - regmac 12:57:35 10/30/24 (6)
- Yes but... - peppy m. 13:56:48 10/31/24 (2)
- RE: Yes but... - regmac 14:50:14 10/31/24 (1)
- Yes... - peppy m. 15:27:02 10/31/24 (0)
- Reads fine overall... if true, but... - Victor Khomenko 06:44:59 10/31/24 (2)
- RE: Reads fine overall... if true, but... - regmac 13:38:59 10/31/24 (0)
- "Average" can be skewed - Steve O 08:08:14 10/31/24 (0)
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