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March 15, 2005
Eet Ees Ze Time Of Eating Crow....
Not that they will ever admit it, but there are signs that even the most hardened members of the Gloom-and-Doom Brigade are beginning to wake up and smell the Nescafe....
US News.com makes a virtue of necessity and (at long last) embraces the obvious:
Breathe easy, workers: The jobless recovery is indisputably over. Some 262,000 new jobs were created last month, with almost every sector of the economy contributing, including manufacturing. That's icing on the cake after January, when the U.S. labor market at long last recouped all of its losses from the 2001 recession. There are now about 300,000 more people working than in February 2001, the pre-recession peak.
Huh. Ya think maybe there was something to this whole tax cut deal?
Meanwhile, across the pond, the EU is still in denial: surely, its methode superior should have yielded a better outcome by now?
The US economy is 20 years ahead of that of the EU and it will take decades for Europe to catch up, according to an explosive new study published on Friday (11 March).The survey, unveiled by pan-EU small business organisation Eurochambres, is intended as a sharp "wake-up call" for EU leaders as they gather on 22 March for a summit on how to boost growth and jobs in the EU economy.
The EU's current performance in terms of employment was achieved in the US in 1978 and it will take until 2023 for Europe to catch up, the report shows.
The situation is scarcely better when it comes to income per person. The US attained the current EU performance in 1985 and Europe is expected to close the gap in 2072.
But the bleakest picture comes when comparing the two economic blocs in terms of research and development. Europe is expected to catch up with the US in 2123 and then only if the EU outstrips America by 0.5 percent per year in terms of R&D investment.
Presenting the survey, Arnaldo Abruzzi, the Secretary-General of Eurochambres, said, "the current EU levels in GDP, R&D investment, productivity and employment were already reached by the US in the late 70s/early 80s".
"Even the most optimistic assumptions show it will take the EU decades to catch up and then only if there is considerable EU improvement", he concluded.
Of course it doesn't help to have the Americans lobbing snark at you either:
How is this possible? They wrote a report and everything!!
Robert points to one possible explanation: they're not incompetent! Mais non, cherie! This is a fashion statement! Those wacky Euros are so far out they're in! They just bringing back the whole the 70's shtick (you knew I was going to find a cheesy tie-in to Naus-talgia Week, didn't you).
...and then there's that Tax Cut for the Rich Meme:
Finally, Steve Conover has begun an interesting look at the American "tax bite". In other words, a more rational way of looking at taxes: as a percentage of GDP (as opposed to the way the Democrats love to sensationalize taxes: as a gross dollar amount, which is virtually meaningless, especially when not even expressed in constant dollars (which it usually isn't). Check it out - I expect this series of posts to result in some future 'eating of crow' as it unfolds.
Posted by Cassandra at March 15, 2005 08:22 AM
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Tracked on March 15, 2005 10:04 AM
Comments
Make that 30 years...as that was when disco was popular and phrance is 'Stayin' Alive' (barely) while Germany feels the 'Night Fever.' I could go on, but 20 years ago it was the Material Girl.
Sheesh. Get with the vintage, willya?
Posted by: Cricket at March 15, 2005 10:11 AM
Hey hey hey... I'm tryin' to do that thing with my head but I just can't.
Posted by: Cassandra at March 15, 2005 11:10 AM
The next doom and gloom is the dollar. The jobless recovery finally became jobbed, on near-zero-interest credit, and now there are some bills to pay. T-Bills, that is...
We're alive but fully still in the woods.
Posted by: Ciggy at March 15, 2005 12:54 PM
Gee, I wonder if the EU is starting to long for their own version of BusHitler cowboy?
Posted by: Hankmeister© at March 15, 2005 01:02 PM
Cass, cherie, what expect did you? Now that UN Oil-money-kickbacks-for-Jacques programme is finis, lost France half of its revenue. Must US more francs to UN give, so steal it we can. Monsieur Annan and I many bills to pay have, and entitled are we to live lifestyle to which we accustomed have grown! Going are we to Court le Monde to alimonie internationale demand!
Plus, even if EU economie stagnant is, it is all fault of Cowboy Bush anyway. Newspapers americaine agree all with me. Journalistes americaines all do not want to "Be like Mike", but want to "Be like Jacques"! Magnifique!
-- Jacques Chirac
Posted by: a former european at March 15, 2005 01:11 PM