Europe's Lost Talent
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- Опубликовано: 8 май 2024
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Into Europe: Why Europe's Best and brightest leave for the United States.
Find the scripts and sources on the Into Europe website: www.intoeurope.eu
00:00 Introduction
01:23 1-The Global War for Talent
02:57 Sponsored Segment: Speakly
04:02 2- Europe's Talent is Leaving
07:37 3- Why They're Leaving
08:55 4- Will They Come Back?
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Contact information:
Email: Into.Europe@outlook.com
Twitter: / europeinto
Patreon: / intoeurope
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Tank the OCDE
I am most amused by your repeated referrals to patents. Patents don't make any difference to anything, except perhaps in biotechnology.
Foreigners don’t want to contribute to France’s racist republic
Being 30 and living in Germany, I do as well considering leaving. This country is run by the pension-age voting block, leading to stagnation and slow development. I do not see a way to build a life here.
As an American I would dream to have a government like Germany.
I'm just wondering what democratic countries does this not apply to?
The US is run by born-again christian living in 1950's. It's worse, LOL!
@@exotictasterthe3rd295You can just go to Canada.
The USA is the most gerontocratic government in the world though.
As an european software engineer (portuguese) I started working for the US simply because the salaries/taxes in Europe make absolutely no sense for the high cost of living. I don't want to spend my whole life working for pension-age voters who rather see Europe stagnate than to put any risk into their lives
Let's see what you say about risking your pension when you're 70.
@@Shini1984 that's why I already started a pension account at the age of 21, I won't relay on a government pension lol
@@Shini1984
Government pension is r--rded.
Invest into something. Invest into your kids and family.
Government issued pensions are a retarded system. It allows people to spend more than they can afford and then leech off the productive population. Pensioners are turned into a parasite in this system
@@prooheckcp private pensions are a scam. Do you think the same pension fund will exist 50 years later? Lol, pension funds on private are on-profit entities who speculate on the stock-market and exist only as long as they are able to funnel in new clients. The moment your fund goes backrupt, the government will need to step in and bail them out so you don't end up on the streets.
A guy from out of EU here. Applied for German blue card - they said the waiting times are 2 years now. Maybe this will give you some perspective.
I'm not sure if you're eligible for similar cards/visas/permits in Europe, but if so, would you submit your application?
Good. We need more Europeans, not more outsiders.
Just throw away your papers and come to Germany. Our government welcomes everyone without a proper background check.
The waiting list for a US green card for some countries is like a 100 years.
Convert to Islam and learn Arabic.
A non-EU person here. I would say it’s bureaucracy and risk aversion for EU companies. Even after finishing a master’s degree in IT and telecommunication technology, plus having done an internship here, it’s still hard to find a job. Most of the companies simply rejected my application because they don’t want to go through the hassles of sponsoring a working visa for me, or they only want to hire an already “very” experienced person to justify the visa application. I rarely passed the CV screening phase. These are not my guesses but the HRs directly told me these reasons. It feels so weird to go to job fairs and got all the negative feedbacks, then see the news about severe lack of engineers especially in IT on the way home. Even I am open to lower salaries compared to the US for the quality of life, plus that language is not a problem for me (I speak English, French, and German and willing to learn a new one if necessary.) When you consider that this country has spent a lot of money and resources supporting my studies just to prohibit most of the opportunities for me to contribute to the economy, surely I wonder why there’s a brain drain problem.
No need to sugar coat by saying risk aversion. It’s outright dear. Europeans are full of fear and have very little balls.
Well if it makes you feel any better, I am an EU citizen and I am in the same situation. I moved to Germany for a master's degree in IT and also find it hard to get a job. My German is level B1 at the moment so evidently I need to keep learning. I just think it's weird that I see news all of the time that the country needs skilled workers, but most job positions require fluent German, even when most Germans already speak English anyway (especially in IT), so I unfortunately have to miss on a lot of opportunities
@samethingsmakeuslaughmakeuscry worst part of it is, that you are the maligned construction worker that is just a tool. you do as you're told. your expertise doesn't matter. Even when getting into a job you know that after 2 years being there you are unemployable because of their weird tech stack and their resistance to actually evolve into a work space people want to work at...
This is how junior developers are treated everywhere, it’s not a unique situation for EU. Competition for entry level positions is fierce and your degree doesn’t really matter beyond ticking one box.
They do it in Sweden too. It's to discourage foreign workers from applying.
The salaries are too low, the taxes are too high, the bureaucracy is overbearing and slow, capital is extremely risk averse. These are the reasons that everyone gives and they are true. However this video and most overlook one thing in particular. Europe is terrible at integrating immigrants into your culture. One of the main reasons that these talented immigrants are choosing the US is because integration into society in the US is not that difficult and within a generation is basically done.
Well, the reason why integration in the US is so simple is that the US doesn't have a culture in European sense. Its culture is essentially 'everyone and everything looks at the money, rich is good, poor is bad, throw life in the bin, if it means you can make money now since you can enjoy life later when you have accumulated your wealth'. It exports this value to Europe and people who migrate have already bought into this. The other side of this coin is that it creates immense inequality which leads to lots of people feeling the promise is broken. Therefore, this system is backfiring causing people to go back to Europe.
Europe has given plenty to migrants over the last ten years to make them settle with hefty welfare policies often removing resources away from EU citizens. There's nothing you can do when foreigner don't want to integrate to their new host country. You can lead a horse to water, but you can't make them drink.
I agree with all that, its true. But would you really live in the US? I know I wouldn't, the daily communication is so fake, the mainstream culture is terrible, obesity, public infrastructure, healthcare etc, it's just so Third world country vibe. And I am saying this as a right wing voter, not a leftist. I have to admit I don't know how to fix Europe but I know I would consider becoming more like the US culturally as a dystopia. I don't want migrants to become such a big part of my country that we need to change customs, call Christmas a "holiday" instead of what it really is etc. Below 10% of migrants is fine, everything above is a threat to the society and does more harm than good. What I would advocate for is lower taxes, more accountability of the bureaucracy, less Brussels, deregulation etc.
The issue is competition. Europeans became the most advanced because they spent centuries competing against each other which lead to rapid technological development. Now the EU bloc tries to operate as one entity and tries to compete with the US which isn't comparable because it's a nation vs a bloc, vast differences in resource allocation and policies which just leads to layers of unneeded bureaucracy. Trying to make Europe like America is idiotic because they aren't comparable in terms of resources, land, and geography which all determine goods made, services provided, etc. The truth is, the EU needs to be dismantled so European nations can better balance their own domestic policy and scale back the red tape to make growth more friendly.
In regards to immigration, America will always attract the best because it pays the best - the problem is that since Europe wants to compete with the US, they adopt internationalism which means they become microcosms of the US (which is how you get the Moroccan ghettos in the low countries, Muslims ghettos in Germany and Scandinavia, and Caribbean ghettos in the UK). If your country is going to forego that which makes it unique and appealing, why wouldn't the best talent want to leave to another internationalist country that at least pays them better? That's the idiocy of it all. Europeans would stay in Europe and develop businesses in Europe if their countries remained firmly European (and, thus, appealing to Europeans for all the added social harmony benefits), if the red tape was removed which stifles innovation, and if European countries focused on competing against each other, finding their specialisations, instead of trying to fight with the US at an impossible scale.
Just wait till you're 45 and you'll quickly run back to eu with it's free medicine 😂😂😂
Stay rate statistics comparison at the beginning (0:27) is utterly useless.
You would need to compare EU or European stay rates to US stay rates for it to make some sense, as between postdocs basically requiring you to move to another institution and most European countries having just a few universities (just because of population disparity with the of US), you are basically guaranteed to have much higher move rates of fresh PhD graduates within single EU countries. For those leaving academia I would also expect migration _within_ Europe to be quite high, with the freedom of movement.
I would expect EU stay numbers to be roughly between US stay numbers for the country and aggregate stay rates for each of US states, even if there would be no brain drain from Europe at all..
My exact thought
I was about to comment the same thing
I am a highly educated person that moved to Netherlands from the US, and this is pretty common. It was really rare for me to meet highly educated Europeans that immigrated to the US during my entire time living there since birth.
He also talked about 1.5 decades of stagnation lol what statistics did he look at
Also, the entire video summarizes pretty well how Americans see Europe, as one big country. Thats just not the case. Some European countries like Spain have problems with youth unemployment that others dont have at all. The problems are vast and to group "Europe" into one when youve got 27 different economies, societies and generally systems that differ greatly simply makes very little sense. Apart from being absolutely 0% representational
@@ja_u The video's author is French though...
I started a PhD in Germany, at one of the best universities as well. It was junk. Absolutely awful conditions for research, outdated equipment, lack of funding and cumbersome, untransparent processes for obtaining it. So glad I left after a year and never looked back.
Try to do study in Russian university. You'd find german education conditions perfect ))
@@Rai2M Try study in Balkan university. You will find Russian education paradise
@@swoldier7308 try studying in America, you will find you spent a fortune and went into crippling debt to learn nothing (unless you are studying a STEM or professional degree) and party for 4 years. And then you will blame society for your poor choices and demand everyone including those who didn't have the opportunity to go to college be financially responsible for said poor choices.
If Germany in such condition, imagine what other countries have in store for you.
sure bro ofc
As a NYer this sucks lol I’m trying to get a job in my field but now competing with the entire world just to find something nearby😂😭
Same. I’m a native New Yorker and the job search is brutal right now. I feel like I’m competing with the world as well.
brain drain only benefits the companies and the very few in the US, while its a negative for europe and also the average americans
Well there is two sides of the coin here, the high skilled immigrants make the job search more competitive, but also allows the companies to hire top talent, who eventually will lead teams and hire people.
Its naive to stop this flow.
@@NK-fe3md It wouldn’t be naive at all. Locals and natives first.
@@wtfdidijustwatch1017 read my comment again, there are advantages to high skilled immigrants, that make up for the minor inconvenience for you. Just saying “natives first” lacks any nuance. Btw this is coming from a republican, and I don’t support any other types of immigration.
When I think about where I want to live, I think where I want my children to grow up. It's not about salary, but about environment.
But I believe there are not many people who think the same way.
I don’t think active war zones are good places to raise a family. The war in Ukraine will eventually expand to other countries in Europe, so enjoy boasting about your “superior” quality of life until it exists.
What is usually considered a good environment requires a good income or wealth? What is defined as a good environment for you?
Just live in a good neighbourhood
Good public services so you don't have to buy expensive solutions for helathcare and education
Good infastructure so you don't kill your mental health on highways and traffic jams
climate friendly policies so you can breath fresh air instead of smog and gain 10 extra years of life expentancy because the food is good and there is huge trucks and SUV's polluting around every corner.
@@AB-zl4nh wile123456 answered.
The EU's priority is regulation over innovation. Unless and until that changes, many ambitious young entrepreneurs will choose to move to the USA. The companies they set up then offer even more opportunities for ambitious young Europeans. Europe is in economic decline and it might be too late to fix it.
What changes to economic and regulatory policies do you want in return in the EU though?
American firms are known to exploit their workers as much as possible, tech companies having no checks and regulations (as made evident by for instance cookies being pretty much forced upon people in the US in comparison to the EU where its a choice to accept non-essential ones or not) and firms even assassinating whistleblowers for revealing management and safety issues at major aircraft firms (point in case: the recent case with Boeing).
I don't see regulation as an issue as much as extreme bureacracy as small businesses in Germany have to do so much to merely keep up the status quo, not to mention actual progress and growth.
Oh noo... Grifters can't prosper in EU... fall of the west
The way to fix this is protectionism. US and other countries have a competitive advantage over the European ones due to exploitative practices. This needs to be offset by tariffs to encourage more ethical domestic consumption. The US is doing this with China. And China to the US is the US to the EU.
@@Jay_Johnson The way to fix this is by European companies beginning to pay their professional workers higher salaries. If a worker knows he will be better compensated for his work elsewhere, you can't blame him for leaving.
@@baileyharrison1030 I think the limiting factor for innovation within Europe is investment not human capital.
Maybe I'm projecting but that is definitely the case in my country where there are far more graduates than graduate level roles. Investment in capital is needed to create more jobs moreso than the attraction of foreign skilled labour. The oversupply of skilled workers is what is driving down wages and encouraging people to seek better compensation abroad.
I am British and worked in a Spanish research facility (renewable energy) for 2 years. I was kicked out after that due to lack of funding. My observations of southern Europe, Spain in particular, was nepotism was endemic. This meant very poor quality scientists were employed in my institute. We even had a husband wife team get employed. He got her on despite her not having the right background. Also being in Catalonia, there was a heavy biased to Catalan born and raised people. International people, even Spanish from other parts of Spain, were overlooked for inferior quality Catalan. So politics, nationalism, even regionalism can have an effect inside the European workplace. Just my anecdotal view.
Good, Catalonians prioritise their own as the world is more than just an economic zone. Nationalism is good, we could use some of it in Britain.
Catalan independentists are delusional
@@Dankest yeah brexit really did you a lot of good...
Italy is similar, pure pettiness and little meritocracy
@@sebastiendeloup4196 That is because the politicians betrayed the will of the people, Brexit was on the grounds of immigration and since then they have flooded the country with third world filth, which has ruined the economy and QoL.
As an european I sometimes have the impression f living in a old dusty museum, where everyone is afraid to move or change anything.
Here the history cover too much the horizon.
True. Then in the US people no longer know what a man or a woman is, and a new species of humans, the fentanyl zombies have also been discovered.
As bad as Europe is, the US is worse.
Nah it is not the fault of history or pretty old buildings. Many things changed just in the last 30 years here, some were pretty major, just not for the better.
@@N7senseiyou should really stop watching right wing media. It is frying your brain.
I mean, you live in a pretty beautiful place. I get the impression of relaxing and enjoying myself surrounded by amazing artwork, not working hard.
Bro the usa is literally falling apart and crime is outta control primarily because of immigrants
Hey everyone,
As you can tell, I temporarily lost control of my hands in the making of this video (and one previous one). After a stern talk, they are back under control, and should no longer annoy you in future videos.
Thank you for your understanding,
Hugo
Just wondering, wtf were you thinking when you picked the colours for that brain drain bar chart? I literally had to find an IPS screen to be able to distinguish the yellows, they're not even visible on my old oled. Out of the millions of colours available "no, yeah, let's just use shades of yellow for the whole thing"
"By regulating innovation, the EU is destroying its future." It should be a campaign slogan for these European elections.
Are you Italian? Lol I don't really mind tbh. Too focused on that handsome face hehe
@@Also_sprach_Zarathustra.
Frenchies: YOU SAID WHAT????? 😡
@@inbb510I'm French. And I am against European regulation of research and AI.
This video partly falls victim to the old problem of grouping "Europe" into one. This is an issue thats vastly different, caused by vastly different factors when comparing individual european countries.
I mean, the basis of whole channel is guilty of this😂😂.
The biggest issue though is that whenever he says “Europe” he quotes mostly EU statistics. When Europe is bigger and more complex than the EU.
It’s a bit of a EU Propaganda channel.
@@airhabairhab Generally yes, the entire channel is based on that but the difference is that there are issues where it makes sense. If we talk about EU legislation etc. (with european economic zone this also includes countries outside of the EU so most of Europe is in some way associated with that. Maybe other than very eastern ones like Belarus but yeah idk if thats relevant).
It makes sense with certain topics, this one is just wildly off. Brain drain is a complex issue and also happens inside the EU which is why its not as easy as to say "all skilled workers go to the US" which is just factually incorrect. Also, some of his points about stagnation for more than a decade (is he looking at Greece only here or whats going on lol) or immigration not being a factor (Germany is still the 2nd most immigrated to country after the US in the entire world, idk if that allows the assessment everyone just moves to the US, if thats Europeans, Africans or Asians).
TLDR there are many topics where it makes sense to group Europe/EU together into one, brain drain is far from it tho
He's not saying all skilled workers go to the US. He's saying a large chunk of the most innovative and entrepreneurial Europeans go to the US and trying to find thr reasons for it. The comments here can't see the forest for the trees.
The various states in the US also differs greatly among themselves, especially in law.
I think InEurope did a great job in describing a phenomenon and trying to find its causes, even in showing that the phenomenon might be more complex than it seems, and this in less than 12 minutes. 🕙🕑👍
And for several reasons I feel that comparing the EU /EEA with the US makes sense, even with the EU's lack of a real central government.
One thing - not mentioned in the video however - is that culture and society in the EU - and in Europe in general - is increasingly being dominated by fascism and politics. The polder-Dutch might be more extreme in this than, for example, the Czech, but the trend - I think - is there within the whole of Europe. 🇪🇺
In the US 🇺🇸, despite all it's shortcomings (nothing is perfect), innovation and marketing are still very important within large portions of society. So it might be easier there to actually find investors who - without judging you on your cultural or religious background - are willing to help you through some hideous bureaucracy and help you to market your product. 💰
For average Joe, Europe (especially Northern and Western Europe) is better.
But for very high skilled people US might provide advantages. But I still think it is good to move to US in your 20s-30s and move back to Europe in your 40s. In your you younger age, you want to work hard and grow your carrer but after mid 40s, you want to take things easy, focus more on work-life balance and focus on other things that might interest you.
yeah i have a friend who works as an SWE and he's talked a lot about spending the next 15ish years maximizing his earnings potential and building wealth, then moving to europe where he can buy and doing what he calls a "soft retirement"
Thats literally what i am doing right now.
Which means that Europe ends up paying for a person's education, the worker pays taxes in the US during his most productive years, then returns to Europe to have his medical expenses and retirement paid for by Europe.
What you said literally makes no economic sense. Your later years, 40 to 65, are the ones where you can command a higher salary. Why would you consider moving back to europe where the wages are lower and the taxes higher?
@@Mastercane98 Because you want to go back to your roots and spend your late time in your home country.
(whispering in your ear): But very few actually do it for the exact reason you said.
Same in Korea, PhD students here move to China or English speaking countries
what's the reason they move to China? aren't wages lower in China?
Korea is known to be horrifically competitive for graduates. If you don't get a job at one of the big chaebols, your life will be difficult. China offers wider opportunities I'd think.@@WastedBananas
@@WastedBananas They are actually higher for specific sections of the economy.
@@WastedBananasIf they are working for one of the mega corporations like tencent then no
@@WastedBananas I'm pretty sure it's slightly cheaper but still expensive
I am a computer engineer and I cannot work in Germany because I did not study in EU and hence it is not "recognised". I previously worked in field of IT, I can develop software and web applications but still I have to spend 2 years studying and then I can work. Why would I do that? You need papers for everything here. And I understand that we need to learn the Language, I am already B2 but creating that as a barrier for someone in IT is not going to work. The amount of bureaucracy just to select a candidate for an apprenticeship makes you think you are working for FAANG companies or something. And the worst part is that even then the quality of developers here is so bad. How can you gatekeep something so much and expect the best to stay here. I am not the best of course but for example people on top of their field are not going to waste their 2 years waiting for a visa. Or learning the language. They are too busy actually doing things and they will go to a place of least resistance, most support, and better pay. And Unfortunately that is not Germany. I cannot say for other countries in the EU.
My wife is German and she is a Nurse, their plight is even worse. She wants to leave this country, and we most likely will. Germany will not just lose an Engineer, but also a good nurse and they are desperately in need of them both.
it's just weird, people have different experiences, I know people who studied computer science in a 3rd world country and found a job in Germany, and they didn't speak any German at all, everywhere in the world the most important thing is "your network" if you don't have any, then you should create one...
@@ichbinhier355 they probably have several years of experience and got a junior level job, or a couple levels lower than their profile. And when was this? How long did they wait for the visa? And most importantly will they stay?
Most skilled people I know see Germany as a stop gap between moving to another country.
The gatekeeping probably stems from strong worker protections and social security on one part, and paranoia on another.
@@XGD5layer It feels like a survival of the medieval guild system-which makes sense given Germany itself was still ~40 little medieval statelets as late as 1870.
There are cheaper resources from India for example that will fill up your place very quickly. They already do that.
Your hands are fine, Hugo. Thank you for making more videos about Europe!
Vast majority move within the EU especially to about 5 countries but tons also migrate to Switzerland, UK, Canada, & Australia it's not just the US
Why uk?
@@hasinabegum1038 easy, english speaking oriented economy.
@@hasinabegum1038 English speaking & tons of job opportunities
@@tayloryoung9803 if you are limited by only speaking English, then I would rather move to Ireland.
@@Foersom_
Ireland has issues too such as a serious housing crisis.
My experience with the German companies:
- No bonus after successfull project.
- No compensation based performance.
- Everyone has the same salary range, despite of variaty of skills and contribution.
- No opportunity to grow in your field, there is not even this "junior, medior, senior" level, everyone is in the same category.
- Sometimes management creates work with 0 sense and 0 profit, there is no pressure to make bigger profit.
- Leadership's average age is close to 70y.
- After inflation, almost 70% of my salary is rent and food.
It is pretty much like communism 😅.
Oh, and about education. In my university (what's in top 300 word wide, not the best, I would say, a good European University):
- The most common computer science thesis topic: web application and mobil application. Zero scientific value.
- I have nevet write scientific article.
- I have nevet participated in research.
- I have never been involved in innovation project.
- Salary of professors are similar like in Lidl or Tesco.
Free health care:
- the tax because of health care are way higher then an insurance (because my salary higher then average), but if I have any problem, I had to pay, cause public health care not so good.
But it's all about EQUALITY...remember? Europeans are social justice warriors! You are all EQUAL. Everyone is THE SAME.
Computer science is completely scarce in Europe. I have no idea if they are aware it’s a science. They should diffuse the scientific literature more actively.
Just to add some perspective, for the case someone takes Deans feedback seriously: 2 of my 3 german emplyers had a performance based compensation, where you could basicly double your salary when performing well. They also had internal career paths like Junior, Senior, etc. and provided internal and external trainings and certifications, so plenty of options to grow in your field. All 3 also had a Stock or Stock Option program. I personally spend around 30% of my take home pay on rent in a mayor city, and approx. 5% on food. The take home pay is indeed relativly low, because the contributions to the healthcare plan, pension plan, long term care and unemployment insurance is already being payed by the employer (which has to pay 50% of that in addition to your salary). To give some numbers: from a gross paycheck of 5000 € you only receive about 3.200 €. But you don't have to worry about Heathcare or your pension. Speaking about pension, germans retire at the age of 65 to 67. So the avarage manager can't be 70 ;) As I mentioned there is a Health Care Plan, because Germany has no free health care system, but the health care plan covers most things with a few exeptions (like designer glases, or special dentures). There are no deductibles or down payments, and unlike in the US nobody is going to be bancrupt because of something like cancer. If you think this is like communism you really need to reeducate yourself. I also wanna add some thoughts about College/ University Education: If you study there it is your duty to learn, not the Universitys obligation to make you a bachelor/ master. Participating in research is not mandatory to get a degree, but its still posible (and probably a good idea) to do so. And on the other hand College-Education is basicly free, comparing this to private colleges with a multi million € budget is also not fair imo. Professors in Germany make around 80-100.000 € and have no boss and cannot be fired. Of course you can make more money in the industry, but comparing this salary to Lidl and Tesco still seems odd. Just my 5 cents tho...
come on over we love germans 🇺🇸
around 10:50 when you talk the video and audio aren't in sync anymore
(apart from that: good video!)
yeah, for a minute there i thought the entire audio was done with AI. Which would be very impressive
Old Europe is getting complacent and old. No ambition.
We came to germany as a doctor, already second month still cant find an afforrable apartment, living in a temporary studio. Burocracy, high prices, low salaries, aging population, high energy cost. Hopefully we wont stuck here for long.
Hey! I've commented some weeks or months ago regarding how much I liked your videos, but also how I found the voice-to-music ratio off, which made it difficult to listen to your content. Happy to say it's MUCH better now! Keep on it, and I'm sure you'll reach 1M in no time. Much love from Israel, have a good one!
One of Europe's highest priorities is regulation, as we all know bureaucracy is always good and certainly makes people want to stay and navigating a million regulations is incredibly fun and leads to high levels of prosperity. Can't imagine why people would ever want to move anywhere else.
Fascinating
The US is great for a certain type of people who want a certain type of life. I’m not one of those types of people, so I enjoy my European life.
With all my misfortune in life, I’m glad I’m a Scandinavian citizen. My healthcare costs alone would have bankrupted my family multiple times over, yet here we didn’t have to worry about any of that, and I was able to get a university education as well, even though my family was considered middle-low income during my youth.
Ok, so you are a very privileged European who piggybacks on American imperialism for its country to be successful. Wow, so much credit.
@@salvant77 So all Europeans are privileged because of America somehow? Did we watch the same video?
@@salvant77 cope
@@salvant77 Americans come from Europe.... and that is WHITE AMERICANS, something which you are. If it wasn't for your European ancestors, modern America would not exist. Stay mad pal
Did you get into a bad accident? Fall off a ladder? Car accident? Otherwise why would you have health problems?
We need a Capital Markets Union so that our entrepreneurs can launch their IPOs in the EU. As it stands it doesn't make sense for start-ups to spend years trying to accumulate capital when they could simply relocate to the States were the $50.8T capital market dwarfs the capital market of any member state.
that's the only real answer. While CMU isn't the solution to every problem EU has, it is the solution to just about every financial problem. The US just has a lot more money slushing around the economy than Europe and that's the true American superpower - not better work ethic, not more "gumption", not even that Americans are more cuthroat but just that Americans have a lot more money to throw at any problem which always works in the end. Uniting EU capital markets should be the priority for EU politicians.
US financial power is that its currency is the global currency
EU can't compete with them at all
@@baha3alshamari152That just sounds like defeatism.
american workers are more productive than eu workers I think@@Dendarang
@@baha3alshamari152Facts. With the USD as the world’s reserve currency, America can basically print as much money as they want, borrow as much as they want, with barely any consequences.
The audio is desynced near the end, but then again I mostly listen to you via my second monitor.
No way I would leave Europe. Non-pecuniary benefits too high (e.g., public transport, walkable cities, close to family, food, better working hours). US might pay a compensating differential but money is not all.
Same
Yes. You can't take all the money in coffin.
Keep crying. The US is better
Also most European retirement systems rely on young workers paying relatively high pensions to its retirees, while Americans save for their own retirement. With how unbalanced demographics are becoming, this obviously pushes young, educated people who'd pay the most away from europe, which increases the tax load for the remaining ones, which pushes more people away, etc. until entire towns are involuntary retirement communities.
It's not entirely correct to say that americans pay for their own retirement as we do have social security and medicare for older people. However, for most americans, social security acts as a raw baseline and the money they make through investments are used by middle and upper class retirees to live at more than a subsistence level. We can kind of see a bit of this mentality in the fact that payroll taxes and associated benefits cap out at around 200k annualy. The european pension system offers both a subsistence retirement to low wage earners and a more lavish onen for higher earners all on the governments dime, and the effect of this is that inequality isnt reduced all that much but private pension schemes whose investments could contribute to growth wind up being crowded out. I do think some sort of partial privatization of pensions might be a good idea for europe. This would mean recoking with the idea that a lot of people might have to retire a bit late if they happen to reach retirement age when the market isnt doing so hot.
@@empireoftruth3291 we're sadly decades too late to change it, boomers are by far the largest voting block (our boomer generation is a bit younger than in america) and they will always vote against anyone who dares to touch any transfers they get from young, working people. And they can either leave, or stay and not have enough to start a family, so demographic decline seems inevitable in Europe unless it can make up for it with immigrants from countries who are even worse off.
@@majorfallacy5926I dont see immigrants as solution, it is pyramid scheme, not sustainable and if it lookse to be working, pension system reforms "are not needed to be done" as shit doesnt hit fan properly. For sure some 25% or more from gross salary amount paid directly to current pensioners gives disadvantage to companies and workers in europe. It is less of problem for very high skilled people with big salary already but immigrants are supposed to do lower salary level jobs where this absolutely matters and margins are razor thin.
@@effexon The immigrants who don't come through the asylum system are predominantly skilled workers. So it works out for Europe but pushes the ball further down the line.
@@majorfallacy5926all stats say immigrants end up with same fertility levels over some time, thus I call it "pyramid scheme" that needs constant refills and tells about severe structural issues in countries. It is true they help out though.
The question is if a person doing a PhD in the Netherlands or Luxembourg will they stay in EUROPE. It's not very useful to compare the Netherlands to the US in this regard. If a person graduated from a university in Massachusetts it doesn't mean that they will stay specifically in Massachusetts and not move to a different state in the US.
Most people I know who graduated from a university in Europe stayed in Europe but not necessarily in the same country in Europe.
Facts
What do you mean? Which country do the those graduates go to
@@prohacker5086 literally anywhere in Europe... Just because you finished your PhD in the Netherlands doesn't mean that you won't find a position in literally any other country in the continent just the same that if you graduated from a university in Massachusetts doesn't mean that you won't move to any other state in the US.
Staying in the US after graduation there vs staying in the Netherlands after graduating there is a false equivalent and frankly the fact that a full third of PhD graduates stay in a small country like the Netherlands is pretty amazing.
@iftyhargil8359 the difference is that the US is a country, so you can go anywhere and the statistic is about students that stay IN the country. EU is not a country, the Netherlands is. Hence the report.
@@Dave05J you can move and work in between countries in the EU VERY easily and a lot of people do that.
Can confirm: I am American (from Miami specifically) and moved to France on the border with Spain (and I am not formally educated) because I believe in an idea of Europe and I want walkable cities. I am not under the impression that the negatives of French life surpass those of Miami life. Since I grew up in a Cuban household, its hard for me to envision moving elsewhere in the US, to me the culture is too foreign.
Since I am Latin and speak French pretty well for a recently moved foreigner, the culture/language barrier isn't too intimidating to me. I plan on getting educated here and staying for the rest of my life. If I were ever to go back to the US it would only be to make money for a few years and then return with capital.
The potential for capital flight is interesting and is something I wish I was educated enough to analyse. It makes me think closer US-EU should be made.
If it was easier for Americans to move to Europe I think more people would do so. Language programmes do exist in France, as I assume they do in other EU countries, if those programmes were made easily accessible to Americans, the cultural barrier could be easier to work through.
Most Americans would stay in the USA. After 9 months of living out of the USA and the US can revoke your citizenship, since the US government doesn’t allow people of dual citizenship to live outside of the USA.
Also I don’t think any non-white American would go to Europe 😭
I am an American living and working in France for the same EU company I was with in the US. This is a topic we discuss a lot. One thing that often gets missed is simply the rigidity of educational/corporate culture in Europe. I can only really speak for France but it's my perception that young people have an incredibilly hard time progressing in their careers here. In the US, if you're a top talent and work really hard you can progress rather rapidly. In Europe, it is much harder to A) skip "levels" in the company you're in, forcing people to sit in positions until they have enough "time" or reach salary minimums set by the unions for advancement B) switch "paths" (i.e. go from HR to Finance if you don't have the degree) and C) completely reinvent yourself if your original plan didn't work out. I'm in my early 30s now and quickly completed 2 degrees while rising in my company after picking up the pieces of what I can only describe as a complete and total failure at the age of 27 (though I have to admit it was the best failure that could've ever happened to me). If I was European, I can tell you my life would've worked out completely differently had I not been in the US when I needed to return to school and start over.
Sure, but the quality of life is much better in France than in Uncle Sam's land.
This. Moreover hirings in european countries seem more nepotistic (they find the excuse of the local language). I am in your same position, decided to study the wrong subject (it's not a degree in the humanities but mechanical engineering) and I can't go back, making 1600€/month with which it's impossible to start a family. Moreover I'm in Southern Europe and youth unemployment and exploitation is far worse than one can imagine.
I'm also an American working in France but I arrived via marriage. What I see in corporate French jobs, is employees who really dig their claws into their job as the strategy is to prove your loyalty through years of sticking around, playing the long political game to finally rise a few steps. Anytime I interviewed with someone who spend 30 years at the same company, I have this feeling like the environments aren't very dynamic and expect you to be under them forever. They advance slowly if at all due to workers able to not work and not get fired.
@@Moribus_Artibusin some ways a absolutely, but there are great things about both. Personally I prefer the overall lifestyle in France, but I think it’s a bit simplistic to say one is better than the other overall. It just depends on what you want to optimize for.
@@SurpriseMeJTGood observation - I completely agree. Overall the protections in place are good, but it definitely leads to some interesting attitudes with some people. I recently saw a colleague’s calendar which was completely empty except for daily Pilates classes followed by 1,5 hour lunches. It was mind blowing… but she’s doing her time in a specific department so that she can move to somewhere else in a few years.
Europe is the place to enjoy your life, the US is the place to build your career
The USA and China like to take risks, and if they don’t work they do it again, until it works.
The USA is a individualized culture, everyone does their own thing, there is none of that team work or working together in American culture like in most of Europe. Every individual in the USA is responsible for themselves and no one else in the USA.
Once in a while I check out what a software job in Europe would pay relative to my US job and generally speaking it looks like I’d take a drastic pay cut relative to the cost of living. Never mind patents and starting companies, it’s nice to make a good salary at your day job even if you are not particularly innovative or entrepreneurial. In so far as that is an accurate picture of tech salaries in Europe, Europe probably should fix that if it hopes to keep even average tech workers, never mind the rock stars.
Also, I would contend that the overall quality of life on a tech worker salary in the US is higher than almost anywhere in Europe.
Well depends on a lot of factors.If you havent been in the country you cant know real purchasing power.I met people who studied and worked in usa and uk and fled from there, they said they have a lot better life quality in eastern europe than there. Of course they are not average joe's. What countries you consider and what is salary diference ? As a local european i could give advice :D
have you factored in the cost of health care, maternity/paternity leave, and so forth? health care especially.
It's so tiring to hear the same "have you factored the cost of living" comments... If your net salary is 2-3 times higher, then even with CoL being higher with the same (or higher) proportion, you'd still end up with more money in the end. Also, it's not like healthcare is cheap in Europe either. At least here in Germany my+employers contributions are something like 750 eur a month.
Mate AI is throwing you boys out of business very soon, and I can tell you that the rest of the planet (90% of us) finds some poetic justice in the fact that you dug out your own grave. The IT nerds destroyed what was good about this planet with their social media nonsense, VR and the rest without which this world would have been a far better place.
@@CherryBlossomStorm
Healthcare is a lie.
Commie healthcare does not work due to the same reason: Most of Europe is paying very, very low wages to HC workers, including doctors. These pays are usually uniform. So Doctor House and Dr Poopyhead gets paid the same, even though their productivity is worlds apart.
Generally, the kids that go into healthcare instead of the much more comfy and vastly higher paying tech are midwits.
I pay more than a median wage idiot's salary in healthcare taxes, yet, if I had any issues I would buy private healthcare services.
What is pushing me to leave germany is that: there are too many taxes, too much burocracy, people in charge not having the best intrest of germany at heart (too old), taxes on the wealth i will accumilate (and will want to pass onto my children) and the fact that if i were to be successful in germany in the future, i would need to pay a tax, to be allowed to leace the country.
What is keeping me though is: i know the language, kulture, have family and friends here, healthcare, better enviromental protection, food and safety quality, more protected freedoms and better institutions. Lastly germany will be the best country for my children, if it fixes basic issues (housing, indoctrination in education, burocracy and taxes)
I love germany. america might be best if you are highly skilled but otherwise it's so much suffering for average person. I think germany one of the best country in the world to live in as an average person.
You can't really have those benefits without paying those taxes though. Germany messed up on certain key issues for sure though.
Exactly the same reasons here. I'm currently in University and I definetly wouldn't trade studying here in Germany with any location in the US. But after that it looks bleak. Industries I would like to get into straight up don't exist here or are in their baby shoes. Salaries are a joke compared to the US. Tax rates are a joke compared to the US. I agree more with the relationship of state to citizens in the US than I do here. I value my freedom. I value not getting told what to do. I value freedom of speech more than anything. Germany is much more restrictive in what can and can't be said than the US is. Germany is pretty ideological imo. Especially left green is something I deeply distrust and don't agree with. Germany feels like a country of averageness. Also the future doesn't look super bright for Germany. Look at the demographic distribution. It's really going to get started in like ~10 years when the boomers retire and then what. Who is gonna pay for all those old people? And who is gonna pay for the "green revolution"? The US is sprinting ahead in nearly every field. What major cutting edge industries are being developed in Germany? I can only think of a tiny few. If you're above average in Education and skill then the US simply is the better choice. A social state per definition only works because the people that are above the average pay for the ones that are below it.
And people still wonder why America still gets the most immigrants despite the domestic issues in the US
What fking indoctrination are you talking about?
I would just love to see the logic behind the decision of European countries to push people to move abroad "in the hopes that they come back" but not actually provide any robust incentive for the people to actually want to come back.
Could you link the papers and sources used? I would like to look at them for research purposes.
The issue here is one of lack of finance for new ventures, European financial organizations aren't very risk friendly when it comes to supporting companies that require a lot of R&D. They prefer to concentrate resources on established companies, real estate and government bonds, even if those come with their own set of risks.
Also most European countries are run by an established oligarchy of interests, that often aren't very interested in allowing that new rich start coming out of nowhere and start destabilizing the social order. Other obstacles are: excessive administrative hurdles, and regulation that is made to favor current businesses.
Market size, although the EU is a large market it is in reality fragmented into smaller national markets that often have hidden barriers that limit the speed of growth.
All of this makes it very difficult for R&D centric companies to have a sustainable ecosystem in the EU. And as a consequence it doesn't have the most opportunities for people with higher level degrees.
I'm (hopefully) starting a PhD in the US later this year. My decision to apply exclusively to schools in the US was simply that the PhD programmes are structured in a more attractive way. They take 5 years instead of 3, giving me time to do more learning and research. They have a strong emphasis on teaching skills, so I will better able to take an academic job if I prefer. And generally the programmes are broader in scope, treating students as an overall package. I don't, however, see schools in the US as overwhelmingly better than those in Europe, just different.
Looking forward 5 years, I will probably want to stay in the US for a few years immediately after the PhD, though may eventually return home. I am aware of the problems which the US has and that it may not offer me the quality of life which I want in the long term.
Good luck friend and I hope you have in great time in America.
PhD's don't take 5 years in the US. They take as long as you need to complete all the requirements. Could be 3 years.
We want the best of Europe to come to us, you are welcome!
Our visas are hard to get but situation will get better. Hopefully we will change the H1B visa requirements and absorb all of Europe's talent, as an HR agent interviewing EU applicants, I know all high skilled foreign non EU engineers already want to move to US. As Germany deindustrialises, I am certain millions of German engineers will also migrate to US. They already mostly speak English
You should really read up more about the differences of the European and American education systems, because it seems you are unaware of structural key differences between the systems when you write "the PhD takes 3 yrs. in the EU and 5 yrs. in the US". In the US system you start your PhD. directly after the Bachelor and it's a programme parallel to the masters programme, while in Europe you have a step-by-step build up Bachelor->Master->Phd. So overall you need the same amount of time, as in Europe a PhD. study assumes you already have taken most of the classes in your 2 year Masters programme and do mostly focus on research.
welcome 🇺🇸! what schools are you applying to/considering?
Oh yeah, the art and science markets in Europe are miserable. European leaders and studio / company / agency owners are very conservative. They like to hear you use words like "innovative" and "outside the box" at the interview, but when it comes to practice they don't want you to innovate, that's not allowed. And starting your own business is not realistic unless you come from a rich family.
As others have said, the main issue dragging Europe down is its byzantine bureaucracy. Educated people speak English and/or French everywhere, and the high taxes are worth it for what you get in return? But there's so much red tape everywhere... and if you take a wrong career choice, it can cost you dearly in the long run.
tbh Europe only seems great if you plan on visiting there for vacation or staying for a short amount of time. OR - if you come from a country with super long work hours and want to live a more relaxing life.
That too not all European countries tbh.
Its kinda easy in the Tech sector
The US has the perfect environment and pays their workers 10 times the wages for the same thing
no the environment is toxic and woke as hell, but at least you get much more money for the same shit
10 times the wages? But same cost of living?
I mean, the Silicon Valley is crazy expensive.
It about 2 to 3 more and not 10, also the usa with it’s problem isn’t fragmented like Europe.
Imagine that in every usa state everyone had a different language,culture,identity with separate stock markets ect that’s Europe.
It about 2 to 3 more and not 10, also the usa with it’s problem isn’t fragmented like Europe.
Imagine that in every usa state everyone had a different language,culture,identity with separate stock markets ect that’s Europe.
Another great video Hugo! There is also the topic of remote workers and remote working policies (digital nomad visas) which EU countries can use to attract talent based on the more comfortable life prospects.
On another topic, I would love to have your view on the need for the EU to pursue further integration, seeing the external threads that the EU is currently facing, mainly militar (Russia), Political (United front to have a bigger role on the Israel-Palestina conflict) and economic (EU being outcompeted by the US and China), is it possible for the EU to become a federation and if so which one are the potential competencies that the EU would assume vs the sovereign states.
Mistral and other AI French startups were already working in Paris, where Meta and Google have research centers but indeed many are coming back
Software engineers simply make more money in the US.
European jobs have slightly lower cost of living in some cases, but salaries are vastly lower (30% or more in the experience I've seen)
Simple economics is happening.
Europe is very risk-averse, even frightened of fostering projects that are anyway contrary to established disciplines. They are often blinded by the developments of the US and try to "copy-exactly" while missing out on opportunities that emerge often without the top-down central planning that the EU is obsessed over. The history of the development of computer-controlled machine tools in the 1970s is a very good example of how universities in the US really seeked out inventors that were, by and large, tinkering on their own, with institutions like MIT knowing they were witnessing a new field of engineering unfold.
Really good. Keep it up.
Well, have you heard of H1B? H1B is capped by 65k year + 20k for US graduates. It's a lottery officially.
Or "how many years doing XYZ?" (not tasks, level, just sheer number of years and you need exact match, if not -- out).
US hiring is broken.
As an EU resident, I hate European egalitarian policy. Lol
It's like no matter effort you put in, you will never go that far compared to everybody. And it feels like you are not fairly rewarded for your effort.
Needless to say, when there's no reward for effort, competition becomes meaningless and innovation dies.
It is simple when we just go half way with scientific projects. Like the hermis space plane that was cancelled during the 1990s. There several projects that never get finished because there is a lot of under investments. The primary problem for the EU is that it is too unfocused on what it want to do. If the EU could focus on specific goals we would lead the world when it comes to research and more people would like to do research in europe.
Instead of very little money in to many projects we can just take a lot of money in a few projects instead. It is the main issue for the EU is that it can never focus resources because of its confederate nature. This means nothing can really get done and we can only achieve half measures.
We could have launched our own astronauts during the 2000s but instead we decided to hitch a ride america then russia. If the EU wants to retain talent then the EU should do ambitious projects and see it all the way through rather then ditching the people working on it last minute. We have the money and the resources but we lack unity and focus, that is the reason why any project will fail.
TBF europe seems to lead in research... huge amount of projects and things going on. Just that doesnt bring revenue and companies as much. You are right considering amount of taxmoney put there, it aint as impressive anymore.
TBF european scientists are top notch in world, no need to get new talent. that is not problem. On other hand there are PhD fundings that cripple their career, they get 1year contract, then have to leave and find new job, so that hardly benefits anyone. To me EU monopolizing these has caused these kind of issues in many aspects. Before EU intervening, countries could do very longterm planning of projects with national taxmoney and ESA joint programs also.
The astonishing ending that compress the whole material in 1 sentence!
Bravo!
Very interesting topic
Too many subsidized 20th century industries and too much bitterness about wealth inequality and high salaries.
It is not just the USA either, you find young Europeans in droves working in Canada, Australia and New Zealand for example. It seems the lure of higher wages and lower taxes is more powerful than Europe's generous welfare incentives (which only end up wiping out the loss of purchasing power caused by weak wages and high income taxes).
The USA average GDP per year is about 75,000 US dollars.
In California alone their GDP per capita is more than 130,000 dollars per year.
Thanks Hugo,
It resonates with the conversation I had with an French engineering school principal.
18% of the "grandes Ecoles" students leave France for their first job., mainly USA, Canada and Australia.
Hello !
I just want to tell you that I appreciate a lot of these videos you produce; as someone who consider itself as euroseptic you really offer me an alternative viewpoint on the E.U that really convince me that I am wrong on a lot of my views which I thanks you for that.
This is why The United States of America is the Hub of Innovation and has more companies that are making new technology for the human population. Sad reality for the EU really.
Naw, not really. You look at the averages but some places in Europe do really well. Switzerland, Netherlands, Sweden are all more innovative than the US with arguably more significant companies (US only has tech really and Hollywood, but industry is meh). Add to that Norway, Denmark and a few who all have higher HDI than the US, more top 100 universities per capita (which are virtually free on top of everything) and things suddenly aren't as clear as you want to believe. The US does some things well but I'd say the broadajority in the EU have fuller, more enriching lives. Not having to think about Healthcare, student loans or gun violence are hard to qualify but the overall package isn't bad here. If you have a decent job in a large European city you live amazingly well. It's not clear that any US city is so much better.
All the innovation in the world is in China, son!
@@mysterioanonymous3206 True, but as a Swede I would say that we are "Retarded" and our "Innovations" are just scams that we sell to the US(Talking mostly about our cybersecurity and programing sector).
I am here at Germany almost finishing my Masters but will leave the country after working 2-3 years here to gain experience as far from my home country- I am away from my family, neither do the earning potential here is high, Tax rates and other things are still not understandable, the language barrier obviously, illegal migration will destroy the country in next decades, housing is unaffordable. So will work here for 2-3 years pay my taxes contribute to the economy as the country helped me to have my Masters at decent fees. But there seems no attraction to live here.
I do wonder if Paul Graham was right in saying that Europe and the Commonwealth is much less friendly to raw ambition than the US. Let's say I was in a room of Europeans, and I said "I want to create a personal finance app whose algorithms will create vast changes in spending behavior that will severely reduce global poverty, and in the process I want to become a billionaire." I'm sure they would either shift uncomfortably in their seats, patronizingly explain how certain things in the world cannot be changed, that my ignorance of this is due to me being American, or that my personal financial goals were an indication of narcissism and lack of concern for the poor people I was trying to help (probably true). If I were to say this to a room of Americans, I'd probably get some light encouragement, a few chuckles, or some pointed questions about how I intended to do this, maybe an offer of a few introductions to possible funding. To them, my proposal isn't impossible, it's just something that hasn't worked yet, and maybe I will solve it or maybe someone else will. This is purely my imagination, but it comes from my memories of interacting with both Americans and Europeans.
Brain drain is strange. Yes, it is devastating to a society, but as smart people leave, the people who are left may actually like it, because they don't have to compete with talent anymore - especially if they are in charge. This then ramps up all the cultural and legal forms of passive-aggressive harassment of talented people, which then causes more of them to leave. The logic of it is that people in charge often want to be in charge more than they want to be in charge of something good. If that something is a country with declining GDP year over year, so be it.
The admins always win because they just filter. If a funding call requires certain things all the winners will have these things. Even if there would have been better projects and people who could have got the money the winners look better than those losers. And the admins are happy by selecting their requirements so we'll. In Europe they define these winners very tightly and the others must leave to win elsewhere. And they are better winners there than any European winner could ever be.
As a Mexican MD, it's curious how even some colleagues who've been in Germany for clinical rotations, research exchanges, do want to move to Germany. Are we all seeing the grass greener on the other side?
As someone who moved thr UK i found the system really works against those in the middle
If you are so poor you dont care as yoi are on tjr welfare
If you are so rich you dont care if you get 50% taken off (not to mention the variety of tax planning tools at your desposal)
But you just earn enough to pay tax you shoulder a huge burden
Im not saying you should have a totally unfettered model - it is impossible when you run a sizable country you hv to shoulder a more complete system - but any time anyone from africa speak of their aspiration they talk about being the next singapore not the next europe
Audio and video didnt seem to be synced up towards the end
1:25 - I like how you brought this up, it’s oddly not mentioned enough how huge of an advantage this is. I remember during one of Putin’s old interviews when asked, “What do you think is USA’s greatest strength is?”, he replied along the lines of, “I admire their ability to attract the greatest talents all over the world”. The whole world but USA and China are going through a brain-drain issue, even the 2 smartest engineer friends I had during college both moved to US. And nearly all countries simply can’t compete with US’ salary or economy to solve this issue.
This is just my opinion (PhD educated, early 30s Spanish European), but these are my top reasons for wanting to leave, and many have already been mentioned in the comments below, so I'll start with the less often mentioned:
1- *This country is extremely hostile towards intellectuals.* Taking into account the lost years of study and the cost of university, the average PhD holder will barely earn more in his lifetime than a middle school dropout. And you won't get any social credit either. In fact, I've even been openly disrespected by a couple of older folks because of that.
2- *I did not feel valued by my university, nor by the public educational system.* You are treated by the older professors as a tool to get the credits they need for their salary increases. You are given no freedom and, most likely, they will not even understand your thesis. Academia values seniority so much, that it has become stagnant and left no opportunities for young innovators.
3- *Every single institution has been corrupted by ideologues that are destroying our future for short-term benefits.* This country is completely dominated by incompetent demagogues that have risen to power by telling willingly ignorant voters what they wanted to hear. We had the disgrace of having a dictatorship end without a real reparation, so, I guess you can imagine how polarization and tribalism has "salted the earth" for any real political culture.
4- *Taxes and regulations are making social mobility impossible for the younger generations.* More than half of our gross salary is taken by the state and spent on increasingly unnecessary stuff (most of that is just "buying" votes). Many unreasonable laws are passed, making almost every aspect of a young person's life miserable, and making almost everyone who's not retired poorer.
5- *Let's be honest, Europe is just an undercover gerontocracy.* If you have read to this point, you have likely seen a pattern. We are a society full of old people, and, since we are a democracy, that makes them hold the most power. Despite retired Spaniards being, by far, the richest age group in the country, they are also the only ones whose wealth has not decreased, but increased, in the last 20 years of Spanish history. Why? Because politicians want their votes, so taxes are increasingly an undercover wealth transfer from the poorer young to the richer old; disproportionate mandatory privileges for seniority in public institutions and even private businesses is vote-buying for an aging working population; and the tribalist mentality and hostility towards new ideas is just favoring the old ways...
Add to that the cultural cataclysm we are experiencing (for the first time ever, teenagers are growing up with IQs lower that the last generation, lower motivation and values, higher criminality, and more mental problems and addictions), and you'll quickly understand why I want to leave. This is going to turn very, very nasty in 5 to 10 years... No, thanks, there are other countries that make me feel actually appreciated.
Which countries ?
@@i.abraham1850 East Asia, mostly. For example, China offered to pay me just to go study there, and with better living conditions than the local population, and pretty much every Chinese person I have met has showed great respect and admiration for my accomplishments. Here, even the national space agency's scholarship I was offered was laughable.
EU wanted to make it comfortable for everyone but ended up being an inconvenience for the majority of its denizens
Interesting, FYI near the end though audio was out of sync
I am wondering how the recent developments in the tech sector will influence this trend
Best universities are lacking in eu, compared to us or uk there are just fewer. Uk has more top 100 universities than the rest of Europe combined and US has even more obviously. That said, be careful what you wish for because all those high paying foreigners take spaces that students from the country no longer have access to and you can’t blame the university for taking as many foreign students paying £35000 per year when they only get £10000 for native students. Bureaucracy & language are the other issues, language is a dicey topic for obvious reasons but streamlining the bureaucracy is something every country in Europe (both in and those out of eu) needs to address. Americans love companies and distrust government and Europeans love government and distrust companies- as usual a happy medium is probably the right answer.
plenty of good universities in EU region but as you said, being top like in UK brings plenty of problems. to me europe has obsessed with universitied while work,businesslife side has been lacking in attention and problems. University role is not to make next big tech company or give lot of jobs to ambitious people.. but sometimes it sounds like that when listening to politicians.
The EU has far more top 100 universities per capita than the US. The simple answer is absolute wages. The US simply pays a lot more.
The University "Rankings" are biased against non-english speaking universites. The rankings of the Anglosphere are largely meaningless in the rest of europe.
The reason is that they do their PhDs in English and after u cannot find work with English ¯\_(ツ)_/¯
many actually don't care to learn the language of the country, just stay in their english
So you want to force people out of their language?
For international business English is not a problem but for local I think it is.
I hope it will be better.
BTW. Their is a typo in 8:36 (Chnage)
It is interesting. Europe has a good reputation for things like luxury goods and high precision engineering, but not in "tech". The tech startup business in the US is very volatile and wasteful, with a lot of it being parasitic upon government research (or other common actions such as espionage, or poaching of global talent). Perhaps it is a combination of a sort of EU appearance "fiscal responsibility" leading to less "free money" to invest carelessly and the centralised EU research not handing so many neatly packaged military secrets out.
The US dominates the EU in manufacturing output now, East Asia produces both in chips, EVs, electronic goods etc.
Luxury goods are a European niche due to cultural and historical reasons.
The "attractive" quality of life of Europe will die of natural death for several factors, if not just because the continent is ageing and not having (enough) children, making its economy collapse (it already highly indebted). It's not a problem unique to Europe but that the land where this trend began, so it's the first continent to show its effects (even if immigration is used as a way to try to slow the process, the problem being the kind of immigration that it gains generally adds more weight to the sinking ship).
Actually the land where the trend of ageing and population decrease started in Japan, not in Europe. They started to feel the effects of that already in the 1990s.
So what do you offer? Nothing? Thank you sofa-expert
@@maximmm5462 Oh, are you interested? Of course not. You are welcome, depressive random guy.
average european economy comment thread :
one dude coming up with a mostly true statement
a dude who corrects the wrongs of the said statement
a brother asking if you added value to the comments section or not
@@rigobertoitachijohnson7758 we are considering how to deal with it. Stay tuned for the new tax announcements!
0:24 why only show dutch or luxembourg polls?
Simple. Europe's gigantic taxes and lack of funding lead the companies and rich to run away.
Umm no. Europe is full of wealth but the money is in tax havens.
I'm one of those high skilled workers (about to move to the US for a postdoc). And I can frankly say that Europe isn't the best place to start an academic career, but it seems an excellent place to end one. The pay for a post-doc in the states is typically set by the NIH payscale, and one typically gets health insurance as a benefit. Add to that the 13% effective tax rate I would face in America and suddenly the higher cost of living is more than compensated for. Why would I start my career here?
Can I please ask how much you were compensate annually during your PhD studies? Here in Ireland, PhDs don't even make 2/3's of the minimum wage...I'm fed up of eating plain rice.
@@jamiegrant5955 2100 a month after tax (got a raise the month I leave...), but it's from the Max Planck society which is better than being employed at a university.
@@krazoe6258 Thanks very much!
I just started my internship in a German company and despite all the benefits, such as great working culture and a good work-life balance, I, unfortunately, have noticed that the company is not willing to innovate and would rather stick to its old ways. As mentioned by another commentator, the risk aversion is just over the top; I work in a financial department and it’s extremely strange to me that the only method of depreciation in use is the linear one, which is usually worse than the accelerated method. And I feel like this approach is rather common in Germany, and it doesn’t appeal to me to be honest.
what do you guys think about Norway? i think to study masters there and probably live after that, is it worth it?
0:26 you know maybe if we had houses available people would stay... (NL)
The Netherlands is very small. Maybe that's why.
@@ElectrostatiCrow that's makes it easy to travel. Thus nice. There are about half a million houses (not people) that need to be be built because of lack of housing with a population of about 18mil people. Prices are insane if you can find anything.
The Netherlands needs lots more social (ie. affordable) housing.
@@nicohendriks3278 yep
Has been happening in the last 400 years, nothing is new
Patent creation don’t have the same standards in the US. It is easier to create a patent in the us than in france.
Compare the people that stay from european countries to us states. I would be curious on that data.
America is ruthless but it is not a meritocracy, EU should look at the talented americans in state universities as if they dont have personal connections their work and ideas do not go far. Especially for those working on renewables or health as the oil and health care lobby in America are very powerful. The biggest problem is a lot of europeans do not want immigrants so it will be difficult to keep people even if they contribute, this means more money being spent into training within eu, which in itself will see the south and east losing their talent. All EU nations should support english as a second language so it will be easier to conduct business, it will be hard for any immigrant to learn multiple languages to business level and english is the defacto world language
I’m moving to Germany as an American in tech. I want to be married and have my family. I work in tech and nuclear energy as part of my field. I know Germany isn’t pro nuclear but luckily I don’t need that as I’ll just switch to the other focus of my field. My boyfriend is German and we can’t have our family here in America. The cost is too much. We want three kids and how can we do this in America comfortably? Not possible
@@txbre8758lol, good luck doing that anywhere in Europe when the war in Ukraine expands to other countries, as it inevitably will. Let’s see how long the European utopia holds up, with higher energy and defense costs to foot the bill for.
Childcare is VERY expensive and costly in the US compared to Germany. Not to mention all the other costs associated with children (Ex. Healthcare, entertainment, cost of living). You also get very little days off to take care of your child AND the days you do get are usually unpaid.
@@grapesurgeon yes I believe the war will expand. Putin wants to restore the Russian empire, Ukraine is just the first step in that direction. Poland and Baltic’s will be next, before he makes a grab for Western Europe. China wants to restore the order in East Asia that existed before Europeans showed up and colonized much of East Asia, with countries like Korea and Japan being tributary states of China. Iran and Turkey want to dominate the Middle East. A lot of wars are coming my friend, and I truly hope my country, the USA, stays out of it for once.
And if Europeans refuse to support English as 2nd language (jealous or whatever), they shoud support Esperanto.
A czech guy here. Also thinking about leaving Europe. Everything is so incredibly slow - regulations for everything, old people blocking managment positions and voting wierd nonprogresive parties to parlament due to their huge proportion in population, really bad environment for enterpreneurs and people who want to start their own business, and education in a state of 18th century basically on every level - kindergarden to universities. it is impossible how rigid whole system is in the 3rd millenium.
Go to Japan: old people
Go to China: old people
Go to US: old people
Go to Korea: old people
Obviously everywhere old people hold high positions, because they amassed so much wealth, they get to decide. If you want a young spirit, move to South Africa or India.
@@novinceinhosic3531 yep, I m thinking about Africa or southeast Asia.
@@novinceinhosic3531 South Africa? It is pure anarchy there with power outages.
I myself feel strong pressure to move out of Europe just because there are no prospects of innovating on a large scale here. If I wanted to work for an aerospace startup, I can’t do that here. The main reason for Europe's failure in tech development is very simple - the overwhelming amount of pensioners. Unless we change the pension system and the amount of old people drastically dies off, we’ll never be able to compete. Old people want stagnation and conservatism, and if they’re the most important voting block, you’re bound to have excessive bureaucracy and tax rates to feed that.
It seems like if you want to make as much money as possible, the U.S. is the place to do it. But if you want to raise a family with childcare, have good benefits and or want to retire than European countries seem to place to be. The problem is you need the youth to work and fund the families/ pensioners. Here in the U.S. we will soon have an issue with social security that is similar in case to the pension problem in Europe, not enough funding.
why do you think we will have an issue with social security? maybe if trump gets elected, and immigration slows down significantly, then i could see it. but otherwise, immigration is solving that issue
Maybe it's the shitty salaries and high taxes that we pay for the public pension scam and bloated public sectors. .
Yeah but in turn you have almost free healthcare and in many cases education. Good luck with paying the exorbitant American health bills.
True, however it is the fact that citizens are responsible for their own healthcare which makes the US best equipped to handle business and aging population.@@soundscape26
@@soundscape26 If you are upper-middle class (which I assume a lot if not most people contributing to the braindrain are) you are basically guaranteed to be covered by your employer.
I moved to the USA on a L1 visa and decided to stay (citizen now). Generally, I think most places have pros and cons - so it's not like I liked the USA better but it is just as nice a place in different ways. What was hugely different was the numbers - I earn at least twice as much (engineering) with less tax in the USA. Won't work for everyone (probably not a good place to go if you are in the bottom 50% of earners) but for those doing reasonably well you get a very large upgrade in lifestyle (depending on what you do). I would imagine that is one of the major reasons certain people jump.
Just make the business environment better and more free and more entrepreneurial in spirit. Reverse migration happened in my country (surprisingly) and if Europe reduces the formalities in bureaucracy, it can easily attract more talent and investment from everywhere. Anyway, Europe still itself receives a LOT of talent at its universities and as workers/employees, so it still receives a net import of talent; just need to make the system more efficient in converting the human talent for bigger gains.
For anyone who has been to Asia, and lived in te West over the past 10 yeers, this video does not make any sense.
The real issue is displacement of the smart, qualified, experienced and more expensive staff to a low cost of living economies, through a immigration of poorly qualified people with dubious cetifications and work ethic and, primarily, outsourcing. The economy is falling because of that.
This trend is driven mostly by american private equity firms, seeking to lower the cost, but in fact this is killing the industries in developed countries. Here in UK, this trend intensified since 2008, and now most jobs are either outsourced or performed by migrants. And yes - the UK is in deep slump, with skyrocketing real estate and mass immigration industry (including dubious colleges) being the only source of the economic activity.
And we are expected to believe that the immigration from developing countries is good for the western economy, we've just need even more for the benefits to be realised.
The eviedence shows the opposite.
I think your lips don't match with the sound in some parts of the video. Otherwise amazing content!
I as an American couldn’t qualify for a research university in the Netherlands, so I went to a hogeschool and man, it’s some of the worst “education” I’ve ever had. The bar for access to university education is getting higher and higher here. It’s a very inflexible system.
youre saying the dutch or american education is bad?
Bro, your videos are great, but you are grading your shots a bit too dark. Normally sking should be about 70% of brightness, is okey that is not on that exact level thou. Also your hair mixes with the background, maybe try a backlight or at least having least contrast on you low lights. Keep it up with the great content!
Hmm...calling the united states a meritocracy is kind of a stretch... it's more of a corporatocracy by now...
Idk as an american I agree with the description of meritocracy.
@@brandonf1260 Guess you are the lucky american
I migrated as well from Europe (Norway, France, Italy countries I've lived in Europe) to the UAE. USA was on my list of candidate countries, so was Switzerland being the only European country. But the UAE (Dubai) ended up winning.
The main drivers that led me to leave Europe to found my business abroad was at the end of the day :
1. Big political risks, taxes goes up all the time, rules are being changed constantly, especially in Norway. I need stability.
2. Huge taxes and very inefficent and ever-growing public sectors.
3. Aging population, things only seem to go down-hill.
4. Small business- & start-up-networks
People are fed up with european taxes.
I personally feel that the biggest issue in Europe isn’t the taxes. It’s three things: 1) the mindset is more risk-averse, 2) the capital markets in the biggest economies are very unproductive and inefficient, 3) there’s too much bureaucracy. The easiest fix would be #2, and in fact a lot of the Northern European countries have done this so far in the last couple of decades (as did Canada), and their knowledge sectors enjoyed subsequent growth. If large countries like Germany and France allowed more of the large pension funds to invest in stocks, perhaps preferentially within the Eurozone, that would both help the retirement funding crisis and be propitious to innovation here. Some positive steps are being taken in this direction, but painfully slowly.
We don't want to be like the US thank you
@@OnlineEnglish-wl5rp Feel free to fall into irrelevance then ;)
#2 is unsustainable... If something, the wealth should be something else than just pure debt, and it should be invested to LOCAL small industries and manufacturing. Not some cheap stocks of unsustainable companies that exist for the sole purpose of attracting investments by unhealthy business practices and no long term viability.
@@OnlineEnglish-wl5rp LOL, thats exactly the problem, you don't want to reward the productive people, but also expect them to stay in the EU. Good luck.
@@NK-fe3md So let me get this straight, the wealth of Europe - which is still vast - is due solely to the type of person who wants to live in the US?
If the US is such a wonderful place, why are so many Americans also leaving there? Why does the US have so many appalling social and infrastructural problems?
Where are you from and what do you do?