Why is the US Economy Outperforming the EU?
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- Опубликовано: 31 май 2024
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The Eurozone has been struggling with high inflation, low growth, and recessions across multiple countries, while the US economy appears to be thriving with strong growth and relatively low inflation. But why is Europe growing slower than America, and is Europe truly falling behind?
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2 - tradingeconomics.com/united-s...
3 - tradingeconomics.com/united-s...
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8 - www.theguardian.com/business/...
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10 - www.cfr.org/in-brief/could-nu...
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00:00 Introduction
01:00 The US Recovery
02:30 The EU "Recovery"
03:29 Why the US has Beaten the EU on Inflation
06:51 Why the US has Beaten the EU on Growth
08:10 Sponsored Content
![Roddy Ricch - Survivors Remorse [Official Music Video]](http://i.ytimg.com/vi/J5IeFzr2GgE/mqdefault.jpg)
Europeans when they talk bad about the US- 😃
Europeans when something good is in the US- 😡
It's so jarring how much they crap on US
It's old-fashioned jealousy. The better the USA does, the more they hate us.
It's old-fashioned jealousy. The better the USA does, the more they hate us.
i am not european but their obsession with America is just insane. They hate on America 100 times more than Americans brag and boast about themselves.
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
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right now the Federal Reserve is keeping interest rates high to lower inflation. What's SUPPOSE to happen is consumer spending slows as you see in home buying which it has with higher mortgage rates. The Federal Reserve wants the inflation rate back down to it's targeted 2%. Still they want a soft landing meaning inflation goes down and there isn't a recession that results in big job loss. Right now inflation is at 3.4% and it's going to be a while before it gets down to 2%. The Fed is wanting to have rate cuts, but that means inflation has to go down before that happens.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
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Yeah, definitely do more videos on the differences between the European and American economies. There's so much to dig into here.
You summoned the bots wtf
the bots are starting to talk to each other noooo
The bots are evolving
@@julian5086don't let them know maybe the become self aware
The TLDR team is too small to produce reliable content for non-UK issues.
The US has far fewer supply chains affected by the Russian invasion of Ukraine, thus did not suffer major food andf fuel driven inflation.
US is buying Russian uranium because it needs it , US takes cares of it intrest...
That's not case with EU.. it's a slave continent of US , ready to sacrifice itself for US to maintain its unipolarity.
Imagine they can't even speak about who destroyed Nord Stream Pipeline. Such a pathetic state of slavery of Europe.
Plus the USA has law that beats inflation. Thus this makes European products become expensive when they enter the US market. Fair?
Yes this is a significant piece of the puzzle
@@MSDGroup-ez6zk "USA has law that beats inflation." What does that even mean?
@@LuKiSCraftThe Inflation Reduction Act is to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. -Wikipedia 😂
TLDR - the EU, which is in Europe, is suffering from more inflationary pressures from a war in Europe than an energy and food independent country a continent away
Exactly. That and the fact that the dollar has a special status in the world.
Wanted to write the same comment before wasting 10 minutes on a very long TLDR news edition 😂
Yeah, the sanctions the US forced the EU to impose while avoiding them themselves are hurting the EU but not the US, who would have guessed?
TLDR News a few Months ago: "Europe is forced into a harsh energy transition that will hurt economically!"
TLDR News now: "European Economy not growing - the end of Europe? How could this be?"
... 😶
Well, but now it is way worth to get to US gas reserves using expensive technologies such as fracking because the EU has no other chances but buy it at a humongous price. Clever.@@DarkHarlequin
Individuals are significantly more vulnerable to inflation than they are to a collapsing stock or property market because it directly impacts people's cost of living, which they immediately feel. It is unsurprising that current market sentiment is so negative. Aid is necessary in today's economy if we are to survive.
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The U.S. is also reshoring a lot of manufacturing from abroad, that's also helping.
I love how part of the blame (or seen as a problem) is american workers working from home and not wanting to return to the office. Its like working from home save you money on gas, time, and helps you avoid buying anything unnecessary (ex: coffee, lunch, etc).
Actually, a lot of workers are going back to work. There is a labor shortage over here though
@@sharonmontag2389 labor shortage as in alot of people cant find jobs that pay for their bills and and more, when apartments and houses are unaffordable to most. Why bother working when youre going to have less at the end of the month than before ?🤷♂
Really stuff that keeps the economy going..
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@@posticusmaximus1739 - depends on the person and how experienced they are in the job. Onboarding folks during the pandemic sucked, and (at least in my industry) they end up lagging behind in the core competencies and ability to interact with their peers. (They literally don't know who to ask for help, and don't know their jobs as well as in-person workers did during an equal amount of time on the job.)
In contrast, experienced workers seem to be able to work from home just fine, and yeah - they seem to have the increased productivity numbers....if they like working from home. Some don't, and prefer to come into the office. (I do - because my commute is my exercise, the food is free in the office, and the office facilities are really nice and there aren't a lot of people around.)
Would love to see another video about the growth disparity between europe & the US
Britain is the only European country left out, but its inflation is 2% higher than the EU average. Its pretty much the same news for all of Europe at the moment and its all down to energy crisis.
Would be more interesting how much an European citizen can afford in average now and before corona, compared to US.
What does growth bring when citizen can't afford more?
What does low unemployment bring when people need more then one job to afford living?
@@davidjacobsen308 Yeh it's almost all food inflation that's the difference in the UK probably because the UK had the cheapest food in most of the world pre Covid now it's insane like 300% more expensive in many cases.
Not much to say: Europe can't cheat its way into prosperity and print money indefinitely, exporting inflation to the rest of the world.
In short term, much of the difference in economic recovery speed can be explained by strong government spending in US. In long run, things get more interesting as US is more successful at capturing new and growing industries, while EU is riding on legacy industries while facing serious demography issues.
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The US also benefits from a close economic relationship with Canada and Mexico - these three countries are fairly symbiotic.
no
@@buttAttackWdym "no"🤓
@@buttAttack yes
Yes, and European countries def suffer from a lack of close economic ties with each other....No way for them to foster economic ties with other nations. No framework, or Union if you will, that would allow close economic ties. No single market currency. No standardized regulatory body. No free movement of labor. Sometimes people make comments and I wonder if they had their full cup of coffee that morning.
@@austinquinn476 The single market currency is what is keeping much of EU down though. Out of all the EU members, the ones who have a higher growth are those who retained their own currency, while the euro zone is performing worse and has been performing worse for years.
Economic ties are close. Each member is interdependent. The problem is that the single market does rarely allow deals outside of the market.
Super cool, thanks for sharing with us y’all!
Great post. Give us more!!!
Well the EU went from brexit to pandemic to russian invasion with pretty much no break inbetween. That might have something to do with it.
The EU has been doing a fantastic job considering what its fighting against as well as national governments being difficult at every turn.
@@moonshine8255 Cope yourself, no bankrupcty by getting yourself sick ;)
Please don't use the term "lower prices" in context of inflation. Your prices still go up, just not as much as under a higher inflation rate.
A way to reduce wages is to raise them less than inflation.
To have lower prices, a country must undergo deflation.
@@petergray2712 Why do you say this? You can increase efficiency. Think about it: *adjusted for inflation* we are all hugely more wealthy than ten, 100, 1000, 10000 years ago. Your phone is what we used to call a “supercomputer”. Your car has several hundred horsepower. You can vacation on a different continent. There are houses and restaurants and libraries.
It's entirely routine for real-terms prices to drop; it's what we call “progress”. (The challenge, it turns out, is more in doing this without breaking the environment. Ironically, the conservatives-who are the ones trying to persuade us that we deserve less-are also the ones who don't seem to care what damage we do. The future is evidently one of those things we deserve less of.)
@@petergray2712Incorrect, you need wage growth that outpaces inflation- something the bottom quintile of society has been having for a while now.
@@alucardwhitehair That's not "lower prices" though.
Europe has 2 problems :
- Lack of different energy source, making it less resilient to events like Russian invasion, or OPEC policies. That is being solved at a very high pace though, I think this will not be a problem for Europe anymore in 10 years, maybe even 5.
- Lack of R&D funding, and tech industry. Europe really underfunded their research and development and tech industry since 2 decades.
Making the average European worker way less efficient than an American one, or even a qualified Chinese one. It is a massive shame, as Europe need efficiency, since they want to focus on more social benefits.
Plus, they largely have the infrastructure, money and education to become leaders in R&D and tech. The hold-back come from old and massive European corporation in heavy industry and automobiles, who has too much influence on European politic and don't care about R&D and tech.
I believe that the EU has enough R&D funding, but we mostly spend it on things like healthcare or renewables, etc. That are like... Great, but they dont make much money.
European countries have taxed their economies to death with the wrong sort of taxes. Now comes the reckoning.
Our biggest problem is the fact that our citizens are aging and we aren't compensating the loss of workforce by either human or non-human forces.
Also the lack of people who work fulltime compared to the USA or East-Asia.
Europeans are actually much more efficient than Americans. Because we simply care more about our free time, we work on average 200(?) hours or so less than Americans on yearly basis.
Also, on the energy resources... the USA is self-sufficient. We are not and are relient on Russia, Norway or OPEC to deliver us oil and gas.
It is easier said then done to buy from other markets, because American and OPEC are delivered by shipment and that simply costs more.
Lack of R&D funding is the case though, we dropped the ball on that in the EU.
Car 🚘 industry lobby is king 👑, mainly in Germany!!!!!
European's also have smaller brains than American's. Its science
Would love to know more about the differences between the economies of the us and eu and thanks for your great effort.
Trump was right about one thing in particular - Europe made a mistake by hamstringing their own energy production growth and therefore relying on Russia.
I am not big on trump but even I agreed on that. It was obvious but they didn't listen because you know. It is Trump. Gives *attitude.
yeah, its the Russia fault for blowing up their own pipe, am I right boys
No, EU would have a much weaker economy today without Russian gas and it basically shot itself in the foot with the anti-Russian stance.
Now they’re buying proxy gas from India or America at much higher rates. 😂
C'est sûr que depuis que l'Europe achète son gaz à vous les Américains ça nous coute plus cher ! la France à ces propres fournisseuses, mais certain pays comme l'Allemagne et beaucoup d'autres vous, on fait gagner beaucoup d'argent, voilà pourquoi vous aviez une inflation moins forte, Ne vous leurrez pas si l'Europe tombe vous tomber aussi ! le monde est devenu anti Occident comme jamais ! L'Occident est devenu malgré elle une seule entité de survie contre le tiers monde qui souhaite ça mort !
You give that quote to Trump? It has been said repeatedly for more then 2 decades. Obama said it in march 2014 "Obama tells EU to do more to cut reliance on Russian gas- reuters". Bush said it multiple times under his presidency, even in 2006 before Putins famous Munich speech in 07. "U.S. President George W. Bush has suggested European countries would be wise to diversify dependence on Russian energy resources so they dont have to worry about the supply of energy". Hillary Clinton warned Europeans about Russia using energy as a political weapon in 2009, after the russians attacked Georgia, in fact no one has been a thorn in Putins side as much as Hillary Clinton.
It has been warned against from every international energy agency for decades, all intelligence services, and most world leaders for at least two decades. Trump just parroted something he was told to say after shit turned sour, Trump wouldnt be able to point out moscow on a map, dont fool yourself to believe hes a strategist. Trump more then anyone else in global politics, have made Putins politics ten times easier to pull off.
yes. America has had an abundance of cheap energy from fracking and no war. Europe in comparison was been reliant on Russian gas, Chinese exports and a huge conflict on it borders.
Basically America sucking Europe’s blood
Fracking is being closed. No War under Trump correct.
We kicked ourselves in the teeth by boycotting Russian energy and the US or Ukrainians or British blew up the gas pipeline.
@@henrybn14arI would rather be slapped in the face, than let Putin take over Ukraine.
Not to mention a demographic collapse not seen since the black death.
EU could have responded differently in 2008 to guarantee access to Middle Asia countries natural gas, Azerbaijan oil, Ukraine food.
Azerbaijan, the country that is also committing a genocide as we speak? I thought that was a hard line.
@@sloppypotato2403we support none in that fight, but remember me the terrorist attacks jews did in Europe.... even if palestine certainly get more sympathy from a lot of people.
@@saturos53 Google search "Azerbaijan genocide" returns genocide of Azerbaijan civilians:
«The Khojaly massacre was the mass killing of Azerbaijani civilians by Armenian forces and the 366th CIS regiment in the town of Khojaly on 26 February 1992. The event became the largest single massacre throughout the entire Nagorno-Karabakh conflict»
@@saturos53 for 30 years RF fought proxy war against Azerbaijan to block its oil from flowing west.
During 1992-1993 the UN Security Council adopted four resolutions (822, 853, 874 and 884) and made six statements of the UNSC President on the Armenian-Azerbaijani conflict. They confirmed the territorial integrity of Azerbaijan, condemned the occupation of the Nagorno-Karabakh region, demanded the immediate cease-fire, suspension of hostilities and withdrawal of all occupying forces from the territory of the Republic of Azerbaijan. The Armenian side partially complied with some of the demands of the Security Council and has totally ignored the demand to withdraw its forces from all occupied territories.
They have benefited a lot from Russia's oil since it is cheaper and ready for import. Ukraine agri will also kill its own EU agri production.
Many thanks for the video you post, they are with good contents and very clear to understand even for people who aren' t in the field of finance and economy
Great video mate👌
It should not come as a surprise that Europe gets hit harder by the Ukraine war and energy crisis.
Also in Germany we have yellow colored road block against investing anything. The us heavily invested in transforming its energy which led to a growing economy. The current German government is literally fighting around every cent that has to be spent. The „schwarze Null“ (avoiding debt, almost at all costs) has and is really damaging to the German economy because necessary investments to insure energy security, rebuilding/bettering infrastructure or education have and are being blocked. Instead of looking at where unnecessary spending can be cut those investments into German future are blocked because apparently one of the richest countries in the world has no money. The idiocy behind it is that it’s not only social projects they are blocking but direct investments into industry. But also we massively lack leadership in the coalition because as it seems the largest party seems to give jack shit about that and leave the two smaller parties squabbling. Scholz has been a real downgrade to Merkel as chancellor.
You are joking?
Merkel and Schäuble started the whole Schwarze Null nonsense and caused 12 years of no investment, even initiated the shutdown of nuclear plants.
Merkel was and her cabinet of not getting anything done living of cheap Russian energy were a catastrophy in the long run.
What exactly should the present government do now? They have inherited a bag of lack of investment, have to deal with the inflation, the war in Ukraine, the lack of tradesmen (thank you Merkel again) and the lack of a vision of the previous government
This is so true
Germany problem is that you all feel so guilty about ww2 you don’t speak your mind
Germans are good people and Germany is a force for good in the world
Every country has a dark past, humans were all savages in the past nothing we can do about it but get over it
China is the new nazi Germans and Russia is just a powerful North Korea
There’s a reason most of the ussr begged to be in nato
It was EU decision to buy natural gas and electric power via energy markets. Thus the war in Ukraine has nothing to do with the so called energy crisis.
While I agree that Scholz is a bad chancellor, let us not forget that it was Merkel that blocked almost every necessary reform or investment for her 16 years in office. Education, renewable energy, infrastructure, all these problems where entirely foreseeable, but Merkel and the conservatives did nothing.
ironic how theres a video on how the eu is falling behind america when 99% of americans think the economy is in ruins....
Because europeans tend to use public expenditure to make Life easier for the citizens of the EU while america doesn't, america concentrates mostly on producing while treating people like literal slaves, this Is why most people in America have debts and go into poverty wich makes them think their economy Is falling apart, economy doesn't equal wellness of citizens
But It was bad and people haven't realized that it's going well because politicians and media get better benefits from panic
Interesting, can you direct me to that video
@@Sage3356 , the EU's public expenditure will have to be cut eventually as it is unsustainable. Aging population and low birthrates is going to be their Achilles's heel.
@@Sage3356No. The point is American people have to survive on there own and doesn’t rely on government support. All of the railway and taxis are run by the private company. And all of the consumers in America is run by American private company. Even America can’t shutdown Google because it’s not in American government unless they ran out of money. So it’s not slave it’s just that you got to survive on your own
Definitely want a more in depth video on long term growth disparity! Particularly with a focus on geopolitical distinctions (energy, neighbors etc.) and productivity (tech, R&D, innovation etc.).
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The rally in the stock market is over, but I'm not sure if stocks will recover quickly, continue to fall, or fluctuate in a narrow range for a few weeks, or if things will get worse quickly. I am under pressure to increase my $300,000 reserve.
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US has a very large ratio of fixed rate loans which punishes morgages far less, this gives americans ability to raise rates higher and faster without driving people out of thier homes and inflict less consumer pain.
Interesting. What is the average fixed rate in the US?
But that locks homeowners into not moving house, reducing job mobility which can be inefficient.
@@mikicerise6250
High 6%s / 7
@@mikicerise6250it's around 7%, the highest since 2002, and that's for the 30 yr fixed mortgage rate. 15 yr is half a percent lower at around 6.5%
Not really. American's are today saddled with far more education and credit card debt, which are strongly impacted by rate hikes. The simple fact is that for Americans cost of living is increasingly unmanageable, with the average working american already spending 80% or more of their take home income on just housing (without utilities) food and health costs.
Unless I missed it, you didn't mention that the U.S. produces most of it's own energy.
its own not it's (=it is)
@@prplt it's is correct in the same way that "Tom's" is correct. Just because the people who write the textbooks are retarded doesn't mean we all have to add yet another exception to our convoluted language.
@@AUniqueHandleName444 it's means it is whereas its is possessive
Kinda. It exports more than it imports, but natural gas doesn't run in cars and trucks (generally).
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People prefer to spend money on liabilities, Rather than investing in assets and be very profitable.
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I would definitely love another video on US's GDP stuff! It's really interesting!
I liked this video a lot. As an American, I hadn’t heard of this of this story, and while often I find TL;DR’s analysis to lack depth (which is understandable considering their name and short video format) I found this video specifically to be quite well done. Still, European economies have strong fundamentals, and I expect they’ll recover once the energy crunch is over. I’ve had a fair bit of economics schooling (and a degree) and I expect this trend will fade in the medium term.
As a minor quibble, I’d ask how military spending “inflates” American GDP. The government spends more than Europe does, but that’s not fake growth or less real growth than European (or anyone else’s, including America’s) consumer driven growth. It isn’t as if money spent on a missile is any less “real” than money spent on say, healthcare or food. It’s economic growth all the same, disagree with it or not. And jobs in the defense sector are quite lucrative for those employed in it. Additionally, it isn’t as if anyone expects American military spending to decline anytime soon, so it’s not a short term thing. I politely disagree with the term “inflated” here rather strongly and would ask TL;DR to defend that characterization on any terms besides European aversion to defense spending.
Why do people do this? You literally commented one minute after the video was uploaded and the video is 9 minutes long
@@cocacolaenjoyerI think you should refresh, I’d watched the whole video before commenting and when I commented, video was 11 minutes old. I happened to click on it a minute after to uploading and when else would I comment besides right after watching? I also skip the sponsor stuff, as I’ve heard it a few times before.
An American coping for Europeans? How American lmao. Just take the rare W.
I would say government spending on defense inflates the GDP because it's gigantic stimulus from the state that is buying all the military stuff - it's not an indicator that the free market is doing well on its own.
It's as if France decided to create a strategic reserve of let's say cheese and pumped billions of euros into it - it would most certainly bump the GDP of the country but would it mean French economy is doing so much better? That it's free market is doing great? In a way yes, because the state invested and spent the money but it feels like cheating when states make such huge purchases.
Now when I think about it, it's like subsidies - the state gives away money to companies and they spend it, further increasing GDP.
I think the idea behind military spending being less valuable to the economy is that it doesn't contribute to further economic activity the way something like say car would, but at least some of the techonology developed this way ends up in civilian sectors and USA sells quite a bit of military hardware which recoups some of the costs. So not a take I really agree with. (I'm from EU)
Given the EU's demographic crisis, the gap will only grow.
We must hope people start having babies again instead of being distracted by social media and stuff.
That's an issue for almost all modern countries, if it wasn't for immigration, the problem would be far worse for developed countries, even the US.
People seem to want to have far fewer kids nowadays and if you look at the stats, a lot of the growth is coming from immigration, either directly or by them having more kids than the natives, this is more or less happening in every modern country, the US is no exception and if you look at the countries that have a bigger population decline, they tend to be the ones that bring in fewer immigrants, Germany probably being the exception to that one.
EU needs mass immigration
@@adineatha9766 People are not distracted by social media. They are overwhelmed by the rising cost of living. Couples are most fertile at a young age, in their twenties. It is the perfect time to start a family biologically speaking. Young people cannot afford to buy a place to live and often struggle with living costs altogether. And if for some reason they still get babies, at least one of the parents and ideally both have to focus attention on childcare instead of career. Hell, if you just want to save up money to buy an apartment, that takes literal decades of savings nowadays. And childcare costs money too! Keep in mind that in order to have positive demographic growth, they would have to get at least 3 babies. The fact this number is considered high in many places nowadays is very indicative on how deeply entrenched our demographic crisis really is.
@@adineatha9766 people dont have babies because they're expensive
Spot on dude. Hope your countries all improve.
The US biz economy is very strong - but things are still extremely difficult on average people. Most economic growth still goes to big biz and the wealthy.
Not during Joe Biden’s presidency. Wages are outpacing inflation, especially at the very bottom end of society, economic inequality is actually decreasing, and profit margins are normal by historical standards.
yes, thank you!
This is an excellent point.
Not necessarily, the average jobs pay extremely well here. I think you are referring to the fast food/retail industries. My job in America, I get 120k per year, the only thing I needed to do was going to a two year tech college. We have plenty of opportunities, we need to change the culture, not the system. This new generation is just too lazy, spoiled and are uninformed. Remember....you decide your outcome, don't blame anyone else but yourself.
@@socomxxKeep slaving away, that’s how they control you
Moral: don't squabble with people who supply you with the essentials of life.
What's the -3% for the UK at 1:37 meant to show? The UK economy isn't shrinking it's growing, albeit slowly?
They keep using the old data because the new data doesn't serve there pay masters in Brussels. This whole channel is pro EU propaganda.
I saw the same thing. They have a anti Brexit bias so they have to paint the U.K. in a poor light.
I am on nebula and love your work! You asked for a comment requesting a video on reasons why the USA are over performing with regards to GDP. Would love to see that
That clip you showed in the very beginning of what looked like a Costco, that was from Canada.
Yes. More economics videos please.
It'd be interesting to know what big of a role the inflation reduction act has on the remarkable economic growth of the U.S., since government spending would be a rather unsustainable growth factor.
Excellent presentation
Such a large part of Europe’s economy is based upon tourism. When economic times get hard, luxury spending is the first to go
Luxury spending is the only industry that never suffers from economic crises because rich people will always have money and want that sweet sweet status symbol.
But yes, tourism (which is not part of the luxury industry) does indeed suffer during economic crises.
USA Is top 5 tourists wise in the entire world. Off u wouldn’t know this.
@@manueloctaviomartinez3173 You just lack understanding, you being a top 5 in something doesn't mean you're as dependant of it. A small country that get most of his money off of tourism would be more impacted by a tourism crisis than the US despite being far from the top 5.
@@mardasman428 Luxury, in this context just meant "superfluous" not luxury as in French luxury brands.
@@heroe1486 ur flexing EU has lots of tourism like USA doesn’t. You imply it. Either way. Who’s fault is it y’all rely on tourist? Poor socialists I hope one day y’all learn about economics and borders. Bro saying it like it’s USA fault y’all are broke and rely on tourism😂🤡. Also , half of the EU countries are poor and customer service is garbage. Poor Italians for example are disrespectful to tourists in general while their life depends on it😂😂🤡🤡
Yes to more videos covering the economic history of USA vs EU!
An idea, would it be possible for TLDR to compare US and China economies, since they are the two largest?
No, as it's highly partisan...please look at pervious videos. My opinion.
Previous apologies.
they do this quite often
But China’s official data is often suspect (for both higher and lower) so hard to compare
China's not even the 1'st world country yet.
As Germany goes down EU goes down too
Europe has been flatlining since 2008.
US food and energy independence are the keys to maintaining a healthy economy when a crisis occurs.
1000% correct.
It's crazy that food and energy independence were huge reasons as to why Germany took control of so many lands during World War 2 and Europe still continues to have this problem of lack of reliable food and energy today.
@@OFFICIALDJFLASHBACK Blame Churchill. He was anti-communist but started a war not with communists, but other anti-communists.
US is not exactly independent. Yes, they export more than they import, but not all forms of energy are interchangeable. The US produces a lot of natural gas, but you can't (generally) use that in vehicles.
@@spacetoast7783
That is a good point. None of the less, the US is are far more independent than Europe. Further, by exporting so much, the US has more negotiating and trade power.
You missed that the US has printed a tonne more debt that European countries since Covid. Look at government, household and company borrowing rates and they are much higher in America. More printed money = more brought forward growth that needs to be paid back in the future.
That is irrelevant for reserve currency like the dollar where essentially you can export domestic inflation
Why is the US ahead of almost everyone else?
1) They invested in the right sector, IT.
2) They pay who work and deserve it, not who's lazy and want to live on benefits.
America has always done better than europe and now they seemed to be concerned🤔
EU has a lot of outdated restrictions and overly complicated bureaucracy. America is more focused on economic growth, Europe on HDi.
America's HDI is higher than the EU. And if you're going to look at individual countries, I can do the same for states, in which case Massachusetts (which has 1 million more people than Norway) has a higher HDI than anywhere in Europe with the exception of some of West Germany and a few capital cities
America's HDI is higher than the EU. And if you're going to look at individual countries, I can do the same for states, in which case Massachusetts (which has 1 million more people than Norway) has a higher HDI than anywhere in Europe with the exception of some of West Germany and a few capital cities
@@sulkelhdi doesnt take into account economic inequality, which the US had a high index of
@@TisDansk no it doesn't. Higher than Europe, yes, but not by a wide margin. The American median disposable income is the highest in the world; there may be less inequality in Europe, but only because everyone there is poor lol
@@sulkelEveryone is not "poor" in Europe lol
This is a great channel when it's not spewing propaganda
Yes, please. I would love to see a video about how GDP is calculated, to what it is analogous to and to what it is not.
I still remember when the EU was called the Common Market... Yep, I'm old.... ;-)
This is the EU price for “friendship” with USA 🤷🏻♂️
There is also one good thing. Iphones in America are very VERY cheap, unlike here in EU we get them like 200 to 400 dollars more...
Worth noting is that there are internal variations in the eu about inflation and growth fx the danish economy is doing relatively good.
Who would have ever thought being self sufficient with food and energy would have been a good thing…
Europe cannot be self sufficient with energy. Germany doesn't have oil or gas. USa threw its allies under the bus by making them cut off Russia's energy supply and blowing up nordstream.
World resources are not equally distributed by countries, one have to deal with it (and according to circumstances).
You post is the Harry Potter magic wand thinking…
@@lv3609 😎😎😎 , that's pretty funny.
So if Germany blows up a pipeline from Canada to USA, it's ok because then Germany might get some resources send it's way?
@@lv3609He is a gringo, don´t expect much of him. He doesn't understand that his salary allowed him to buy a lot of stuff because some poor person in a third-world country was manufacturing at 10x less price. Now he has to pay more and complains about why my salary is so low.
The economies can be explained like this:
The US thinks that you should to somehting until you are proven that you shouldn’t.
EU believes that’s you should only do somehting if proven absolutely right.
his signature super loud start with deflating volume..
The US is the world's largest energy producer, exporting a net surplus of oil and refined oil products, and natural gas as LNG. The US also exports a surplus of food.
Add to that a massive infrastructure rebuilding program and manufacturing actually relocating to the United States from Asia.
Gasoline and diesel recently went up, but only because of temperatures in Texas and along the Gulf Coast becoming so high refineries became inefficient in operation. That actually caused inflation to tick up above 3%.
The United States is just in a very enviable position. Saudi Arabia is actually in a recession and is cutting production to keep prices high. Which the US just takes advantage of by producing and exporting more oil and natural gas. If Saudi Arabia abandoned all production cuts and flooded the world with cheap energy, the Service and Manufacturing sectors of the US economy will take off like in the 1980s, 1990's, and the mid 2010s.
Even after the shake out of the new renewable technologies, the US is set to retain a good position economically.
Heh... That little meme at 7:41 was a nice touch in an otherwise serious and well-made video :)
I agree
Decades of socialism would brake ANYTHING ...
Please give us another video explaining that
Great segment bro. Would like to see one on American GDP.
The EU thinks its important. In reality it is impotent.
And pompous, and arrogant, and also lazy which makes (most of) them less productive than the USA.
as an american, i can tell you that for normal people the economy still sucks here. "the economy is growing" but not in a way that translates into more jobs, better wages, or job security for average workers. the numbers we are looking at mostly affect how much money rich people are making.
How's the purchasing power? can you afford less or more?
@@mortvald i have not lived outside the USA so it's hard to compare, but for most normal people the most difficult parts are housing and healthcare. housing in any area you remotely want to live (any major urban area) is crazy expensive, and to find somewhere with cheaper housing you will be VERY far away so you'll end up spending a bunch of extra time and money on transit to be able to go to a job. and, as many might already know, the healthcare system in the USA is a trash fire. we have very good doctors and hospitals, but everything is private and for profit, and for the most part people either have to pay out of pocket for insurance every month, or it is a benefit from your job. and the insurance plan you have can dictate which doctors/hospitals they will or will not pay for, refuse to pay for a treatment your doctors says you need, etc etc. even if you have good insurance, you could be in an accident, incapacitated, and taken in an ambulance to the closest hospital, which is the "wrong" hospital according to insurance, and end up with a massive medical bill.
i have heard from many people that gas/petrol is cheaper in the USA than many other countries, but this is somewhat offset by the fact that our public transit in most areas is a joke, so you are most likely gonna need to drive a lot more here than in europe for example.
food, again hard to compare. when i traveled to japan the dollar felt strong and i could get food for what felt like cheaper than at home, but that could also be due to exchange rates (the yen is really low against the dollar in recent years.)
i just know by talking to many EU friends that they tend to have an image from the news, TV, movies, etc of the USA as being a really rich country - but it's really more like there's a small percentage of VERY rich people, while most people are actually living paycheck to paycheck or have just some small savings. consumer and labor protections are pretty weak here compared to the EU.
anyway sorry for the novel, lol, thanks for coming to my TED talk.
You're just lying. The past two years have given American workers the biggest wage increases in decades, and it's disproportionately going to lower income quintiles.
@@mortvaldPurchasing power has increased for average and below average earners in the US.
@@spacetoast7783 have you ever even been to america? lmao
what supposed motivation do you think an american would have to lie about this?
i'm just telling you my lived experience. are there people who are well off? yes. are there also a lot more people who are struggling? also yes. if things are so amazing here why do you think so many workers have been striking in the USA this year?
So at 7:37 you show that the premise of your video title is flawed? It should be called "Europe: how do they do it?" Or did I miss something?
Yeah, let’s hear about that
I'd love a video on US GDP
It would be interesting to see more details on growth disparity between Europe and USA, but throwing Canada in there are as a point of contrast would also be interesting. Presumably Canada is less impacted by Russo-Ukrainian war than Europe, but does have more similar economic policies to Europe than the USA, so that might help to tell what the true causes are.
So what’s the optimal number of days to work from the office? 2? 3?
energy prices, overtaxation, high labor costs etc
Last time I checked, the term "inflation" refers to a *general* rise in prices.
Most of this video talks about *specific* rising prices. AFAIK, that's not inflation -- that's supply & demand.
Seems like they are literally squinting at the numbers to find the most not-inflationary price rises to talk about.
What am I missing?
The world runs on energy and Europe got rid of its main supplier. What more is there to talk about?
Amen to that! 😂 Sabotage of Nord stream 2 by US/NATO affiliates burned Down in a few minutes, years of billions of euros of investments by both Russia and Germany and thus struck a serious blow to the German economy, the leading economy of the Old Continent. The US want this war to drag on a few more years, just enough to kick Europeans (and Germans in particular) in the shin.
War.
The US is known to be the largest supplier of weapons worldwide and Weapon manufacturer stocks in the US are up more than 30% since the beginning of the Ukraine war. This surely isnt the whole story but its a point thats often overlooked.
You didn’t mention that the US also had a double dip in growth over the past few years while the EU only had one. And EU countries maintained high employment through the pandemic while the US still hasn’t returned to pre-pandemic employment. If you cut more, then you have more to more room to grow later.
Yes! Would love that and US debt clock that is live and what does it mean to average person?
It means nothing if you understand debt. It's a great scare tactic for Americans to treat it's people poorly
War, recession and inflation.
@@tnickknightI understand debt and yes it's crazy.
@@1969fataHave you seen American debt clock?
@@gnrseanra9070the debt is mostly owed to Americans
I would like to see an in-depth video on the difference in euro and us economies.
This is an interesting comparison.
Talking about "Europe" when you mean the EU. Two totally different things.
It's not that far from each other. Most of Europe is in the EU.
In the entire European continent, there are only five countries that have zero connections to the EU in some way. Those are UK, Belarus, Russia, Armenia and Azerbaijan. Every other country in Europe is connected to the EU in some way, 27 are direct members, further four (Switzerland, Iceland, Norway and Liechtenstein) are in EEA and Schengen and all the remainder (Bosnia, Serbia, Kosovo, Montenegro, Albania, North Macedonia, Turkey, Moldova, Ukraine, Georgia) are in accession talks with the EU.
I’d love to see a video on why the us Econ is so strong
Eurovision explains it all.
The company I work for in Germany, a specialized wholesaler, is doing great. Very different perspectives for different types of companies at the moment.
Yes please make a video of American GDP! Love your videos
Makes me curious why the € is so much stronger than the USD atm.
I lent an American friend $1000 when it was worth ~1000€ and if she pays back now I'll have *lost* money, given that I'd only receive ~920€ especially annoying because 920€ has even less purchasing power now than it had when the exchange rate was ~1:1
It seems to be a return to the norm more than anything. The exchange rate of currencies itself does not mean much. For example, 1€ > 100 ¥ but Europeans have 0.01 to 2 € coins and Japanese have 1 to 500 ¥ coins. Only the fluctuations of currencies are meaningful.
It is partially a hangover from US COVID relief, which juiced the money supply.
The € is managed by the ECB and their primary mandate is not to help European economies, it's to keep the € stable. They do a credible job of it, so a lot of international investment is euro-denominated. They aren't really as helpful to ordinary Europeans in times of crisis though as the Federal Reserve is with Americans.
@@mikicerise6250
The EU is like the UN unlike a country with centralized systems.
because EU central bank prefer bankrupting entire countries and make hungry millions of european citizens instead of take the risk of reducing the value of €
It's nice to see a video about this topic, there have been a lot of articles about how EU is stagnant and not growing at all. But a lot of these articles fail to mention that the UK is not in EU anymore so therefore lower GDP and GDP per capita, exchange rates which went from EUR/USD 1.56 in 2008 to 1.09 now, and the fact the US were not hit by Russian war and sanctions as EU was.
Also, aren't the big US tech companies avoiding paying taxes in EU? We are talking about the richest companies in the world, the multi billion dollar tech companies who bring so much wealth to the US.
No, quite the opposite. Most of the big US tech companies are headquartered in Ireland for low taxes. If anything, they're actually avoiding paying taxes in the US, heh -- although this was partially addressed when a recent accord was struck to harmonize tax rates at a flat 15% minimum among advanced countries, over Ireland's initial opposition. President Biden had pushed it heavily as a way to stop the "race to the bottom" of counties pushing lower and lower tax rates, hollowing out the tax base of governments in the age of globalization.
@@StochasticUniverse Yeah but you are forgetting that majority people who are employed in these companies are US citizens and majority of investments of these companies is in US. Therefore these companies still spend a lot of money on salaries and paying taxes when building structures.
Simple answer- TAXES
This is quite misleading. While the big picture does look like this, if you fig deeper you'll see that the difference is somewhat flipped on the citizens to citizen level. A much higher number of Americans are living paycheck to paycheck than Europeans.
But still America is more powerfull than the declining europe like it or not
Would love more US content! Perhaps, on its own channel?
There was before but few watched the videos
There is a TLDR US channel.
Idk, their US coverage is really bad. I’m not sure any of them have even ever lived in the us.
Demographics and our ability to assimilate immigrants.
Can't assimilate immigrants with far right lunatics wreaking havoc with impunity and politicians from the center using them and allowing massive misinformation campaigns for short term gains.
True, europe hasn’t been able to take on immigrants very well
This is what gives USA the advantage over the rest be it China or Europe.
yeah compare the type of emigrants the US get vs the emigrabts Europe has xD @@hamzamohamed2010
I’m an American and we assimilate immigrants better because we aren’t close to the Middle East or Africa and don’t recieve millions of immigrantsts. If we had to deal with what Europe had we would have similar strife they are dealing with.
We recieve the wealthy educated immigrants who want to be here and are less likely to radicalize. Let’s live in reality here. However I will say I’m even if u aren’t wealthy and educated and you’re an immigrant with some drive, they can kill it over here, u see so many immigrant owned large businesses that started from nothing
yes i love it. make another video about differences of europen and american economy.
Great video TLDR, but could you please label your graphs? It’d be nice to know what the squiggly lines represent. 😅
I think that many European workers would be horrified at the thought of working under standard American conditions. Just the disparity in vacation time between the two would be enough to make them uncomfortable.
Yeah! Imagine an American taking a Siesta ?😂
I would be horrified at the thought of working in the first place 😂
Small things 🙄
(I don't live in America, I live in a much worse country)
Europeans have to stop soothing themselves with the idea that Americans are stuck in sweatshops to achieve a measly 3% growth rate while the EU stagnates at 1.5%. (Compound interest adds up!) No doubt, the US is a terrible place to be if you’re un- or under-employed. But given the tight labor market, even McDonald’s cashiers are advertising $20/hr these days. My not-at-all swanky white-collar job comes with 4 weeks of paid vacation, plus summer Fridays off, pretty generous maternity (but not paternity) leave, and health insurance that certainly seems better than what’s available at the NHS. Only difference is it’s employers, not government, covering the cost-though really the tax system is built to incentivize companies serving as a substitute welfare state.
My sense is that the French socioeconomic model at least makes intellectual sense-very different from what I’m used to but enticing. Scandinavia as well. The Germans’ luck is running out-they’ve just benefited from mercantilism and an undervalued currency, which constrains wages to boost exports. And the Brits are doomed-what happens when you’re trained to expect European levels of govt benefits for American levels of taxation.
@@jcliuwell said! I think in general Americans and Europeans just don’t understand the totality of our respective political systems, basic working conditions, and values. Love the Europeans tho! Especially those damn Brits! Hope Europe can turn it around!
Great video and great to see that the US economy is doing well, hopefully the European economy will recover soon. Just to clarify in case it wasn't obvious in the video that the US is self sufficient in fossil fuels whereas Europe has to import most of the fossil fuels so I'm my opinion that is probably one of the biggest factors
>hopefully the European economy will recover soon.
(It won't)
Australia has higher average salary nowadays then any relevant EU country
Correct and that is the main reason for all the EUs problem
The EU needs to scrap VAT and the Single Market, just for a start.
@@henrybn14ar EU needs to nuke its memeberstates budget and reason for existence?
Okay, but for what purpose?
Europe does have a lot of coal, but it's not cost competitive against American natural gas
My guy great video but serious question, why do you record FLAT when you don't grade it? It just looks.....Terrible. Because it's obviously made to be graded.
That graph about import of calories, where are those coming from? Outer space ? Every part shows as importer ?
We in Europe deserve everything that has befallen our economy in the past few years. We have allowed ourselves to be the puppet of the US in their proxy war with Russia. The US has benefited tremendously at our expense.
The economic woes and challenges facing Europe didn't begin at the start of the Ukraine war.
This been a long time coming.
Russians should consider themself lucky that we in the EU haven't declared war on them to protect Ukraine with boots on the grounds and bombers in the air. They are the invaders and war criminals, not the Americans. For now, we keep the Polish hordes in check, but only just.
The USA has a few advantages over the EU:
- a wealth of raw material, oil, gas. All stuff that the EU needs to import from dodgy regions.
- it has a large home market for a long time now, whereas the EU is comparibly in its infant stages of being one big integrated market.
And don't forget the influence of the petrol dollar.
The EU, unlike the USA, China and Brazil, don't have natural resources of their own. Therefore they will never be a superpower without the exploitation of Africa for resources like Uranium and Manganese. It is impossible for them to be a superpower (and even the power that they have now) if it weren't for the neocolonialism of Africa.
It would be easier if the EU had one universal language. Like English in most of North America.
@@moonshine8255 só the US created it's own infrastructure just like the European countries did, and have done centuries before. Don't see the "credit where credit is due" in your examples. None of them addresses the points of advantage I posted about.