EU vs. US Economy

I liked this analysis of the two heavyweights. While on the surface the US GDP/capita is higher and the unemployment rate is lower, when you look a little deeper, you see something different.

European hourly productivity over the past 40 years has risen much more rapidly than U.S. productivity, and several EU countries are now more productive per worker hour than the United States.

Most EU countries have positive trade balances, while our negative trade balance continues to grow.

All EU countries have lower rates of poverty and far smaller gaps between rich and poor.

Personal savings rates in the EU average 12 percent; in the United States, 0 percent.

EU unemployment rates are generally somewhat higher than in the United States. But U.S. figures don't include our massive prison population (2.1 million), five to 10 times as high as that in EU countries.

According to the World Economic Forum, of the five most competitive economies in the world, four are northern European and the most competitive, Finland, has the smallest gap between rich and poor of any country, while guaranteeing 30 days of vacation a year and prohibiting forced overtime work.

Health, in all EU countries, is superior to that in the United States, despite our spending far more per capita on health care. Moreover, Europe's high quality of life is attained with only half the U.S. per capita consumption of resources.

We could live happier, healthier lives by working and consuming less.

Gotta admit, I like the European style better. I am curious now what the US unemployment rate would be like if our incarceration rate wasn't so high.

Via Seattle PI