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Willisms

« The Zarqawi Effect | WILLisms.com | Wednesday Caption Contest: Part 59. »

Trivia Tidbit Of The Day: Part 344 -- Europe Lags America In Globalization.

Very Michigan-like, Europe Is-

Relative to the United States, Europe is failing. Badly. Take France, for example:

...unemployment is averaging 10% this decade and has not been below 8% for 20 years. And, while the overall level of unemployment has remained stable – albeit at a shockingly high level – the unemployment rate among young men (in the 16-24 age group) jumped from 15.3% in 1990 to 21.4% in 2005.

Europe needs to seriously reexamine its ideas and policies, before its ideas and policies lead Europe to relative economic ruin. As we've seen, small-sounding differences compound into huge differences over time.

Here's why, from the Dallas Fed (.pdf):

#1, Economic Freedom:

dfchart1.gif


#2, Economic Growth:

dfchart2.gif


#3, Unemployment:

dfchart3.gif


#4, Productivity:

dfchart4.gif


#5, Not Long Ago, Things Were Different:

dfchart5.gif


#6, Innovation:

dfchart6.gif


#7, Labor Rigidity (or lack thereof):

dfchart7.gif


#8, Globalization Index:

dfchart8.gif

What all this adds up to is simple and straightforward:

More government interference in the economy is bad.
Freer markets, fewer regulations, and less government micromanagement and tinkering is good. Openness and innovation = good. Protectionism and subsidizing = bad.

We have some choices. The Michigan/Europe way. Or the American way. I choose success. I choose the American way.


-------------------------------------

Previous Trivia Tidbit: Cha-Ching For The Government: Lower Taxes Have Produced "Record" Revenues.

Posted by Will Franklin · 13 June 2006 03:00 PM

Comments

I am always heartened to see how well Ireland does when stacked up against the rest of Europe. Considering that their embrace of free markets and deregulation is relatively recent, I expect that in another 20 years or so these types of stats are going to show it to be a real powerhouse, considering its size.

Posted by: Ken McCracken at June 13, 2006 05:04 PM