The other day, Dan Hannan wrote on how much better Britain would be doing if it was not in the EU. Economically, yes, but in other ways as well, which are arguably more important. At least I think they are, although if I was trying to make a living in Britain, my priorities might be different, although given my outlook, I wouldn’t bet a lot on that. I’m one of those radical Americans that believe freedom is more important than nearly everything, and the EU is inimical to freedom.
Here’s some of Dan’s article:
1. Autonomous trade policy
Europe is the only continent in the world that is not experiencing economic growth, and Britain is the only EU state that sells more to non-members than to members. We are thus especially badly hit by the EU’s Common External Tariff, which sunders us from our commercial hinterland. Again and again, we have been unable to benefit from free trade because the common European position must take account of French film-makers, Italian textile companies, Austrian farmers and what have you. Norway and Switzerland, being in EFTA, recently signed free trade agreements with China. Britain can’t. Given that China grew by 7.7 per cent in 2013 while the EU shrank by 0.3 per cent, I’d say that’s a major disadvantage. Just look at this chart of where we’ll be in three years’ time.
Via Nine things David Cameron could bring back from Brussels to satisfy Eurosceptics – Telegraph Blogs.
OK, I hear you saying, so what, that’s Britain. Well yes, aside from the fact that I have a certain number of British readers, I want to point out the IMF number on where our economy ranks with the others as well. The other thing I want to note, as Dan did, and we’ll talk more about, the EU is dying, In a lot of cases, it almost looks like it is living off of Britain, and if Britain leaves, it’s going to be in real trouble.
Why? Well if I read right the other day, if you do your tax planning wrong in France these days, your tax bill can be about 105%, I can’t speak for anybody else but I wouldn’t work very hard to make a dollar if when I did I had to pay the government $1.05 for the privilege. That’s why so many people are leaving France.
But we aren’t doing all that well either, for all Obama’s bragging. We’re surely better than Europe but that saying almost nothing good. Here’s a bit of an article from Dan Mitchell yesterday.
Here are some blurbs from a Bloomberg report about the President’s remarks on that issue.
A month before congressional elections, President Barack Obama is making an appeal to American pride in promoting his economic policies, arguing that the U.S. is outpacing the recovery in other nations. …“The United States has put more people back to work than Europe, Japan, and every other advanced economy combined.” Obama said. …economies in Europe and Japan are sluggish. The recovery for the euro area – including France and Italy – stalled, with gross domestic product unchanged, from the first quarter to the second, according to Eurostat, the European Union’s statistics office in Luxembourg. Japan contracted by the most in more than five years, with GDP shrinking an annualized 7.1 percent, data from the government Cabinet Office in Tokyo show. …Jason Furman, the chairman of the White House Council of Economic Advisers…called Obama’s emphasis on the relative strength of the U.S. economy “useful context to compare to other countries that are facing similar challenges.”
I don’t know if the White House is correct on every specific claim, but it’s definitely true that the United States is out-pacing Europe.
Here are a couple of charts I found with a quick search. We’ll start with one comparing GDP performance. It’s not as up-to-date as the one I shared back in June, but it does a good job of showing how our cousins across the ocean are falling behind.
And here’s another chart I found showing how Europe also is lagging on employment.
And I can also say from personal experience, based on my trips to various conferences, that Europeans look at the American economy with envy. Heck, they even think 1 percent growth is a reason for celebration!
Which should give you an idea of how bad the outlook is in Europe.
After all, the United States is experiencing the weakest economic expansion since the Great Depression. Yet compared to European nations like France and Italy, we’re a powerhouse.
Via Obama Is Right about the European Economy…
Meanwhile John Hinderaker over at Powerline Blog reminds us that the Democrats are running on the recovery. Personally I think they should be running away from such a botched recovery but, I suppose when you think all good things come from Europe. Here’s a bit of that
President Obama boasted in a speech yesterday that by any measure, the economy today is better than when he took office.
I should hope so! Obama took office shortly after the financial collapse of September 2008, in the depth of a recession. The stimulus, as you no doubt recall, was supposed to get the economy back on its feet. The problem we have today is not that we are in an even worse recession than in January 2009–God forbid–but that the current recovery is the worst one ever, by a wide margin. This graph, which I posted a few days ago, tells the story:
As for the September jobs report, was it anything to crow about? Pre-Obama, a 5.9% unemployment rate was considered unacceptably high. The average unemployment rate during the George W. Bush administration was 5.3%. Moreover, most people have figured out that the official unemployment rate has been dropping primarily because Americans are leaving the labor force. Is the latest report a sign of some real awakening of the jobs market, that will make voters more optimistic over the next 30 days?
I doubt it. The September report says that the number of those not in the labor force increased by another 315,000 last month. [...]
Via WILL YESTERDAY’S JOBS REPORT BOOST DEMOCRATS?
The “dismal science” wasn’t nearly as dismal back when Reagan was President, was it?