"Per capita income in Europe and Japan is on a par with America. The European Union actually has a larger combined economy than does the United States, with Japan in third place. Both the EU and Japan run trade surpluses, and in fact use their large gains in the U.S. market to boost their own economic output and income."
And these trade surpluses get them what? 10% plus unemployment and no growth in Europe, deflation and stagnation in Japan. Not to mention massive demographic issues regarding pension funding in both. These doom and gloomers should go to Europe every now and then.
Europe's infrastructure is crumbling. My 15 year-old daughter just returned from a semester in Italy. She was amazed that a supposed 1st world nation could not guarantee that running water would be available on a daily basis in major metro area. The availability of goods and services was maddeningly inconsistent and not on par with the US. Even the pizza was lousy.
Per capita income in Europe is inflated by government salaries and welfare payments. As a result, the tax rates across the EU are double ours, sometimes more. The result is NO GROWTH and NO JOBS.
The misinformation in this article is legion. Hoopleheads!
"Per capita income in Europe... is on a par with America"
That is absolutely not true. It is a blatant lie, look at any reference on the subject. European per capita income is significantly below US.