Deficyt budzetowy USA

Gość: KK Re: The fucking moron IP: 203.221.209.* 28.08.04, 09:44

Poczytaj wiec:
This week's Economist examines the evidence.

Of course, everybody knows that America grew a lot faster than Europe over the
last 10 years. But the figures, in terms of GDP/person are very close - 2.1%
per year for America against 1.8% for Europe. Take out Germany - which has
struggled with absorbing its formerly communist cousins from the East - and the
two regions are exactly the same.

And productivity? "A study by Kevin Daly, an economist at Goldman Sachs, finds
that, after adjusting for differences in their economic cycles, trend
productivity growth in the euro area has been slightly faster than that in
America over the past 10 years," says the Economist.

What about jobs? America is the greatest jobs machine on the planet, right?
Again, excluding Germany, "jobs in the rest of the euro area grew at exactly
the same pace as in America," concludes the Economist. "And since 1997 more
jobs have been created in the euro area as a whole; total employment has risen
by 8%, compared with 6% in America."

And get this..."GDP per hour in Germany and France now exceeds that in
America."

It's true that Americans earn more and spend more than Europeans...but they
work a lot more hours.

"Compare France with America," the Economist invites. "Between 1970 and 2000,
America's GDP per hour worked rose by 38% and average hours worked per person
rose by 26%, so GDP per person increased 64%. French GDP per hour rose by a
more impressive 83%, but hours worked per person fell 23%.

"Europeans simply enjoy leisure more," the Economist concludes.

But what about the 'recovery?' Hasn't it been much more vigorous in America
than in Europe?

Well, only on the surface. Spiked up by the biggest dose of fiscal and monetary
juice in history, America's economy has slightly outpaced Europe's. But the
figures are hard to compare. Europe calculates GDP growth more conservatively
than America...and understates the truth, rather than overstates it, as they do
at the Labor Department. More importantly, America's jolt of growth has come at
great cost. While Europe got no net stimulus, America has gotten enough to give
it the shakes.

"Super-lax policies of the past few years have left behind large economic and
financial imbalances that cast doubt on the sustainability of America's
growth," says the Economist. "From a position of surplus before 2000, the
structural budget deficit (including state and local governments) now stands at
almost 5% of GDP, three times as big as that in the euro area. America has a
current-account deficit of 5% of GDP, while the euro area has a small surplus.
American households now save less than 2% of their disposable income; the
savings rate in the euro area stands at a comfortable 12%. Total household debt
in America mounts to 84% of GDP, compared with only 50% in the euro zone."

Barely has the 21st century begun and America finds itself in a remarkable
position. It has, what it believes is, the world's most powerful economy...and
the world's most powerful military force. Like the defunct Soviet Union, it has
a sickle in one hand and a hammer in the other. The sickle, alas, has an
awkward bend in it.

"The U.S. suffers from...structural deficits that will limit the effectiveness
and duration of its crypto-imperial role in the world," explains Niall
Ferguson. "The first is the nation's growing dependence on foreign capital to
finance excessive private and public consumption. It is difficult to recall any
empire that has long endured after becoming so dependent on lending from
abroad."

But it suffers no deficit of raw power. The hammer - U.S. military might - is
real. Americans are no better or worse than any other race; is it any wonder
they will want to take a whack at someone?

Putting it another way: grubbing for money might be fine for a modest nation
working its way up in the world; is it worthy of a great nation on a roll?

I po co było tyle przechwałek.

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Gość: felusiak The fucking moron IP: *.nyc.rr.com 25.08.04, 17:11

You know who you are, Kagan. Don't you?
- Gość: kagan Re: The fucking moron IP: *.lib.unimelb.edu.au 27.08.04, 09:54
  
  Widze, ze twym jedynym kontrargumentem jest uzycie slowa "fuck"...;(
  - Gość: KK Re: The fucking moron IP: 203.221.209.* 28.08.04, 09:44
    
    Poczytaj wiec:
    This week's Economist examines the evidence.
    
    Of course, everybody knows that America grew a lot faster than Europe over the
    last 10 years. But the figures, in terms of GDP/person are very close - 2.1%
    per year for America against 1.8% for Europe. Take out Germany - which has
    struggled with absorbing its formerly communist cousins from the East - and the
    two regions are exactly the same.
    
    And productivity? "A study by Kevin Daly, an economist at Goldman Sachs, finds
    that, after adjusting for differences in their economic cycles, trend
    productivity growth in the euro area has been slightly faster than that in
    America over the past 10 years," says the Economist.
    
    What about jobs? America is the greatest jobs machine on the planet, right?
    Again, excluding Germany, "jobs in the rest of the euro area grew at exactly
    the same pace as in America," concludes the Economist. "And since 1997 more
    jobs have been created in the euro area as a whole; total employment has risen
    by 8%, compared with 6% in America."
    
    And get this..."GDP per hour in Germany and France now exceeds that in
    America."
    
    It's true that Americans earn more and spend more than Europeans...but they
    work a lot more hours.
    
    "Compare France with America," the Economist invites. "Between 1970 and 2000,
    America's GDP per hour worked rose by 38% and average hours worked per person
    rose by 26%, so GDP per person increased 64%. French GDP per hour rose by a
    more impressive 83%, but hours worked per person fell 23%.
    
    "Europeans simply enjoy leisure more," the Economist concludes.
    
    But what about the 'recovery?' Hasn't it been much more vigorous in America
    than in Europe?
    
    Well, only on the surface. Spiked up by the biggest dose of fiscal and monetary
    juice in history, America's economy has slightly outpaced Europe's. But the
    figures are hard to compare. Europe calculates GDP growth more conservatively
    than America...and understates the truth, rather than overstates it, as they do
    at the Labor Department. More importantly, America's jolt of growth has come at
    great cost. While Europe got no net stimulus, America has gotten enough to give
    it the shakes.
    
    "Super-lax policies of the past few years have left behind large economic and
    financial imbalances that cast doubt on the sustainability of America's
    growth," says the Economist. "From a position of surplus before 2000, the
    structural budget deficit (including state and local governments) now stands at
    almost 5% of GDP, three times as big as that in the euro area. America has a
    current-account deficit of 5% of GDP, while the euro area has a small surplus.
    American households now save less than 2% of their disposable income; the
    savings rate in the euro area stands at a comfortable 12%. Total household debt
    in America mounts to 84% of GDP, compared with only 50% in the euro zone."
    
    Barely has the 21st century begun and America finds itself in a remarkable
    position. It has, what it believes is, the world's most powerful economy...and
    the world's most powerful military force. Like the defunct Soviet Union, it has
    a sickle in one hand and a hammer in the other. The sickle, alas, has an
    awkward bend in it.
    
    "The U.S. suffers from...structural deficits that will limit the effectiveness
    and duration of its crypto-imperial role in the world," explains Niall
    Ferguson. "The first is the nation's growing dependence on foreign capital to
    finance excessive private and public consumption. It is difficult to recall any
    empire that has long endured after becoming so dependent on lending from
    abroad."
    
    But it suffers no deficit of raw power. The hammer - U.S. military might - is
    real. Americans are no better or worse than any other race; is it any wonder
    they will want to take a whack at someone?
    
    Putting it another way: grubbing for money might be fine for a modest nation
    working its way up in the world; is it worthy of a great nation on a roll?
    
    I po co było tyle przechwałek.

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