Two economists are walking in a forest when they come across a pile of shit. The first economist says to the other “I’ll pay you $100 to eat that pile of shit.” The second economist takes the $100 and eats the pile of shit. They continue walking until they come across a second pile of shit. The second economist turns to the first and says “I’ll pay you $100 to eat that pile of shit.” The first economist takes the $100 and eats a pile of shit. Walking a little more, the first economist looks at the second and says, "You know, I gave you $100 to eat shit, then you gave me back the same $100 to eat shit. I can't help but feel like we both just ate shit for nothing." "That's not true", responded the second economist. "We increased the GDP by $200!"
Always hated these numbers cause they don't say anything to the normal working class person. Things like homelessness, unemployment, wealth distribution, housing availability, food prices and purchasing power say a lot more
We need that slogan all across the world at the moment, especially in the UK! I said the exact same things to some people and they simply do not understand it.
to be fair unemployment has been dropping pretty consistently accross europe for a decade. I've got a final job interview myself in 40 minutes so i hope i get to help contribute to that figure soon myself.
They did show unemployment and purchasing power through the inflation data,maybe it doesn't say anything to you because you don't understand the data which is fine there are just other graphs for that.
America has always been more of a pluralist society, so there will always be large differences in how various people in various parts of the country, in different cultural pockets, are doing. Europe is just beginning to experience that. But broadly speaking, Americans are doing well. People love anecdotes of the poor hardworking American who just can't make ends meet but the reality is that most Americans are doing fine, even though they would like to be doing better.
@@asecmimosas4536Are you American? I doubt it. Many people working miniumim wage have to get another job. Nobody has money at the end of the month. All this while working significantly more than most Europeans.
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
Yeah, look at Ireland, for example. It is home to all the world's tech giants, and while that is great on paper, it has meant skyrocketing housing costs that keep the average Joe poor.
People from the US and EU just complain - even though they constitute most of the 20% of the world's wealthiest people.The Internet has made such a mess in people's minds. The poorest EU citizen cannot imagine the poverty in which most people in Africa or Southeast Asia live. Less internet and more traveling around the world changes the perspective.
Honestly this is less and less true constantly. Those countries are all developing rapidly, they will achieve european level of development soon enough.
Doesn’t mean we can’t demand better life conditions from our government because we know we can have it but most governments are too selfish to do id because some opposition party could take credit for it. Also even inside countries is region dependent, most countries choose to have power centralized in the capital with a few big economic cities, that created the demand to increase in urban areas because most people from rural areas move there, in Europe especially this is very noticeable that a lot of countries even have name for it. Just because a Indian is still pooping in beaches or a rural African still needs to travel to the village well doesn’t mean we need to slow our progress,also latin America and Africa is known to be poor not because a lack of money but corruption and yes the USA and Europe has corruption but in most countries in those countries are on a level of medieval times.
Setting the bar low is toxic positivity. Instead of thinking "it could be worse", try "how could it be better". That's the motive for improvement and development. Situation is insufferable comparing to the previous decades our parents lived. Continuous financial crises, income inequality increase, huge migrant waves leading to wage suppression/housing crisis (my parents could afford their own house, my peers spend half of their wage only for rent), "flexible" employment models of gig economy leading to job insecurity and higher stress. And don't let me talk about the more specialized issues regarding my country and our current corrupted government.
This is why we need a new measure for measuring from the bottom up, lower to middle classes, because the numbers being reported and the reality for the citizens are very different from each other, especially in the US and UK, but even in many European countries.
Fair argument; this is the reason countries have to balance labor and capital. Labor keeps the human element present and visible, but is rather shortsighted and with too much power, will price workers out of their jobs. Capital, on the other hand, is much better at seeing the bigger picture, but can be dehumanizing. It’s all a balancing act.
fucker i live in the EU, the average pay in my country is 1500€/month and okay new cars still cost 40k, apartments 100k+ and groceries 400€ min. Ignoring that we still like the tech gadgets you people like but from our perspective that fancy new phone you people think is ridicilously expensive is 4x as expensive (in terms of comparing average wages)
let's reduce the use of AC as much as possible! Air Conditioning machines produce a considerable amount of heat outdoors in order to refrigerate indoors, therefore this is a catch-22 situation
The two dozen hot days we may have in Northern Europe don't really warrant installing an AC system. Here it makes more sense to install a heat pump system, which can very efficiently heat a building, but can also effectively cool it. This is still relatively new tech, so it's only featured in the most modern of buildings so far.
That is poverty cope. Most homes in California have air conditioning. Does the fancy hotel have air conditioning? Then people would like to have it they are just so used to it not being available they have lies to themselves.
Did the EU import a lot of Ukrainian food products ? I thought they mainly produced grain, which went to Africa & Midle East which is why inflation in Egypt for example is so high
Food prices are to a large degree determined by energy prices due to transport and fertilizer costs. (fertilizers in europe are mostly produced with natural gas)
@@tagasus29 which is impoprtant because Ukraines soil means that for the same level of output you need less fertilizers due to its posisiton in east europe transport costs are higher
EU didn't import much from Ukraine, however, Ukraine and russia exporting elsewhere were pushing global prices down, so the EU was a beneficiary of overall higher food availability (simplifying things) Also russian share of fertilisers and gas market has a huge impact in food prices
Really refreshing to hear someone tell me everything is good while all my expenses have gone up by at least 50% over the last two years while my salary has only risen by 10%. Its like someone bragging about using lube while violating my backdoor.
As a person currently working in Germany, the European economy is not doing well On a daily basis, I see people in the streets taking drugs, homelessness, taking over cities - things I only experienced in America before The job market is pathetic Prices are sky high The euro does not go far abroad
I live in Denmark and we are shocked by the continous poor economic and political state of Germany.. Seems like you guys have given up without even trying
That part about "things I only experienced in America before" is especially poignant considering that the video was largely presenting the higher GDP in the US as the main point used by those arguing that Europe isn't doing well.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass wealth amid economy crisis, and even pull it off easily in favorable conditions. That should be the least of your concern. Also explore the option of working with a CFA to reduce greatly your chances of loss.
I'm intrigued by this. I've searched for investment advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
Well then that'll take a lot of time I'm afraid. The many years of close ties with Russia when it comes to energy make this a very difficult task to solve.
@@helgaioannidis9365 The ties with Russia were purely economic and there simply isn’t a better alternative. The country struggles to implement renewables and building appropriate storage is a huge task. Companies are leaving and the political climate is shifting too. We will see more and more people asking for a solution in Ukraine and a return to cheap Russian gas sooner or later.
@@tom_hagen1972 I know that the ties were economic. But economy is always also politics. No money no honey. For 2 decades Germany chose to bet on Russian gas as a cheap solution, ignoring geopolitical problems. Now it's a mess and I don't think sacrificing Ukraine will be either the answer or the solution to the problem, as Putin needs constantly some war going on to keep the popular under control and himself in power. Whatever the Germans will try to do, the solution will take time. On the long run renewables are probably the best choice, but I don't see the population having enough brain to think 10 years ahead.
@@helgaioannidis9365 The relationship with Russia was politically tense since Schröder left office, but both parties agreed that trade will continue regardless. Germany receiving gas from Russia has nothing to do with sacrificing Ukraine. The idea that Russia can be rendered defenseless, or better, offenseless was an illusion from the start. I'm all for renewables and independence of dictators fossils, but the economic reality is what it is. If we don't solve this issue, our companies will just leave, and then we will simply run out of money for our grand green transition.
@@tom_hagen1972 yeah as I said, the population doesn't think 10 years ahead. They're not willing to suck it up now, make sacrifices now and invest into more independence. I've come to understand Germans are quite conservative people actually.
I am a Euro-Italian living in Los Angeles since 6 years, just the city of Los Angeles has 75'000 homeless people and they are increasing every day, the welfare is inexistent, families here go bankrupt for paying medical bills, I have a friend with a bachelor degree in music and he finished to pay his loan at 35 years old just for studying 3 years at the university, if you don't have a car here you can't go anywhere in the city, inflation rate is at 3 %, I can't go on vacations otherwise I loose my job, the middle class is disappearing and the wealth distribution gap is increasing, nobody I know is buying a house here, I am considering going back, I think I'm going to make a huge favor to myself.
@@ashokathegreat4534 is very hard I trust your propagandistic version of LA, since I live here and I probably know better than you the status of the city.. I recommend you to come here and to take a look at skidrow and the whole downtown area.. - LA (3,85 million residents - 75'517 homeless) - ITALY (69 million pop. - 96.197 homeless), Just the city of LA has almost more homeless than whole Italy 😅😂, concluding.. yes the homeless people in LA are a lot.
@@juicymelodic American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
@@juicymelodic American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
American capitalism seems like a scam. All we are doing is enriching billionaires so the rest of us can end up miserable in hospital beds at 65. At least the Europeans know how to get what they want out of life out of the system. Americans need to wake up and learn from them how to organize and get stronger labor laws. If our grandparents fought in wars to protect us from people like the fascists, then I think we really have no excuses. Unless you enjoy living under aristocrats like Bezos and being unproductive and poor. Just my opinion
The fact is that the lifestyle of most Europeans isn’t sustainable. Welfareism, etc. Low economic growth is not good, and if politicians aren’t ready to speak the truth the population of Europe will have to find out the hard way.
Most intelligent comment here. The European welfare state just cannot last with the EU’s low growth and poor demographics. Either you take more immigrants, or tough choices are going to have to be made
Yeah. Orders in the entire industrial automation sector (that produces stuff that is needed to run a factory line and as such it predicts industrial activity in the future) is at all time low. Europe is stopping producing.
Level 70 in coping. The notion that GDP, most of which is just financiers moving digits between accounts in a computer, which adds zero value to the economy, is a measure of the size of the economy is just absurd.
Nah, this isn't true. The average American is a lot richer than the average European (even adjusting for cost of living). GDP per capita of US is twice the UK.
That was true in 1920. When US and even the wealthiest parts of Europe were worlds apart. Take something as simple as drinkable tap water as an example. How Americans have seemingly stopped being able to drink it because of crumbling infrastructure. Now they are coping by mocking us for being poor and not wasting money on 100x more expensive bottled water. 😂
This is the kid expaining why failing all classes in school isn't that bad because they studied less hours than other student and thus their output per hour is on par.
@@Ja_ich259 it's actually the opposite. He is the kid saying his grades are good he will be fine but then he will never own a home he can call his own.
Congratulations, we made the numbers on the screen tick up. Human life's goal, is it not? Homelessness rates are growing, the cost of living crisis is still very much affecting poor people, and our governments don't seem to help. Numbers aren't lives or dignity.
Good video. Tip: please stop animating histograms. We don't need to spend two seconds watching the columns grow and wondering what they will show, only for the plot to disappear a fraction of a second later. Let us rather spend the time inspecting the full plot, so we understand something.
Yes, because everything is super cheap in Poland. Only country where stuff is cheaper is Romania, and poland has 2x the average salary compared to Romania
@@sizanogreen9900 Honestly, I think the EU countries have weathered the storm quite well over the last few years with everything that's gone on, and Europeans countries still dominant when it comes to quality of life whereas the US and UK are lagging behind. GDP numbers are kinda meaningless because they don't tell us much of what's going on for the average citizens, after all, if the US was doing so well, we wouldn't be getting the rise of Trump and the far right overall, but clearly, there are problems in most of the developed world across Europe and North America because a lot of people are angry at the mainstream parties and want real change. In any case, I'm grateful I live in the US, because on paper the US looks to be doing better, but in reality and for its citizens, Europeans have it much better and it's one of those situations that you can only realise if you've lived on either side of the fence to see the real flaws, which in the case of the US, it's got far more flaws that make it less appealing.
Yeah, I can say the same as a Norweigan. Its pretty rough right now our Salaries do not match our costs, cheapest cheese is 5 dollars and milk is 3 now.. that has never ever happened before. Our money is completly useless outside the country aswell
@@stephenconway2468 Orban and his friends basically steal all the EU subsidised grant money they get. It's similar with the foreign investment that comes in.....but a bit more complex than straightforward theft.
Thank you for making this video! so tired of the exaggerated headlines that Europe is falling behind etc. As an american who lives in France I am optimistic for the future and love living in Europe :) cheers!
Obviously, you're going to feel that way. You want to validate your decision to move there and generally be positive lmao. Where do you work? Do you have a US based job you do remotely?
@@chickenfishhybrid44My family living in the US do not have the same quality of life. Most of Europe: Low stress job culture with all the benefits needed + vacation time. Cost of healthy living and general safety is also better in most of Europe. America is great, if you are upper class. Europe has a much better middle class, and a much smaller lower class.
I am American and I never had any joy from hearing that people were struggling in the EU. Average people are suffering in the USA as well. My life has personally gotten significantly worse in several important ways over the last two years… A small few are doing well in the USA while everyone else is working harder to keep up or are falling behind.
Absolute bullshit. Your personal experience does not represent the typical experience. The average American makes double what an EU citizen makes and has more disposable income, more savings, a bigger house and better modern amenities. Nobody I know is struggling and I live in a middle class area
@@bobm2421 average doesnt mean anything, if Jeff Bezos enters a bar, on average, everyone inside this bar is a billionaire. You need to look at the median salary, when you do, you realize US isnt actually that far ahead, despite having "influenced" other countries to make more a ton of money. Also, the debt of the USA is 38 trillion dollars, 10 times more than France and more than all of Europe combined. So yes, you can be very rich if you just keep going into more and more debt, but at some point, it's gonna fall appart.
In my country everything is subsidised. Thus your rent doesn't go actually up. Nor did health care go up, because it's already payed for. So, i do not wich country your talking about. But we did got filthy rich the last 30 years.
@@bobm2421 what you are saying is bullshit not backed by any data. First, Americans do not make "double" what EU citizens make, GDP per capita is not a measure of how much people earn. But even if that was the case, salaries cannot be just directly compared because everything is WAY more expensive in the US than in the EU, and the average US citizen has many more "out of pocket expenses" than the average EU citizen. An average American may make more per year than an average EU citizen, but when you take into account that the average American will have to pay out of pocket for healthcare (many times to the point ending bankrupt), education or university, maternity leave, transport and many more things, and that on top of that services are more expensive in the US, you end up concluding that EU citizens have similar purchasing power and disposable income. And this is not taking into account the fact that, working conditions, infrastructure, quality of housing, and personal safety in the US is much worse than in the EU. At the end of the day, all indicators show that the quality of life in the EU is better than in the US, and that is the harsh reality. By the way, it is so cute that you say that "his personal experience does not represent the typical experience" to end up your post with "Nobody I know is struggling and I live in a middle class area". Everyone I know in the EU is also doing great, with good jobs, good income, with plenty of paid holidays (more than 30 days per year), with paid maternity leave and with nice schedules. Personal experience is not statistically significant.
Latvia showed zero increase in production and this is the case for too many countries ... only increase is by increasing spending on the military .,. in Latvia's case 0.9 percent total GPD thanks to that ... EU economy is down ... only growth it might get if Poland not other EU member state will increase GPD to 14.00 a year ... Remember Poland use Zlots not EUR ... All EU Brussels leadership must be fired ASAP ... or at least strip all bonuses in wage or any other perks for poor results ...
Grocery prices have nearly tripled where i live, fuel nearly doubled, electricity nearly quadrupled. Wages meanwhile have increased anywhere between 5 to 10%. Spin more propaganda.
Holland. America is first, but we are second ! Not only GDP is going up. But also the amount of cars and houses we own and vacations we take. Last 30 years where pretty good. Think we are the 5th riches country in the world now.
A state's economy is there to ensure that the population can live comfortably. The US economy might be growing, but people are suffering hard. Economic growth without an improvement in living standards (especially for the poorest in society) is just empty growth and means basically nothing.
@@baz1184 Expecting anything intelligent from someone identifying as something as imaginary as 'non-binary' is like asking a flat-earther for directions; both are exercises in futility. Their family tree doesn’t branch out.
@@Ufgbja What argument, genius? Did you flunk remedial classes or what? Because I haven't engaged in any argument with anyone. Seriously, take your cognitive enhancement pills already.
The thing is it doesn't matter that Europe's economy is doing okay on paper when everyone on the ground is feeling the effects of inflation, reduced purchasing power and higher energy costs. So yes, things are bad in europe.
@@Reinkarnati0n They are better for most people than in the United States. At least they don't have a massive property bubble and homeless camps everywhere. America decided to screw its working class. Good job. Just my opinion.
As always, an excellent explanation in a simple communication style, no gimmicks, of basic facts to drive forward people's understanding of the world. Thank you. I always look forward to your presentations.
Lol. Not a word about debt: countries like France and Italy who are near to be bankrupted. France alone has a deficit close to 200 billions euros every year! Debt is the only reason Europe isn't sinking. Do yu really think that this is an healthy economical model? Wake up!
I want to point out that the unemployment rates should no longer be regarded as an indicator of a recession. Especially in these times when the general population ages is increasing, the amount of retirees is increasing. This masks the effect of unemployment more and more significantly. Businesses can more and more rely on not filling in positions when people go into retirement, thus not opening a vacancy. At the same time, the population isn't growing as much anymore either. This muddies the statistics as such we are used to look at them. In short: Unemployment rate =/= Recession
Americans often work 2 or 3 jobs to pay the bills and get 2 weeks off if they are lucky. Germans work 1 job to pay the bills and have world class companies and 5 or 6 weeks or so off minimum as i heard thanks to strong labor laws and organizations. You tell me who is more productive, less burned out, has a better domestic tourism industry, and has actual time to spend with family.
"The best going economy" leaves millions in its nation impoverished and fighting for basic needs, just look at major cities. As an economist I say something american government doesn't like to hear: moving numbers on graph does not matter if your citizens suffer
That's a dumb take,how do you measure suffering without graphs just say you don't know what they mean instead of calling them useless ,every country has some amount of suffering but without a strong economy you can't do anything about that.
@@mathyeuxsommet3119it's hard to imagine the world being fine without the economy. In a nutshell, the economy is a value system. We give each work hour a value. Some values will get inflated, overvalued and undervalued. I find it interesting that so many people value someone like Elon musk, who burns millions of peoples work hours. Though maybe it's futile to see oneself as an individual, after all the history of humanity will only reflect the greatest and worst. The Bee movie was right lol. 😂❤
An economy for the rich might look very impressive, but what is the country like to live in for the poor? Do they have adequate accommodation, wholesome food for their children .. can they afford to have children? When people in their twenties can't afford to have children, you're running your economy wrong. You don't need billionaires, you need justice.
I think you may have "excluded" the absolute Most Important fact in this comparison, Debt. Europe has much Lower overall Debt. Of Course the U.S. statisitically leads most general categories, in gross terms, like GDP growth, wages, and the all the like. But this is due to Overwhelming Debt. If you are injecting Trillions and Trillions of Dollars into the economy at All times, and even accelerating that, doesn't it make absolute sense you would lead in these Gross terms?? The question is Why do they need to do that, IF they are 'winning', so to speak? That makes No logic whatsoever. I'm Italian, you know the country with the 'huge' Debt. Ok, Italy in Total Debt is about $4.5T. The U.S., in Total, about $73T. That's 16.2X the Debt. Now, the U.S. is 5.8X bigger population. But Debt is 16.2X bigger. That's basically 300% More Debt per Every Citizen, by comparison. So when you cite GDP growth. wages, etc., etc., it's quite Meaningless really, because if it all added up to it's Govt. and Citizens being 'well off', why would their be a need to carry such an unearthly amount of Debt? It should logically be the opposite. They Should have the Least Total Debt per citizen, if they were Actually more well off individually. ADD into that, I Know, for Sure, Italy's entire pension system, which is most rare, is Totally solvent for several decades, despite poorer demographics. Yet America, with better demographics, is said by American's themselves to Owe $120+ Trillion over the next several decades, starting in just a few years, which I didn't add in to my previous statistics, because it becomes totally Absurd. But that's what it actually is. I have lived in America for quite a time, because of relatives. So really, I Love America, but what has happened over the last few decades is quite depressing to me.
there is small misinformation in this video... Europe was never dependant on Ukraine food. Before war it was like tiny fraction of Ukraine food production was exported to EU (i think it was below 1%). It is EU polices that make UE food production not profitable, while allowing importing Ukraine food that don't have to fulfil standards of that EU farmers.
@@greentoby26 there is reason why they want that food is produced in EU too, to make sure there is food for people if something happens globally, no one can blackmail you with food when you have your own production going on.
I am currently living and working in Germany with friends and family back in the USA. My experience is that on average people in Germany are doing better than in the USA. Affording a place to live is easier, food it cheaper, health care is more available, etc. Those tech companies have huge GDP numbers to the point whey they make up a signnificant portion of the GDP but they put very little money into the economy. Mostly it is a few people that get insanely rich. I think that is part of the problem. The wealthy in the USA are taking nearly all the gains so the super wealthy are better off but normal people are worse off.
@@12345anton6789 I would also say a lot of activities people do don't add much to GDP but do make life better. I go to the bakery with friends and have a sandwich and tea and talk for hours with friends every Sunday.
Americans often work 2 or 3 jobs to pay the bills and get 2 weeks off if they are lucky. Germans work 1 job to pay the bills and have world class companies and 5 or 6 weeks or so off minimum as i heard thanks to strong labor laws and organizations. You tell me who is more productive, less burned out, has a better domestic tourism industry, and has actual time to spend with family.
@@abcdedfg8340just imagine how things would be if we had those things in the US. 4 day work week increases productivity. Things can only get better for the economy if things get better for workers.
@@abcdedfg8340 Europe is about to follow the UK in civil war with it muslim populations. Russia is still threatening Europe with its military and nukes AND now the Chinese have put troops on European soil. Europe is energy dependent, militarily dependent and techonoligically dependent on the US. In the long run Europeans are screwed...
@@aosielIf 4 day work week actually increased productivity corporations would be implementing it immediately, or do you think corporations will say no thanks to extra profit?
@@eiavops4576 i think companies care more about control than profit if it means keeping the status quo of making more profit. Companies don’t do things to help their employees.
I don't feel it at all, because living in Europe is a nightmare... So far I'm still at the bottom... I don't have my own apartment, child, or even a dog 💩 I work full-time and I simply can't afford it.
@@PipoVeVideos4097 He suggests that the timing of the video is bad because this morning most stock market indices are falling. It's another matter that one should never look at daily changes; it's best to examine stock market performance over at least a monthly period. In that context, the timing of the video is perfectly fine.
@@enzonavarro8550 Maybe, but not sure. Or.. all world is in a crisis in a deeper sense because of the probably collapse of our civilisation within 3 decades
US high-tech is down. His timing was perfect. Amazon, Google, Facebook... The US AI-Bubble hast popped, and European companies look much better in comparison now.
Also something that never gets mentioned: the median income is higher in western and northern Europe than in the US, but income per capita is higher in the US, meaning that the billionaires living in USA are skewing statistics
You’re right, GDP per capita is the wrong metric to judge the wealth of the average citizen. Better to use Median disposable income, which bumps America all the way down to….1st place 😊 Americans are richer than Europeans, even after taxes and social transfers (Healthcare, retirement) etc.
Americans often work 2 or 3 jobs to pay the bills and get 2 weeks off if they are lucky. Germans work 1 job to pay the bills and have world class companies and 5 or 6 weeks or so off minimum as i heard thanks to strong labor laws and organizations. You tell me who is more productive, less burned out, has a better domestic tourism industry, and has actual time to spend with family.
What no news story has explained is that Canada's GDP per capita should have been expected to fall as most of the rapid rise in population was due to a vast increase in the number of temporary residents coming to Canada - temporary residents who would be expected to have low levels of income. There has been a massive increase in the number of foreign students who generally are working very limited hours and getting paid minimum wage.. There were also a significant number of "temporary" Ukrainian refugees who came to Canada. Given that before 2022 Canada had the most people of Ukrainian background in the world outside of Ukraine and Russia Ukrainians felt comfortable coming to Canada. But refugees are still often going to struggle to get established in a new country and likely will be making less money than other people in Canada. There was also one year in which Canada accepted more regular refugees for permanent residence than any other country in the world even though the United States has eight times the population of Canada.. Many of those refugees struggle to learn English which obviously makes it difficult to get a job.
American capitalism seems like a scam. All we are doing is enriching billionaires so the rest of us can end up miserable in hospital beds at 65. At least the Europeans know how to get what they want out of life out of the system. Americans need to wake up and learn from them how to organize and get stronger labor laws. If our grandparents fought in wars to protect us from people like the fascists, then I think we really have no excuses. Unless you enjoy living under aristocrats like Bezos and being unproductive and poor. Just my opinion
As I approach my 35th birthday. I cannot think of a single benefit I have experienced from living in the 5th (or 6th...7th.. wherever we are now) economy in the world. However, I have felt the impact everytime it faulters.
Kiss my arse! Norwegian here. Since start of covid: My electricity bill is 2x, fuel is up 25%, food is up 40-50% and on top our currency is down almost 40% in value agains the Euro and Dollar making all imports go up even more. Interest rates went from borderline 0 to almost 6%. At the same time there has been literally 0 increase in pay.
I live in Trondheim, totally agree. Norway (the state) may be doing great, selling loads of oil and gas, making lots of money for the oil fund etc. However, I need to cut costs wherever possible because everything is so expensive right now. Doesn't help that Norway is the least self-sufficient country in the world, we have to import most stuff - which now costs twice as much because the kroner is almost worthless...
Wow. That sounds like your savings and earnings potential are seriously eroded. I'm an American who has no health care, so maybe it's not that bad? At least you can go see a doctor if you're sick? And don't you guys have good unemployment insurance? Last time I applied for unemployment in the U.S. they gave me $400 after 6 months of an appeals process. I was living off protein powder and water.
I would like to point out how all gdp metrics are measured in USD. Most of Europe has seen growth in the last decade, but as that was happening EUR/ USD kept declining for a variety of reasons, recently especially due to energy crisis.
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I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Japanese low growth rate is all due to the low yen and the yen carry trade. Now only the yen is sky-rocketing, and the other financial products in the world is losing their values.
Yes. But that's a good thing. If 0.5% is already to mutch, then maybe your gambling. And gambling doesn't contribute to anything socialy or economicly.
I confirm there are few places with Air conditioning in Europe. This summer has been hell in the south. But no plans to install it. The places that advertise AC but it doesn't work hahaha. You must learn to enjoy the fan and the night shower
I really don't understand all that AC talk? I am Montenegrin, there's ACs literally everywhere here. It's actually a standard to sell a brand new apartment with an AC preinstalled here. Standard sized AC costs only 200-250 euros here. Some smaller ACs cost literally like 150 euros here. Everyone can afford it. I got AC in my apartment since 2008. Basically for decades now. My dad had a standard size AC, then he bought 900 euros AC with an inverter to cool his entire house. We are projected to have 1000 euros of average monthly net salary in October of 2024. And somehow Italians with their average monthly net salaries of 1740 euros don't have ACs? Here in Montenegrin capital we have ACs in apartments, houses, cars, taxis, busses, offices, shopping malls, hotels, etc. It's a standard for our summer and it's a must. For many years now.
@@Just_another_Euro_dude While not being conclusive, it gives credit to the claim that europeans have lower living standards compared to americans. Many in europe cant afford AC due to the substantial costs involved in acquiring, installing and operating the appliance.
I used to compare my cologne to a bouquet of flowers and... that was a disappointing mistake .. now I compare it to a steaming pile of poop ... suddenly it smells ... not bad.
The NOK currency is so cooked. As someone who runs a business that relies on services from other countries it's become much much harder to stay afloat.
Two other points not mentioned in the video are the amounts of government fuelled growth and the measure of GDP. Whilst Europe's public debt over GDP is actually decreasing (from 83.4% in 2022 to 81.7% in 2023), the US administrations now owe a staggering equivalent to 120% of the country's GDP. The video only briefly mentioned how the reserve status of the USD allows for cheap borrowing, but the consequence is this almost free spending by the US government. Another factor concerns the way GDP is measured. GDP is an addition of all the value added by an economy, usually calculated via the expenditure method. Spending itself is a result of the number of goods sold times their price, the latter variable is fixed for a number of years in order to provide a constant measure of the actual economic activity disregarding the effect of prices. However, the value still depends on prices, even if those are updated every ten years or so. It so happens that the EU and other countries with strong government intervention get penalised in measuring GDP by this principle, for example public health systems are better at managing the cost of procedures and treatments, and they also have better incentives to keep the number of unnecessary treatments as low as possible. In the case of healthcare this means that the EU or other countries like Australia spend around 10% of their GDP in healthcare, whilst the US spends around 17% and yet measured by the increase in life expectancy the country fares much worse than Europe. In other words, Europe and other developed economies is penalised by GDP measures for being good at keeping unnecessary spending low.
Exactly. US recent growth is fuelled entirely by government spending. Private sector jobs in the US have declined. The growth in jobs has been government or government contracted jobs. Stocks are doing exceptionally well because the magnificent 7 are doing so well. Remove them and growth is unremarkable. Questions over whether the US is currently in a recession and the amount of jobs added to the economy has halved since June. The US is currently not looking so bright Also Exchange rate comparisons make comparing economies very difficult - especially with a very strong dollar at the moment On top of this the US can clearly borrow as much as it wants to spend as much as it needs. $1tr of debt being added to the debt burden around every 100 days. The EU cannot compete because we are not the reserve currency.
Government debt says nothing about how well a country is doing. Europe desperately needs MORE government spending to fuel its sluggish economy, not less.
@@shle20 no it doesn't. Europe (and any other country in the world for the matter) can't afford endless spending with borrowing - unlike the US that enjoys the benefits of the USD, more borrowing by the governments would at present lead to a crowding out effect which would reduce investment. The sad truth is that for as long as the USD remains the world's prime reserve currency, the USA will have a competitive advantage. The only way to challenge this situation would be to increase the EUR liquidity in the bond markets by pooling all sovereign debt or creating a true EU federal government capable of raising its own resources to be capable of issuing and servicing its debt
@@abelsuisse9671 Crowding out is a myth. Based on the idea that government spending reduces the amount of available money, thus increasing interest rates and hindering private investments. In reality, interest rates are not a market outcome but controlled by the central bank. Money is not a scarce resource. The only scenario where higher government spending can cause crowding out is when the economy is at full capacity / full employment. But obviously we are far away from that. When during economic turmoil firms AND households are saving money (spending less than they earn), someone else needs to spend more than they earn (go into debt), else economic demand drops, firms see lower orders, decrease production, and so on. Happening right now in Germany. Government's job is to prevent that from happening and increase spending in economic downturns (commonly accepted fiscal policy theory in economics). But I guess we would rather keep debt levels low and watch our economy go down the drain in peace.
@@xphilster your whole premise rests on the fact that the economy is not operating at full economy, when all major indicators point to the fact that this is the case for mosts parts of the economy with employers citing problems to find sufficient employees. More government spending as the ECB raised interest rates to combat inflation would be an insanely counterproductive measure. No, government spending is not the solution in the current economic climate - it was at the start of covid and governments played their role. What we need to invest more is in productivity in order to increase our economic potential but for that we need greater investment by firms, so more government borrowing would be doubly vicious - unless of course it concerns infrastructure that actually benefits the economy and not white elephants
@@vegemarkr4582 no we didn't, our leaders fumbled from stupid decision to stupid decision, pretty much every time they had a choice to do something sensible, or the most idiotic thing, they always opted for option B
@@undefined6341 do you have any counter proof against the video? You can claim the video is wrong but that doesnt mean a lot if you only say "They are wrong and i am right". Especially with a war at our doorstep it shouldnt be surprising that our economies struggle a lil. From energy crisises to the threat of global warming its a struggle.
I would also add one factor: EU benefits from expansions - countries like Poland (even though we joined 20 years ago) are still strong stimulus for growth. Our GDP growth, skilled people and workforce in general causes organic growth in EU. Something other countries like US, Canada or Japan can't have (the only analogic thing I can think of is immigration, but it's not the same - it has worse effect, like it was mentioned about Canada in this movie).
Polish people did a lot of work in Holland. Did work Dutch people would not do or didn't had the skills for like working with your hands as a craftsmen. So, it was benificial.
I tried to enterpreneur a juice store in Barcelona, Spain. I couldn't because I needed a bar licence (as I was going to sell drinks it was considered a bar) and there were to many bars in this neighbourhood for let me a licence. So I literally, I couldn't invest MY 10k money in MY frieds owned store, that now it is okupated (spanish "little" issue) for sell healthy fruit juices because the horrible burocracy told me, first of all, that my proyect was the same than a bar with 5 old drunk guys screaming to the girls in the streat and second, that for some reason there were too many, and couldn't be more. I don't want to imagine if I want a tech startup. Europe is dead, it became to corrupt. Edit: if I got this licence I would had to build 2 bathrooms, one for women and other for men, have a licence for selling food, and in Spain if you have to fire, you are dead. So maybe, not being able to enterpreneur was the best.
“”When you take into account America’s structural advantages and Europe’s specific disadvantages”: What a disingenuous argument. When you remove the advantages America enjoys and remove the disadvantages Europe suffers from, things don’t look too terrible for Europe - well yes, if you leave out all of the facts that are contrary to your argument you can make a deceptively strong argument. A comforting argument, but a false one.
Now imagine that price but with a lot lower salary, what would i do? Also Dutch work the least in the eu and having women working part time while having two vacations a year. I would become Dutch instead😂
I find it funny that some americans thing that america is economically better than the EU. Have you seen the debt of the USA?😂 Also the dollar is under fire. As soon as oil isnt traded in the dollar (and it will), the USA will get a bigger crisis than 1920.
Europe is worse of than before, I see it. I don't compare it to the USA, the only comparison we can do is the shared world's GDP, and the the european share of the world's GDP is declining, and that's the right comparison. This was basically a filler video on this channel. Europe is not competitive, it's a fact.
Europe's share of the world's GDP is only declining because Asia's is getting bigger and bigger. Not surprising when you compare the population of Asia vs Europe. Africa is also gaining traction.
@@realkyunuokay, so...your argument is "they're better" because of the population ? That argument is just bad and incomplete. Why is Bangladesh not a leading power then ? A higher population doesn't mean better prosperity. Policies make prosperity, that's it, if we have a lower share of the world's GDP it's because we aren't competitive, that's it. Just look at where people that innovate and create patents migrate to, europe is basically like gold, doesn't produce anything, and appreciates with inflation
@@miguelgr4nja Though I get your point with inovation etc., you really cannot expect a continent of increasingly old/retired people with declining demographics to maintain it's share of world's GDP, when the population of Asia and Africa are growing rapidly (even the US maintains a slow growth). Even if GDP per capita in other countries wasn't increasing, just the sheer amount of new people in those regions will make a difference. This is one thing that hasn't been touched here, that is, the only thing that actually matters is work productivity. In which the EU is actually catching up to the US. Most of the GDP per capita difference between Germany and the US is explained by 2 things. Germans working less hours (which is a choice) and Germany having higher % of retired population. But the working people in Germany don't actually produce 40 % less value per hour, as would the GDP per capita figures suggest. Overall, given that Europe is currently being exposed to basically every single international economic problem, unlike many other countries (Covid, Suez and now Red Sea blockages, war in UA and subsequent natural gas and oil prices skyrocketing), I would say it's doing quite well. The biggest problem is the missing tech industry and innovation, that is the one thing which we actually need to worry about. But the geographics and demographics of the continent just don't allow for the same economic growth as in the US or Asia.
@@micat1313Yes, you aren't wrong! I would say everyone is getting older, only some places are not. Work productivity is super important, I also agree, and more hours worked does have the biggest influence in that metric, but I have to say honestly, if you would employ an american and a german the american would get paid more than the german, american wages are way higher than in other countries, there's more value being "made" by an american on average per hour. I would also add to this that what matters is policy, if Europe were more protective of their industry we wouldn't be so bad, the steel industry in china was heavily subsidized and just sat there waiting for our industry to die. Not a great policy.
looking only at GDP is misleading thing, you can increase GDP of country by importing millions of people who consume food and benefits, but is it real economic growth?
I remember reading somewhere that EU countries actually does more high-tech than the US does on a per capita basis, but the real problem in the EU is funding, something a capital market could solve. Basically, a lot of high-tech is being done in Europe, but getting the money to push ahead with it is much harder, so many of them get snapped up by American corporations, there are ways of solving that problem at an EU level, but the members need to come together to make it happen, and there would be a big incentive in doing so, far more independence away from the US and a lot of jobs creation in the EU, but it might harm US interest if it becomes a lot harder for there corporations to snap up a lot of the talent and tech as a lot of it would likely stay in the EU if we create a capita market to allow us to throw a lot more money at it.
I think "none" is an exaggeration, but it has far fewer companies than the US or China, and many of the old tech/industrial companies have downsized or folded. Sometimes names have lingered under licenses, but those are zombie companies. (Philips and Nokia for instance)
@@dreamcloud77 USA is rich and grows. Energy cost is going to be a mayor factor in the future for Spain. We will get mayor investems in hight energy consuming companies. Exports are growing also. We will see.
From what I have seen on youtube and other sources, prices of CHEAP food has risen by 50-100% in Germany since the pandemic, while prices in the US seem up more like 500%. So I am very much happy I'm not in the US.
Care to share these sources that show food prices in the US up 500%? This is absurd and certainly doesn't represent my anecdotal experiences and I've never seen any data claiming such.
@gruffelo6945 you realize that food in the US can be more expensive than Germany, and your 500% claim can also be wrong? For a start, it looks like the average salary in the US is something like $8,000 more a year.
People seem to conveniently forget that when you see America’s gdp growth a large portion of that growth is due to massive debt injection. Not necessarily low taxes and “big cars”.
Yes. GDP is also gevernment spending. That's why Russia has a GDP of +2% right now. Spending on the War is also counted as all other the spendings. But economists do not look at just one number. It's a whole set of numbers.
You should do a second video explaining why people don't feel that the economy is doing better by showing the different aspects of economic inequality, both in US and EU. Because also many people in the us think that Biden has only worsened their economy, when it's actually not true.
Someone already did it, it was something along the lines: When republican president is at office, even when democrats live better, they do not see it. When democrat president is at office, even when republicans live better, they do not see it. Currently, the biggest economic boom is in states that are somewhat connected to shale revolution. Cheap oil and gas > cheap energy > cheap manufacturing > cheap chemicals > cheap plastic, medicine, fertilizers, and so on… And those states are mostly republican. Which means the people who live in the most booming areas, are incapable to feel like things are improving because person from different team is at the office. On the other hand, democrats have their person in office, but they mostly don’t live near oil and gas fields, so when president throws trillion dollar stimulus at the economy to build some industrial plant, those plants will go where there is cheap electricity, and cheap chemical inputs, and so on. Hence no one is happy.
Because people keep going in negative bubbles. Americans and Europeans alike keep saying 'oh no hard times, economy bad', but at the same time, they have a well paying job and buy 3 avocado toasts a day. Sorry, but that's not a bad time. Sure, bad stuff is going on, but the gap between actual reality and the sentiment is ridiculously big right now.
Two economists are walking in a forest when they come across a pile of shit.
The first economist says to the other “I’ll pay you $100 to eat that pile of shit.” The second economist takes the $100 and eats the pile of shit.
They continue walking until they come across a second pile of shit. The second economist turns to the first and says “I’ll pay you $100 to eat that pile of shit.” The first economist takes the $100 and eats a pile of shit.
Walking a little more, the first economist looks at the second and says, "You know, I gave you $100 to eat shit, then you gave me back the same $100 to eat shit. I can't help but feel like we both just ate shit for nothing."
"That's not true", responded the second economist. "We increased the GDP by $200!"
Brilliant lmao
Service-based economies in a nutshell.
Top comment. Holy crap. Pun intended
best comment
Except each transaction was taxed by the government...
Always hated these numbers cause they don't say anything to the normal working class person. Things like homelessness, unemployment, wealth distribution, housing availability, food prices and purchasing power say a lot more
We need that slogan all across the world at the moment, especially in the UK! I said the exact same things to some people and they simply do not understand it.
GDP (PPP) per capita is okay if you cross-reference it to income equality and the other things you just listed. There will never be one good metric.
to be fair unemployment has been dropping pretty consistently accross europe for a decade. I've got a final job interview myself in 40 minutes so i hope i get to help contribute to that figure soon myself.
They did show unemployment and purchasing power through the inflation data,maybe it doesn't say anything to you because you don't understand the data which is fine there are just other graphs for that.
That would make America look 3rd world and they would try and get it canceled
What use is an economy doing well, when the people in that economy are not doing well?
Yeah, these numbers seem to say the US economy is doing great but I hear them constantly complaining that "the economy is bad"
Good comment. That is why within the video it was noted that inequality is less of a problem in most of Europe.
When is this the case?
America has always been more of a pluralist society, so there will always be large differences in how various people in various parts of the country, in different cultural pockets, are doing. Europe is just beginning to experience that.
But broadly speaking, Americans are doing well. People love anecdotes of the poor hardworking American who just can't make ends meet but the reality is that most Americans are doing fine, even though they would like to be doing better.
@@asecmimosas4536Are you American? I doubt it.
Many people working miniumim wage have to get another job. Nobody has money at the end of the month.
All this while working significantly more than most Europeans.
1 billionaire and 999 people at zero is still a million on average.
Yeah that just means that average is not the correct metric to show what’s really going on.
Thats why you should use median. Using average is honestly just misleading 99/100. Though it is easier to calculate.
Because median don t exist
Yes. Now let's try _statistics_
Good thing the US has the highest median disposable household income (including tax transfers from social services).
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
How can i get started when it comes to investing and passive income?
Just research the name Annette Christine Conte . You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Can we stop measuring economy by GDP? We've clearly seen many countries have now decoupled GDP growth from living standards and affordability
The line must go up.
Yeah, look at Ireland, for example. It is home to all the world's tech giants, and while that is great on paper, it has meant skyrocketing housing costs that keep the average Joe poor.
No. That's the best measure of the size of the economy.
How do you pay for such living standards?
@@vloh3097 Exactly. People don't want to believe it, but it is factually true. They prefer feelings and anecdote based analysis.
People from the US and EU just complain - even though they constitute most of the 20% of the world's wealthiest people.The Internet has made such a mess in people's minds. The poorest EU citizen cannot imagine the poverty in which most people in Africa or Southeast Asia live. Less internet and more traveling around the world changes the perspective.
This is true.
Holy based comment.
Honestly this is less and less true constantly. Those countries are all developing rapidly, they will achieve european level of development soon enough.
Doesn’t mean we can’t demand better life conditions from our government because we know we can have it but most governments are too selfish to do id because some opposition party could take credit for it.
Also even inside countries is region dependent, most countries choose to have power centralized in the capital with a few big economic cities, that created the demand to increase in urban areas because most people from rural areas move there, in Europe especially this is very noticeable that a lot of countries even have name for it.
Just because a Indian is still pooping in beaches or a rural African still needs to travel to the village well doesn’t mean we need to slow our progress,also latin America and Africa is known to be poor not because a lack of money but corruption and yes the USA and Europe has corruption but in most countries in those countries are on a level of medieval times.
Setting the bar low is toxic positivity. Instead of thinking "it could be worse", try "how could it be better". That's the motive for improvement and development. Situation is insufferable comparing to the previous decades our parents lived. Continuous financial crises, income inequality increase, huge migrant waves leading to wage suppression/housing crisis (my parents could afford their own house, my peers spend half of their wage only for rent), "flexible" employment models of gig economy leading to job insecurity and higher stress. And don't let me talk about the more specialized issues regarding my country and our current corrupted government.
hmm i mean on paper it can look amazing, but only for shareholders and boardmembers and company owners, for normal people not so good ...
This is why we need a new measure for measuring from the bottom up, lower to middle classes, because the numbers being reported and the reality for the citizens are very different from each other, especially in the US and UK, but even in many European countries.
I vote for CM as the new measurement
Fair argument; this is the reason countries have to balance labor and capital.
Labor keeps the human element present and visible, but is rather shortsighted and with too much power, will price workers out of their jobs.
Capital, on the other hand, is much better at seeing the bigger picture, but can be dehumanizing.
It’s all a balancing act.
us has 6000usd average salary
fucker i live in the EU, the average pay in my country is 1500€/month and okay new cars still cost 40k, apartments 100k+ and groceries 400€ min. Ignoring that we still like the tech gadgets you people like but from our perspective that fancy new phone you people think is ridicilously expensive is 4x as expensive (in terms of comparing average wages)
Im french and we cant pay back the debt our state keep paying to keep us happy 😢
"No air conditioning"
Nost of Southern Europe has ACs, nost of Northern Europe doesn't need AC.
Why?
let's reduce the use of AC as much as possible! Air Conditioning machines produce a considerable amount of heat outdoors in order to refrigerate indoors, therefore this is a catch-22 situation
@@ashokathegreat4534 Becouse southern europe is very hot and northern europe is very cold.
The two dozen hot days we may have in Northern Europe don't really warrant installing an AC system. Here it makes more sense to install a heat pump system, which can very efficiently heat a building, but can also effectively cool it. This is still relatively new tech, so it's only featured in the most modern of buildings so far.
That is poverty cope. Most homes in California have air conditioning. Does the fancy hotel have air conditioning? Then people would like to have it they are just so used to it not being available they have lies to themselves.
Did the EU import a lot of Ukrainian food products ? I thought they mainly produced grain, which went to Africa & Midle East which is why inflation in Egypt for example is so high
Food prices are to a large degree determined by energy prices due to transport and fertilizer costs. (fertilizers in europe are mostly produced with natural gas)
@@tagasus29 which is impoprtant because Ukraines soil means that for the same level of output you need less fertilizers due to its posisiton in east europe transport costs are higher
Food oil was also affected. Ukraine is a major producer of sunflower oil.
@@YourXavierdon't be shy... take our palm oil back🇮🇩❤
EU didn't import much from Ukraine, however, Ukraine and russia exporting elsewhere were pushing global prices down, so the EU was a beneficiary of overall higher food availability (simplifying things)
Also russian share of fertilisers and gas market has a huge impact in food prices
It's refreshing to hear some positive messages from news outlets. They all love the doom and gloom headlines.
Really refreshing to hear someone tell me everything is good while all my expenses have gone up by at least 50% over the last two years while my salary has only risen by 10%. Its like someone bragging about using lube while violating my backdoor.
english/american media are inherently anti-europe, and have been so for decades (cf Financial Times, Times, Economist, etc).
The only people that love doom and gloom headlines are the same people who live on Twitter.
American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
GDP growth hardly helps normal folks.
hahahaha
Most of GDP is just financiers moving digits between accounts in a computer, it adds zero value to the economy. Real GDP is actually falling
@@Conserpov hahahahaha
@@8is
Take your meds
who cares about normal people.....even normal people dont care about themselves. just look at how they vote
As a German economics student I can assure you it’s not doing good
As a German economics tutor: don't take everything you learn in class at face value.
well im from russia and I can tell - be grateful every day that you were born in Germany
Ehh I’ve been in Germany recently, it’s fine
As a German I can assure you that we would never openly state that things are going fine. At best we would tone down the complaints.
@@allenk6373you must be really lazy to have bad conditions in Russia
As a person currently working in Germany, the European economy is not doing well
On a daily basis, I see people in the streets taking drugs, homelessness, taking over cities - things I only experienced in America before
The job market is pathetic
Prices are sky high
The euro does not go far abroad
I live in Denmark and we are shocked by the continous poor economic and political state of Germany.. Seems like you guys have given up without even trying
That part about "things I only experienced in America before" is especially poignant considering that the video was largely presenting the higher GDP in the US as the main point used by those arguing that Europe isn't doing well.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass wealth amid economy crisis, and even pull it off easily in favorable conditions. That should be the least of your concern. Also explore the option of working with a CFA to reduce greatly your chances of loss.
I'm intrigued by this. I've searched for investment advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
Flagged for misinformation because TLDR wouldn't do it. Get off youtube, you stupid bots.
@tmer831 these are scammer bots peaople, DON T fall for this.
As long as Germany doesn't solve its energy crisis, it won't get any better.
Well then that'll take a lot of time I'm afraid. The many years of close ties with Russia when it comes to energy make this a very difficult task to solve.
@@helgaioannidis9365 The ties with Russia were purely economic and there simply isn’t a better alternative. The country struggles to implement renewables and building appropriate storage is a huge task. Companies are leaving and the political climate is shifting too. We will see more and more people asking for a solution in Ukraine and a return to cheap Russian gas sooner or later.
@@tom_hagen1972 I know that the ties were economic. But economy is always also politics. No money no honey.
For 2 decades Germany chose to bet on Russian gas as a cheap solution, ignoring geopolitical problems. Now it's a mess and I don't think sacrificing Ukraine will be either the answer or the solution to the problem, as Putin needs constantly some war going on to keep the popular under control and himself in power.
Whatever the Germans will try to do, the solution will take time. On the long run renewables are probably the best choice, but I don't see the population having enough brain to think 10 years ahead.
@@helgaioannidis9365 The relationship with Russia was politically tense since Schröder left office, but both parties agreed that trade will continue regardless. Germany receiving gas from Russia has nothing to do with sacrificing Ukraine. The idea that Russia can be rendered defenseless, or better, offenseless was an illusion from the start. I'm all for renewables and independence of dictators fossils, but the economic reality is what it is. If we don't solve this issue, our companies will just leave, and then we will simply run out of money for our grand green transition.
@@tom_hagen1972 yeah as I said, the population doesn't think 10 years ahead. They're not willing to suck it up now, make sacrifices now and invest into more independence. I've come to understand Germans are quite conservative people actually.
I am a Euro-Italian living in Los Angeles since 6 years, just the city of Los Angeles has 75'000 homeless people and they are increasing every day, the welfare is inexistent, families here go bankrupt for paying medical bills, I have a friend with a bachelor degree in music and he finished to pay his loan at 35 years old just for studying 3 years at the university, if you don't have a car here you can't go anywhere in the city, inflation rate is at 3 %, I can't go on vacations otherwise I loose my job, the middle class is disappearing and the wealth distribution gap is increasing, nobody I know is buying a house here, I am considering going back, I think I'm going to make a huge favor to myself.
Vote for Trump. Under him, economy was doing very good.
The Great California Exodus is a reality.
That’s not a lot knowing that Greater LA is bigger than the 10 largest Italian cities combined
@@ashokathegreat4534 is very hard I trust your propagandistic version of LA, since I live here and I probably know better than you the status of the city.. I recommend you to come here and to take a look at skidrow and the whole downtown area..
- LA (3,85 million residents - 75'517 homeless)
- ITALY (69 million pop. - 96.197 homeless), Just the city of LA has almost more homeless than whole Italy 😅😂, concluding.. yes the homeless people in LA are a lot.
@@GiampietroDonateo greater LA has more than 10 million people and in area size it is larger than the 10 largest Italian city’s.
The US inflation reduction act is a government spenditure program that increases GDP by increasing inflation
Build a pyramid, destroy a pyramid. GDP rose by billions. Great success.
American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
@@juicymelodic American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
@@juicymelodic American capitalism is a scam to benefit billionaires. Many retirees i know end up in hospital never having enjoyed life. Just my opinion.
American capitalism seems like a scam. All we are doing is enriching billionaires so the rest of us can end up miserable in hospital beds at 65.
At least the Europeans know how to get what they want out of life out of the system. Americans need to wake up and learn from them how to organize and get stronger labor laws.
If our grandparents fought in wars to protect us from people like the fascists, then I think we really have no excuses.
Unless you enjoy living under aristocrats like Bezos and being unproductive and poor.
Just my opinion
This video is gonna age terribly.
I sincerely hope that you are wrong😅
Your right.
And i predicted 324 out of 7 market cycles correctly.
Like pretty much any TLDR video: they are a barometer for gauging which direction things are flowing in. The opposite direction of what they claim...
The fact is that the lifestyle of most Europeans isn’t sustainable. Welfareism, etc. Low economic growth is not good, and if politicians aren’t ready to speak the truth the population of Europe will have to find out the hard way.
Most intelligent comment here.
The European welfare state just cannot last with the EU’s low growth and poor demographics. Either you take more immigrants, or tough choices are going to have to be made
Yeah. Orders in the entire industrial automation sector (that produces stuff that is needed to run a factory line and as such it predicts industrial activity in the future) is at all time low. Europe is stopping producing.
Level 70 in coping. The notion that GDP, most of which is just financiers moving digits between accounts in a computer, which adds zero value to the economy, is a measure of the size of the economy is just absurd.
"Americans smug impoverish Europeans" if Europeans knew how hard it is in the USA right now.
America is doing better. Many people in the US have 2 or 3 jobs, they are rich AF !
Nah, this isn't true. The average American is a lot richer than the average European (even adjusting for cost of living). GDP per capita of US is twice the UK.
@@jonathan2847that's actually debatable
That was true in 1920. When US and even the wealthiest parts of Europe were worlds apart.
Take something as simple as drinkable tap water as an example. How Americans have seemingly stopped being able to drink it because of crumbling infrastructure. Now they are coping by mocking us for being poor and not wasting money on 100x more expensive bottled water. 😂
@@severusrogue259 No its not. Its objective statistics. Look at them and don't just listen to leftists Americans.
This is the kid expaining why failing all classes in school isn't that bad because they studied less hours than other student and thus their output per hour is on par.
No, its the Kid explaining that you dont need good grades to do a decent job.
@@Ja_ich259 it's actually the opposite. He is the kid saying his grades are good he will be fine but then he will never own a home he can call his own.
Congratulations, we made the numbers on the screen tick up. Human life's goal, is it not?
Homelessness rates are growing, the cost of living crisis is still very much affecting poor people, and our governments don't seem to help. Numbers aren't lives or dignity.
That's neoliberalism for ya.
That is how modern day aristocrats fool the mass by playing the numbers game.
at least yoy guys have 6000usd salary
the labor aristocracy is real, but they're still workers like you and me @@d947
@@Alaryk111do you even know what that means
Good video. Tip: please stop animating histograms. We don't need to spend two seconds watching the columns grow and wondering what they will show, only for the plot to disappear a fraction of a second later. Let us rather spend the time inspecting the full plot, so we understand something.
06:14 Wait so you are telling me that Poland have similar PPP to Japan and New Zealand and bit higher than South Korea!? That's a new one for me.
Polands has been developing rapidly for a while now.
Yes, because everything is super cheap in Poland. Only country where stuff is cheaper is Romania, and poland has 2x the average salary compared to Romania
@matuskriska8361 no it bloody isn't
It is pretty skewed, because resources are more expensive in Japan than Poland.
@@matuskriska8361don't k ow about cheaper,I noticed prices in romania being the same as in uk lol
Trying to hide the fact without cheap Russian gas Europe is deindustrializing.
So Europe is not "doing alright" but the rest of the world is doing even worse
Did you even watch the video?
i would say we're fine, we're still living in one of the richest part of the world. The past few years have just been a bit rough.
Nope. Please watch the video.
@@Sir_Bucket Ukraine war, Corona, shitty economic policies... it is a wonder we are even doing as well as we are. And that is coming from germany.
@@sizanogreen9900 Honestly, I think the EU countries have weathered the storm quite well over the last few years with everything that's gone on, and Europeans countries still dominant when it comes to quality of life whereas the US and UK are lagging behind.
GDP numbers are kinda meaningless because they don't tell us much of what's going on for the average citizens, after all, if the US was doing so well, we wouldn't be getting the rise of Trump and the far right overall, but clearly, there are problems in most of the developed world across Europe and North America because a lot of people are angry at the mainstream parties and want real change.
In any case, I'm grateful I live in the US, because on paper the US looks to be doing better, but in reality and for its citizens, Europeans have it much better and it's one of those situations that you can only realise if you've lived on either side of the fence to see the real flaws, which in the case of the US, it's got far more flaws that make it less appealing.
stagnant wages for 4 years, cost of living goes up, and yet people say our economies are doing alright. well alright meaby for the select few.
Great numbers all. Meanwhile there are almost no (young) Americans, Canadians, Europeans, Japanese, South Koreans who can afford a house.
I’m glad if most of Europe is doing better now, though unfortunately, here in Hungary, I cannot really relate to this.
Why? Hungary is geographically well positioned. It has educated people. Is the problem domestic?
It's your own fault and your politicians poison fault...for me Hungary should leave the EU
Yeah, I can say the same as a Norweigan. Its pretty rough right now our Salaries do not match our costs, cheapest cheese is 5 dollars and milk is 3 now.. that has never ever happened before. Our money is completly useless outside the country aswell
@@stephenconway2468 Orban and his friends basically steal all the EU subsidised grant money they get. It's similar with the foreign investment that comes in.....but a bit more complex than straightforward theft.
@@stephenconway2468 The problem is Orban lol
Thank you for making this video! so tired of the exaggerated headlines that Europe is falling behind etc. As an american who lives in France I am optimistic for the future and love living in Europe :) cheers!
America has better future then Europe
Obviously, you're going to feel that way. You want to validate your decision to move there and generally be positive lmao. Where do you work? Do you have a US based job you do remotely?
So why are eu people poor af and unhappy. Why far right on the rise
@@chickenfishhybrid44My family living in the US do not have the same quality of life.
Most of Europe: Low stress job culture with all the benefits needed + vacation time.
Cost of healthy living and general safety is also better in most of Europe.
America is great, if you are upper class. Europe has a much better middle class, and a much smaller lower class.
@@ccclcsreuropeans are not very poor but putin parties are stoking unrest.
I am American and I never had any joy from hearing that people were struggling in the EU. Average people are suffering in the USA as well. My life has personally gotten significantly worse in several important ways over the last two years… A small few are doing well in the USA while everyone else is working harder to keep up or are falling behind.
Absolute bullshit. Your personal experience does not represent the typical experience. The average American makes double what an EU citizen makes and has more disposable income, more savings, a bigger house and better modern amenities. Nobody I know is struggling and I live in a middle class area
@@bobm2421 average doesnt mean anything, if Jeff Bezos enters a bar, on average, everyone inside this bar is a billionaire. You need to look at the median salary, when you do, you realize US isnt actually that far ahead, despite having "influenced" other countries to make more a ton of money. Also, the debt of the USA is 38 trillion dollars, 10 times more than France and more than all of Europe combined. So yes, you can be very rich if you just keep going into more and more debt, but at some point, it's gonna fall appart.
@@bobm2421 The thing is that most american houses are made of thin wood, that's why they are so cheap.
In my country everything is subsidised. Thus your rent doesn't go actually up. Nor did health care go up, because it's already payed for.
So, i do not wich country your talking about. But we did got filthy rich the last 30 years.
@@bobm2421 what you are saying is bullshit not backed by any data. First, Americans do not make "double" what EU citizens make, GDP per capita is not a measure of how much people earn. But even if that was the case, salaries cannot be just directly compared because everything is WAY more expensive in the US than in the EU, and the average US citizen has many more "out of pocket expenses" than the average EU citizen. An average American may make more per year than an average EU citizen, but when you take into account that the average American will have to pay out of pocket for healthcare (many times to the point ending bankrupt), education or university, maternity leave, transport and many more things, and that on top of that services are more expensive in the US, you end up concluding that EU citizens have similar purchasing power and disposable income. And this is not taking into account the fact that, working conditions, infrastructure, quality of housing, and personal safety in the US is much worse than in the EU. At the end of the day, all indicators show that the quality of life in the EU is better than in the US, and that is the harsh reality. By the way, it is so cute that you say that "his personal experience does not represent the typical experience" to end up your post with "Nobody I know is struggling and I live in a middle class area". Everyone I know in the EU is also doing great, with good jobs, good income, with plenty of paid holidays (more than 30 days per year), with paid maternity leave and with nice schedules. Personal experience is not statistically significant.
Latvia showed zero increase in production and this is the case for too many countries ... only increase is by increasing spending on the military .,. in Latvia's case 0.9 percent total GPD thanks to that ... EU economy is down ... only growth it might get if Poland not other EU member state will increase GPD to 14.00 a year ... Remember Poland use Zlots not EUR ... All EU Brussels leadership must be fired ASAP ... or at least strip all bonuses in wage or any other perks for poor results ...
Grocery prices have nearly tripled where i live, fuel nearly doubled, electricity nearly quadrupled. Wages meanwhile have increased anywhere between 5 to 10%.
Spin more propaganda.
You can manipulate the numbers on papers, the reality on the ground is different and the public very much FEELS it.
The line goes up, but for who?
Holland. America is first, but we are second !
Not only GDP is going up. But also the amount of cars and houses we own and vacations we take. Last 30 years where pretty good. Think we are the 5th riches country in the world now.
A state's economy is there to ensure that the population can live comfortably. The US economy might be growing, but people are suffering hard. Economic growth without an improvement in living standards (especially for the poorest in society) is just empty growth and means basically nothing.
That's super wrong though. People's standard of living is growing too.
Why would you assume that gdp growth wouldn't have any effect on the welfare of people,that's pretty unscientific.
@@riowhi7It's really hard for the economic activity to increase and the people doing the economic activity not feeling it.
"But people are suffering hard."
Sure thing bud, whatever makes you feel better lol
Facts
3:11 this aged well
Stock market is not GDP. Japan's stock market decline is due to the impact of increasing interest rates, which they are only doing because of growth.
@@baz1184
Expecting anything intelligent from someone identifying as something as imaginary as 'non-binary' is like asking a flat-earther for directions; both are exercises in futility. Their family tree doesn’t branch out.
@@Qunitlius you sound like youd be fun at parties.. hating on random people.. who hurt you?
@@Qunitliusbro so dumb he had to do a personal attack to not lose the argument lmao
@@Ufgbja
What argument, genius? Did you flunk remedial classes or what? Because I haven't engaged in any argument with anyone. Seriously, take your cognitive enhancement pills already.
Almost everything is subsidised by gov or eu, that's why we do " better"
The thing is it doesn't matter that Europe's economy is doing okay on paper when everyone on the ground is feeling the effects of inflation, reduced purchasing power and higher energy costs. So yes, things are bad in europe.
Perfect timing!
Why?
This channel has no clue. What makes it funnier is how they go own about their expertise in analysing data. 😂
Black Monday baby!
On the sinking Titanic, the orchestra plays until the end...
When they tell us things are good
Prepare for the worse
Good times don't need to be pointed they are felt & lived
But they're not, that's what this video is about, that they tell us that things are bad in Europe.
@@Reinkarnati0n They are better for most people than in the United States. At least they don't have a massive property bubble and homeless camps everywhere. America decided to screw its working class. Good job. Just my opinion.
Finland has prepared for bad times since ww2. It's Russia's worst nightmare
@@Reinkarnati0nBecause they are.
@@Tespri LOL
As always, an excellent explanation in a simple communication style, no gimmicks, of basic facts to drive forward people's understanding of the world. Thank you. I always look forward to your presentations.
Lol. Not a word about debt: countries like France and Italy who are near to be bankrupted. France alone has a deficit close to 200 billions euros every year! Debt is the only reason Europe isn't sinking. Do yu really think that this is an healthy economical model? Wake up!
I want to point out that the unemployment rates should no longer be regarded as an indicator of a recession. Especially in these times when the general population ages is increasing, the amount of retirees is increasing. This masks the effect of unemployment more and more significantly. Businesses can more and more rely on not filling in positions when people go into retirement, thus not opening a vacancy. At the same time, the population isn't growing as much anymore either.
This muddies the statistics as such we are used to look at them.
In short: Unemployment rate =/= Recession
Spain is forecasted to grow a healthy 2'5% this year, aligned with the US.
Estimations went up again as the second quarter Spain grew 0,3% more than expected, again. It's expected to grow 2,9% at the moment.
Awesome. Impressive figure. Go Spain. 🇪🇸
Americans often work 2 or 3 jobs to pay the bills and get 2 weeks off if they are lucky. Germans work 1 job to pay the bills and have world class companies and 5 or 6 weeks or so off minimum as i heard thanks to strong labor laws and organizations. You tell me who is more productive, less burned out, has a better domestic tourism industry, and has actual time to spend with family.
@@abcdedfg8340 that's an absolute shame. I would be really pissed with the rich (the employers) if I lived in the US.
I heard that it's done well because of stable energy costs, due to green energy.
"The best going economy" leaves millions in its nation impoverished and fighting for basic needs, just look at major cities. As an economist I say something american government doesn't like to hear: moving numbers on graph does not matter if your citizens suffer
That's a dumb take,how do you measure suffering without graphs just say you don't know what they mean instead of calling them useless ,every country has some amount of suffering but without a strong economy you can't do anything about that.
@@mathyeuxsommet3119 I meant mainly the democratic and republican party soul goal of preservation being that of a GDP, read between lines
Euro Cope.
@@mathyeuxsommet3119it's hard to imagine the world being fine without the economy.
In a nutshell, the economy is a value system.
We give each work hour a value. Some values will get inflated, overvalued and undervalued.
I find it interesting that so many people value someone like Elon musk, who burns millions of peoples work hours.
Though maybe it's futile to see oneself as an individual, after all the history of humanity will only reflect the greatest and worst.
The Bee movie was right lol. 😂❤
@@dreamcloud77Life in the US doesn't seem better right now. We're just living in rough times.
An economy for the rich might look very impressive, but what is the country like to live in for the poor? Do they have adequate accommodation, wholesome food for their children .. can they afford to have children?
When people in their twenties can't afford to have children, you're running your economy wrong. You don't need billionaires, you need justice.
Nation state who barely can pay the interest on loans and they tell us the economy is fine.
You can’t make it up.
I think you may have "excluded" the absolute Most Important fact in this comparison, Debt. Europe has much Lower overall Debt. Of Course the U.S. statisitically leads most general categories, in gross terms, like GDP growth, wages, and the all the like. But this is due to Overwhelming Debt. If you are injecting Trillions and Trillions of Dollars into the economy at All times, and even accelerating that, doesn't it make absolute sense you would lead in these Gross terms?? The question is Why do they need to do that, IF they are 'winning', so to speak? That makes No logic whatsoever.
I'm Italian, you know the country with the 'huge' Debt. Ok, Italy in Total Debt is about $4.5T. The U.S., in Total, about $73T. That's 16.2X the Debt. Now, the U.S. is 5.8X bigger population. But Debt is 16.2X bigger. That's basically 300% More Debt per Every Citizen, by comparison. So when you cite GDP growth. wages, etc., etc., it's quite Meaningless really, because if it all added up to it's Govt. and Citizens being 'well off', why would their be a need to carry such an unearthly amount of Debt? It should logically be the opposite. They Should have the Least Total Debt per citizen, if they were Actually more well off individually. ADD into that, I Know, for Sure, Italy's entire pension system, which is most rare, is Totally solvent for several decades, despite poorer demographics. Yet America, with better demographics, is said by American's themselves to Owe $120+ Trillion over the next several decades, starting in just a few years, which I didn't add in to my previous statistics, because it becomes totally Absurd. But that's what it actually is. I have lived in America for quite a time, because of relatives. So really, I Love America, but what has happened over the last few decades is quite depressing to me.
there is small misinformation in this video... Europe was never dependant on Ukraine food. Before war it was like tiny fraction of Ukraine food production was exported to EU (i think it was below 1%). It is EU polices that make UE food production not profitable, while allowing importing Ukraine food that don't have to fulfil standards of that EU farmers.
"It is EU polices that make UE food production not profitable"
The only thing making agriculture in the EU feasible are EU subsidies.
@@greentoby26 there is reason why they want that food is produced in EU too, to make sure there is food for people if something happens globally, no one can blackmail you with food when you have your own production going on.
I am currently living and working in Germany with friends and family back in the USA. My experience is that on average people in Germany are doing better than in the USA. Affording a place to live is easier, food it cheaper, health care is more available, etc. Those tech companies have huge GDP numbers to the point whey they make up a signnificant portion of the GDP but they put very little money into the economy. Mostly it is a few people that get insanely rich. I think that is part of the problem. The wealthy in the USA are taking nearly all the gains so the super wealthy are better off but normal people are worse off.
I guess it’s a more relaxed and you feel much safer, something that won’t show up in statistics on growth and GDP
@@12345anton6789 I would also say a lot of activities people do don't add much to GDP but do make life better. I go to the bakery with friends and have a sandwich and tea and talk for hours with friends every Sunday.
Y'know, in South Korea, Samsung makes up like 20% of the GDP.
@@spaghettiisyummy.3623 Samsung makes real products and employs many people.
Funnily enough, you pay around 3 times more for your electricity while having lower salaries, especially on the high end, and much higher taxation.
Seen a video with the exact same narrative Europe’s-doing-better-than-it-seems from the DW. Are you guys getting topics from the same source?
Great topic, thanks for the video! :)
It's more a case of the US economy doing less well than we think.
Cope.
Of course it's a swiftie saying that. @taylor_drift1
Isn't showing a tanking US economy just a lie?
Americans often work 2 or 3 jobs to pay the bills and get 2 weeks off if they are lucky. Germans work 1 job to pay the bills and have world class companies and 5 or 6 weeks or so off minimum as i heard thanks to strong labor laws and organizations. You tell me who is more productive, less burned out, has a better domestic tourism industry, and has actual time to spend with family.
@@abcdedfg8340just imagine how things would be if we had those things in the US. 4 day work week increases productivity. Things can only get better for the economy if things get better for workers.
@@abcdedfg8340 Europe is about to follow the UK in civil war with it muslim populations. Russia is still threatening Europe with its military and nukes AND now the Chinese have put troops on European soil. Europe is energy dependent, militarily dependent and techonoligically dependent on the US. In the long run Europeans are screwed...
@@aosielIf 4 day work week actually increased productivity corporations would be implementing it immediately, or do you think corporations will say no thanks to extra profit?
@@eiavops4576 i think companies care more about control than profit if it means keeping the status quo of making more profit. Companies don’t do things to help their employees.
I don't feel it at all, because living in Europe is a nightmare... So far I'm still at the bottom... I don't have my own apartment, child, or even a dog 💩 I work full-time and I simply can't afford it.
You can't afford a trip to your local bank ?
You must be poor.
The stock market does not represent the economy and much less society. Quality of life is king not random line go up
Good perspective - thanks.
Great video, but the timing almost couldn’t have been worse with all the woes on the financial markets this morning. (Especially in Japan)
Can you explain briefly please?
@@PipoVeVideos4097 He suggests that the timing of the video is bad because this morning most stock market indices are falling. It's another matter that one should never look at daily changes; it's best to examine stock market performance over at least a monthly period. In that context, the timing of the video is perfectly fine.
@@szszgthere will be a crisis...
@@enzonavarro8550 Maybe, but not sure. Or.. all world is in a crisis in a deeper sense because of the probably collapse of our civilisation within 3 decades
US high-tech is down. His timing was perfect. Amazon, Google, Facebook... The US AI-Bubble hast popped, and European companies look much better in comparison now.
Also something that never gets mentioned: the median income is higher in western and northern Europe than in the US, but income per capita is higher in the US, meaning that the billionaires living in USA are skewing statistics
Exactly, spot on.
agreed. income per capita barely says anything about normal people, organizations using this to compare things always go to my blacklist.
You’re right, GDP per capita is the wrong metric to judge the wealth of the average citizen. Better to use Median disposable income, which bumps America all the way down to….1st place 😊
Americans are richer than Europeans, even after taxes and social transfers (Healthcare, retirement) etc.
@@teamtoken Even with your metric, USA is at number 13, not 1
As a norwegian im glad my flag was in the thumbnail! Thank you! 😄
Americans often work 2 or 3 jobs to pay the bills and get 2 weeks off if they are lucky. Germans work 1 job to pay the bills and have world class companies and 5 or 6 weeks or so off minimum as i heard thanks to strong labor laws and organizations. You tell me who is more productive, less burned out, has a better domestic tourism industry, and has actual time to spend with family.
@@abcdedfg8340 What the hell is this lol bro Im talkin about Norway which is very similar to the US except we have free healthcare and school
They doing so well that Germany is in a recession
What no news story has explained is that Canada's GDP per capita should have been expected to fall as most of the rapid rise in population was due to a vast increase in the number of temporary residents coming to Canada - temporary residents who would be expected to have low levels of income.
There has been a massive increase in the number of foreign students who generally are working very limited hours and getting paid minimum wage..
There were also a significant number of "temporary" Ukrainian refugees who came to Canada.
Given that before 2022 Canada had the most people of Ukrainian background in the world outside of Ukraine and Russia
Ukrainians felt comfortable coming to Canada.
But refugees are still often going to struggle to get established in a new country and likely will be making less money than other people in Canada.
There was also one year in which Canada accepted more regular refugees for permanent residence than any other country in the world even though the United States has eight times the population of Canada..
Many of those refugees struggle to learn English which obviously makes it difficult to get a job.
EUROPOORS NO MORE
Whatever russky propagandists claim I haven't eaten a single hamster my whole life.
Oh, it is you again. Strange, that.
Till we meet again.
We're one people 🇺🇲🇪🇺
American capitalism seems like a scam. All we are doing is enriching billionaires so the rest of us can end up miserable in hospital beds at 65.
At least the Europeans know how to get what they want out of life out of the system. Americans need to wake up and learn from them how to organize and get stronger labor laws.
If our grandparents fought in wars to protect us from people like the fascists, then I think we really have no excuses.
Unless you enjoy living under aristocrats like Bezos and being unproductive and poor.
Just my opinion
As I approach my 35th birthday. I cannot think of a single benefit I have experienced from living in the 5th (or 6th...7th.. wherever we are now) economy in the world.
However, I have felt the impact everytime it faulters.
Then stop using a bath or shower and wash like your parents did !
You do know toilets where outside less then 60 years ago in most places ?
Kiss my arse!
Norwegian here. Since start of covid: My electricity bill is 2x, fuel is up 25%, food is up 40-50% and on top our currency is down almost 40% in value agains the Euro and Dollar making all imports go up even more. Interest rates went from borderline 0 to almost 6%. At the same time there has been literally 0 increase in pay.
I live in Trondheim, totally agree. Norway (the state) may be doing great, selling loads of oil and gas, making lots of money for the oil fund etc. However, I need to cut costs wherever possible because everything is so expensive right now. Doesn't help that Norway is the least self-sufficient country in the world, we have to import most stuff - which now costs twice as much because the kroner is almost worthless...
Wow. That sounds like your savings and earnings potential are seriously eroded. I'm an American who has no health care, so maybe it's not that bad? At least you can go see a doctor if you're sick? And don't you guys have good unemployment insurance? Last time I applied for unemployment in the U.S. they gave me $400 after 6 months of an appeals process. I was living off protein powder and water.
Really interesting thank you
I would like to point out how all gdp metrics are measured in USD. Most of Europe has seen growth in the last decade, but as that was happening EUR/ USD kept declining for a variety of reasons, recently especially due to energy crisis.
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Japanese low growth rate is all due to the low yen and the yen carry trade. Now only the yen is sky-rocketing, and the other financial products in the world is losing their values.
Yes. But that's a good thing. If 0.5% is already to mutch, then maybe your gambling. And gambling doesn't contribute to anything socialy or economicly.
I confirm there are few places with Air conditioning in Europe. This summer has been hell in the south. But no plans to install it. The places that advertise AC but it doesn't work hahaha. You must learn to enjoy the fan and the night shower
Our weather is bloody miserable, we would use that for like a week every year.
Come to Greece. Not only do you get AC in most places, but the people are also a blast.
@@OfficialUKGov Which should please Greta ... at least we haven't 'stolen' her future! 😃
I really don't understand all that AC talk? I am Montenegrin, there's ACs literally everywhere here. It's actually a standard to sell a brand new apartment with an AC preinstalled here. Standard sized AC costs only 200-250 euros here. Some smaller ACs cost literally like 150 euros here. Everyone can afford it. I got AC in my apartment since 2008. Basically for decades now. My dad had a standard size AC, then he bought 900 euros AC with an inverter to cool his entire house. We are projected to have 1000 euros of average monthly net salary in October of 2024. And somehow Italians with their average monthly net salaries of 1740 euros don't have ACs? Here in Montenegrin capital we have ACs in apartments, houses, cars, taxis, busses, offices, shopping malls, hotels, etc. It's a standard for our summer and it's a must. For many years now.
@@Just_another_Euro_dude While not being conclusive, it gives credit to the claim that europeans have lower living standards compared to americans. Many in europe cant afford AC due to the substantial costs involved in acquiring, installing and operating the appliance.
I used to compare my cologne to a bouquet of flowers and... that was a disappointing mistake .. now I compare it to a steaming pile of poop ... suddenly it smells ... not bad.
The NOK currency is so cooked. As someone who runs a business that relies on services from other countries it's become much much harder to stay afloat.
Idk if its a Dollar thing but right now NOK is doing better than I has before unless I'm misremembering
Two other points not mentioned in the video are the amounts of government fuelled growth and the measure of GDP.
Whilst Europe's public debt over GDP is actually decreasing (from 83.4% in 2022 to 81.7% in 2023), the US administrations now owe a staggering equivalent to 120% of the country's GDP. The video only briefly mentioned how the reserve status of the USD allows for cheap borrowing, but the consequence is this almost free spending by the US government.
Another factor concerns the way GDP is measured. GDP is an addition of all the value added by an economy, usually calculated via the expenditure method. Spending itself is a result of the number of goods sold times their price, the latter variable is fixed for a number of years in order to provide a constant measure of the actual economic activity disregarding the effect of prices. However, the value still depends on prices, even if those are updated every ten years or so. It so happens that the EU and other countries with strong government intervention get penalised in measuring GDP by this principle, for example public health systems are better at managing the cost of procedures and treatments, and they also have better incentives to keep the number of unnecessary treatments as low as possible. In the case of healthcare this means that the EU or other countries like Australia spend around 10% of their GDP in healthcare, whilst the US spends around 17% and yet measured by the increase in life expectancy the country fares much worse than Europe. In other words, Europe and other developed economies is penalised by GDP measures for being good at keeping unnecessary spending low.
Exactly. US recent growth is fuelled entirely by government spending. Private sector jobs in the US have declined. The growth in jobs has been government or government contracted jobs.
Stocks are doing exceptionally well because the magnificent 7 are doing so well. Remove them and growth is unremarkable. Questions over whether the US is currently in a recession and the amount of jobs added to the economy has halved since June. The US is currently not looking so bright
Also Exchange rate comparisons make comparing economies very difficult - especially with a very strong dollar at the moment
On top of this the US can clearly borrow as much as it wants to spend as much as it needs. $1tr of debt being added to the debt burden around every 100 days.
The EU cannot compete because we are not the reserve currency.
Government debt says nothing about how well a country is doing. Europe desperately needs MORE government spending to fuel its sluggish economy, not less.
@@shle20 no it doesn't. Europe (and any other country in the world for the matter) can't afford endless spending with borrowing - unlike the US that enjoys the benefits of the USD, more borrowing by the governments would at present lead to a crowding out effect which would reduce investment. The sad truth is that for as long as the USD remains the world's prime reserve currency, the USA will have a competitive advantage. The only way to challenge this situation would be to increase the EUR liquidity in the bond markets by pooling all sovereign debt or creating a true EU federal government capable of raising its own resources to be capable of issuing and servicing its debt
@@abelsuisse9671 Crowding out is a myth. Based on the idea that government spending reduces the amount of available money, thus increasing interest rates and hindering private investments. In reality, interest rates are not a market outcome but controlled by the central bank. Money is not a scarce resource.
The only scenario where higher government spending can cause crowding out is when the economy is at full capacity / full employment. But obviously we are far away from that.
When during economic turmoil firms AND households are saving money (spending less than they earn), someone else needs to spend more than they earn (go into debt), else economic demand drops, firms see lower orders, decrease production, and so on. Happening right now in Germany. Government's job is to prevent that from happening and increase spending in economic downturns (commonly accepted fiscal policy theory in economics). But I guess we would rather keep debt levels low and watch our economy go down the drain in peace.
@@xphilster your whole premise rests on the fact that the economy is not operating at full economy, when all major indicators point to the fact that this is the case for mosts parts of the economy with employers citing problems to find sufficient employees. More government spending as the ECB raised interest rates to combat inflation would be an insanely counterproductive measure. No, government spending is not the solution in the current economic climate - it was at the start of covid and governments played their role. What we need to invest more is in productivity in order to increase our economic potential but for that we need greater investment by firms, so more government borrowing would be doubly vicious - unless of course it concerns infrastructure that actually benefits the economy and not white elephants
Is that good economy here in the same room with us? lol
"doing better then you think" doesnt mean good. It means that with all the crisises that have happened, we prolly got of easy
@@vegemarkr4582 no we didn't, our leaders fumbled from stupid decision to stupid decision, pretty much every time they had a choice to do something sensible, or the most idiotic thing, they always opted for option B
@@vegemarkr4582 The whole video is a huge massive copium
@@undefined6341 some examples of those stupid decisions would be?
@@undefined6341 do you have any counter proof against the video? You can claim the video is wrong but that doesnt mean a lot if you only say "They are wrong and i am right".
Especially with a war at our doorstep it shouldnt be surprising that our economies struggle a lil. From energy crisises to the threat of global warming its a struggle.
"Europe's" or rather "West Europe's"?
When TH-camrs say Europe, what they really mean is Western Europe.
Eastern Europe is actually doing much better in terms of GDP growth
@@ecognitio9605even Russia??
@@LéonardK-z8eno, not Russia. Russia is a very special case because of its delusional outlook and behaviour
@ecognitio9605 Because they have lower GDP. Even a small increase of the total number reflects to higher percentage.
I would also add one factor: EU benefits from expansions - countries like Poland (even though we joined 20 years ago) are still strong stimulus for growth. Our GDP growth, skilled people and workforce in general causes organic growth in EU. Something other countries like US, Canada or Japan can't have (the only analogic thing I can think of is immigration, but it's not the same - it has worse effect, like it was mentioned about Canada in this movie).
Polish people did a lot of work in Holland. Did work Dutch people would not do or didn't had the skills for like working with your hands as a craftsmen. So, it was benificial.
I tried to enterpreneur a juice store in Barcelona, Spain. I couldn't because I needed a bar licence (as I was going to sell drinks it was considered a bar) and there were to many bars in this neighbourhood for let me a licence.
So I literally, I couldn't invest MY 10k money in MY frieds owned store, that now it is okupated (spanish "little" issue) for sell healthy fruit juices because the horrible burocracy told me, first of all, that my proyect was the same than a bar with 5 old drunk guys screaming to the girls in the streat and second, that for some reason there were too many, and couldn't be more.
I don't want to imagine if I want a tech startup. Europe is dead, it became to corrupt.
Edit: if I got this licence I would had to build 2 bathrooms, one for women and other for men, have a licence for selling food, and in Spain if you have to fire, you are dead. So maybe, not being able to enterpreneur was the best.
“”When you take into account America’s structural advantages and Europe’s specific disadvantages”: What a disingenuous argument. When you remove the advantages America enjoys and remove the disadvantages Europe suffers from, things don’t look too terrible for Europe - well yes, if you leave out all of the facts that are contrary to your argument you can make a deceptively strong argument. A comforting argument, but a false one.
Finally a more positive video
Question is that this is right or not
Copium
But the average housing price in the Netherlands is about 500k euro aka 550k dollar 🤔
€432,000 is the average house price in NL in 2024, or $466,000.
Now imagine that price but with a lot lower salary, what would i do?
Also Dutch work the least in the eu and having women working part time while having two vacations a year.
I would become Dutch instead😂
Ahh yes, nothing says it more we have an upward trending economy, when journalists have to say this to people.
I find it funny that some americans thing that america is economically better than the EU.
Have you seen the debt of the USA?😂
Also the dollar is under fire. As soon as oil isnt traded in the dollar (and it will), the USA will get a bigger crisis than 1920.
Europe is worse of than before, I see it. I don't compare it to the USA, the only comparison we can do is the shared world's GDP, and the the european share of the world's GDP is declining, and that's the right comparison. This was basically a filler video on this channel. Europe is not competitive, it's a fact.
Europe's share of the world's GDP is only declining because Asia's is getting bigger and bigger. Not surprising when you compare the population of Asia vs Europe. Africa is also gaining traction.
@@realkyunuokay, so...your argument is "they're better" because of the population ? That argument is just bad and incomplete. Why is Bangladesh not a leading power then ? A higher population doesn't mean better prosperity. Policies make prosperity, that's it, if we have a lower share of the world's GDP it's because we aren't competitive, that's it. Just look at where people that innovate and create patents migrate to, europe is basically like gold, doesn't produce anything, and appreciates with inflation
@@miguelgr4nja Though I get your point with inovation etc., you really cannot expect a continent of increasingly old/retired people with declining demographics to maintain it's share of world's GDP, when the population of Asia and Africa are growing rapidly (even the US maintains a slow growth). Even if GDP per capita in other countries wasn't increasing, just the sheer amount of new people in those regions will make a difference. This is one thing that hasn't been touched here, that is, the only thing that actually matters is work productivity. In which the EU is actually catching up to the US. Most of the GDP per capita difference between Germany and the US is explained by 2 things. Germans working less hours (which is a choice) and Germany having higher % of retired population. But the working people in Germany don't actually produce 40 % less value per hour, as would the GDP per capita figures suggest.
Overall, given that Europe is currently being exposed to basically every single international economic problem, unlike many other countries (Covid, Suez and now Red Sea blockages, war in UA and subsequent natural gas and oil prices skyrocketing), I would say it's doing quite well. The biggest problem is the missing tech industry and innovation, that is the one thing which we actually need to worry about. But the geographics and demographics of the continent just don't allow for the same economic growth as in the US or Asia.
@@micat1313Yes, you aren't wrong! I would say everyone is getting older, only some places are not. Work productivity is super important, I also agree, and more hours worked does have the biggest influence in that metric, but I have to say honestly, if you would employ an american and a german the american would get paid more than the german, american wages are way higher than in other countries, there's more value being "made" by an american on average per hour. I would also add to this that what matters is policy, if Europe were more protective of their industry we wouldn't be so bad, the steel industry in china was heavily subsidized and just sat there waiting for our industry to die. Not a great policy.
looking only at GDP is misleading thing, you can increase GDP of country by importing millions of people who consume food and benefits, but is it real economic growth?
Any kind of "growth" under 2% is a rounding error.
No European top tech companies??
How about the Dutch company ASML, which makes machines that build the world's fastest chips???
I remember reading somewhere that EU countries actually does more high-tech than the US does on a per capita basis, but the real problem in the EU is funding, something a capital market could solve.
Basically, a lot of high-tech is being done in Europe, but getting the money to push ahead with it is much harder, so many of them get snapped up by American corporations, there are ways of solving that problem at an EU level, but the members need to come together to make it happen, and there would be a big incentive in doing so, far more independence away from the US and a lot of jobs creation in the EU, but it might harm US interest if it becomes a lot harder for there corporations to snap up a lot of the talent and tech as a lot of it would likely stay in the EU if we create a capita market to allow us to throw a lot more money at it.
I think "none" is an exaggeration, but it has far fewer companies than the US or China, and many of the old tech/industrial companies have downsized or folded. Sometimes names have lingered under licenses, but those are zombie companies. (Philips and Nokia for instance)
@@paul1979uk2000 I heard that apparently the EU actually has too many tech regulations
Also ARM, a UK tech company.
Given the subject was around GDP they may have meant 'Most Profitable' or 'Highest Revenue' tech companies.
because we going 3x faster in dept and debpt money ++ gdp :)
6:22 And this has been going on since the 60s. Even old companies like Philips and Siemens never bothered developing their own CPU archs.
You keep using Canada as an example, but the state of Canadas economy is self-inflicted.
Spain 2,9 % this year better than the USA.
Poorer countries have more room to grow than developed countries, hence why Spain's growth is higher than the US and other EU countries at the moment.
@@dreamcloud77 USA is rich and grows. Energy cost is going to be a mayor factor in the future for Spain. We will get mayor investems in hight energy consuming companies. Exports are growing also. We will see.
There were times it wasn't, infact there were times not long ago Europe was a hell on earth
@@dreamcloud77 How is Spain poor? It literally has an higher gdp per capita than Japan.
@@maavet2351 Europe is paradise compare to the USA. I lived there I know. Dont worry for Europe we will go on.
From what I have seen on youtube and other sources, prices of CHEAP food has risen by 50-100% in Germany since the pandemic, while prices in the US seem up more like 500%. So I am very much happy I'm not in the US.
Care to share these sources that show food prices in the US up 500%? This is absurd and certainly doesn't represent my anecdotal experiences and I've never seen any data claiming such.
@@chickenfishhybrid44 well, my head comparing prices in stores in the US with prices in my own supermarkets - the prices in the US are unhinched.
@gruffelo6945 you realize that food in the US can be more expensive than Germany, and your 500% claim can also be wrong? For a start, it looks like the average salary in the US is something like $8,000 more a year.
@@gruffelo6945you mean prices in a country with much higher salaries is more expensive?
People seem to conveniently forget that when you see America’s gdp growth a large portion of that growth is due to massive debt injection. Not necessarily low taxes and “big cars”.
Yes. GDP is also gevernment spending. That's why Russia has a GDP of +2% right now. Spending on the War is also counted as all other the spendings.
But economists do not look at just one number. It's a whole set of numbers.
Also many social issues are way... huh... softer compared to UK, America, Canada.
You should do a second video explaining why people don't feel that the economy is doing better by showing the different aspects of economic inequality, both in US and EU. Because also many people in the us think that Biden has only worsened their economy, when it's actually not true.
Someone already did it, it was something along the lines: When republican president is at office, even when democrats live better, they do not see it. When democrat president is at office, even when republicans live better, they do not see it.
Currently, the biggest economic boom is in states that are somewhat connected to shale revolution. Cheap oil and gas > cheap energy > cheap manufacturing > cheap chemicals > cheap plastic, medicine, fertilizers, and so on…
And those states are mostly republican. Which means the people who live in the most booming areas, are incapable to feel like things are improving because person from different team is at the office.
On the other hand, democrats have their person in office, but they mostly don’t live near oil and gas fields, so when president throws trillion dollar stimulus at the economy to build some industrial plant, those plants will go where there is cheap electricity, and cheap chemical inputs, and so on.
Hence no one is happy.
Because people keep going in negative bubbles. Americans and Europeans alike keep saying 'oh no hard times, economy bad', but at the same time, they have a well paying job and buy 3 avocado toasts a day. Sorry, but that's not a bad time. Sure, bad stuff is going on, but the gap between actual reality and the sentiment is ridiculously big right now.