Manufacturing is noticeably absent from the list of successes.
Lessons from America’s astonishing economic record
11–20 of 528 posts
Re: Lessons from America’s astonishing economic record
#12Kind of ignores income inequality and that any benefits are going to top income earners.
https://www.pewresearch.org/social-trends/2020/01/09/trends-...
The article claims income-tested benefits have doubled since 1979 and that incomes for the beneficiaries has increased. At the same time, earned income as a share of the economy has decreased - those folks need the extra benefits because they are unable to earn it, not for lack of trying. Life is good at the top an is going sideways or down at the bottom, for a long time. The current situation has a lot to do with Reaganomics and tax policy aimed at 'trickle-down' economics or generally allowing people with money to invest to keep more of their earnings than people who earn money from labor.
Re: Lessons from America’s astonishing economic record
#13> The flexibility of the labour market helps employment adapt to shifting patterns of demand. Already many of the workers in America who were laid off from Alphabet and other tech firms at the start of the year are applying their sought-after skills elsewhere, or setting up their own businesses. In continental Europe, by contrast, tech firms are still negotiating lay-offs, and may think twice about hiring there in fu…
The European approach makes a lot of sense in other stable industries (Automobile/Steel). But in a fast moving quick changing (e.g. Tech) industries, all it does is prevent new risky companies from starting and making it harder for them to adapt. Maybe it is a good thing. But only time can tell that. So far to me it seems like the American approach is winning economy wise.
Re: Lessons from America’s astonishing economic record
#14TL;DR America owes its success to a relatively young population with high immigration, flexible labour laws, deep capital markets, and a swift and efficient bankruptcy process. But sclerotic politics threatens to derail this progress, particularly given the threats of climate change and China. Please stay the course and don’t forget how you got so rich, basically.
Re: Lessons from America’s astonishing economic record
#15How would Europe even compete with America in the long run. America just has so many advantages (massive influx of talented workers, one country, better equiped with natural resources, the supremacy of the dolllar). There are many other reasons some of which might not seem clear cut. The average American or European life requires an economy which is on average much better than the average for the world. If you do not…
No idea, but as an American who moved to Europe it's crazy how much ambition is casually discouraged ("the notions on him!") and investors are chickenshit scaredycats offering tiny numbers. Pathetic pay too. But I still live in Europe because I prefer well designed cities and everyone (mostly) having ample vacation time.
That attitude can work in the post WW II world when Africa/Asian countries were too new to even work out their government structure. When most companies start making things, all the European policies seem like a recipe for accepting a much lower standard of living.
Re: Lessons from America’s astonishing economic record
#16Freedom (less government bureaucracy, regulation, and interference) is the major advantage America has over other nations. Politicians try to gain more power by scaring people, but the gov has a terrible track record of making promises it never keeps, but also never returning powers it has taken.
Re: Lessons from America’s astonishing economic record
#17”Average incomes have grown much faster than in western Europe or Japan. Also adjusted for purchasing power, they exceed $50,000 in Mississippi, America’s poorest state—higher than in France.”
The article casually dismisses the counterpoint that the US trades high income for a lower social safety net.
The average French person has a life expectancy of 82. In Mississippi it’s 74.9, on par with Lithuania. Even Vietnam and Cuba have significantly higher average life expectancy than that.
Re: Lessons from America’s astonishing economic record
#18> The flexibility of the labour market helps employment adapt to shifting patterns of demand. Already many of the workers in America who were laid off from Alphabet and other tech firms at the start of the year are applying their sought-after skills elsewhere, or setting up their own businesses. In continental Europe, by contrast, tech firms are still negotiating lay-offs, and may think twice about hiring there in fu…
Google spoke about this: https://www.businessinsider.com/google-layoffs-matt-brittin-...
In my country (belgium) in case of a mass layoff the employer has to first work together with unions to find a way to keep the employees on board, and when no alternative is found has to help the employees find a new job. Also, for workers who were hired long enough ago they may fall under an employment regime where the notice period keeps going up, and may become as much as 15 months. That law was changed a number of years back, but existing contracts were grandfathered into the old system. That may complicate the decision over who to fire.
Re: Lessons from America’s astonishing economic record
#19> Also adjusted for purchasing power, they exceed $50,000 in Mississippi, America’s poorest state—higher than in France.
Damn...how does a country get so rich?
Re: Lessons from America’s astonishing economic record
#20”Average incomes have grown much faster than in western Europe or Japan. Also adjusted for purchasing power, they exceed $50,000 in Mississippi, America’s poorest state—higher than in France.” The article casually dismisses the counterpoint that the US trades high income for a lower social safety net. The average French person has a life expectancy of 82. In Mississippi it’s 74.9, on par with Lithuania. Even Vietnam…
lower life expectancy in US in general can be attributed to a more unhealthy diet and less walking, which is on the flip side due to US's economic success - affordance for more food and richer food, as well as affordance for car as transportation. Another attribution is the larger amount of immigrants, which as a segment has lower income level and thus lower life expectancy