The US economy and the EU were the same size in 2008, the US is now nearly 2X • Hacker News Board

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#11

Post by cumshitpiss » Mon, Jul 17, 2023, 8:55 PM UTC

talldatethrow wrote: post #7

midasuni wrote: post #5

All “growth” in gdp seems to go to rich people. Normal people have seen stagnant wages and increased costs from the owners. Why should I care if gdp isn’t increasing when I don’t see any gains whether it does or not?

Does all growth go to the same rich people, or do more people become rich?

[dead]

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#12

Post by seydor » Mon, Jul 17, 2023, 8:56 PM UTC

as i read somewhere. people don't realize that the gap between US and france is as big as between france and greece.

I think this is finally being noticed everywhere, and expect that EU will change radically as an institution by the end of the decade

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#13

Post by xeeeeeeeeeeenu » Mon, Jul 17, 2023, 8:57 PM UTC

The title is wrong. The chart shows the eurozone, not the EU.

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#14

Post by alfalfasprout » Mon, Jul 17, 2023, 8:57 PM UTC

midasuni wrote: post #5

All “growth” in gdp seems to go to rich people. Normal people have seen stagnant wages and increased costs from the owners. Why should I care if gdp isn’t increasing when I don’t see any gains whether it does or not?

The way real wages are tracked also undersell this trend. In theory since 2008 real wages have been increasing... in practice, housing and other costs like childcare have increased astronomically during that period negating any real gains.

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#15

Post by fvdessen » Mon, Jul 17, 2023, 8:59 PM UTC

And yet with all that money you can’t buy European quality of life in the USA

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#16

Post by darth_avocado » Mon, Jul 17, 2023, 9:00 PM UTC

Does this account for PPP though?

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#17

Post by [deleted] » Mon, Jul 17, 2023, 9:01 PM UTC

fvdessen wrote: post #15

And yet with all that money you can’t buy European quality of life in the USA

[deleted]

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#18

Post by oezi » Mon, Jul 17, 2023, 9:02 PM UTC

GDP per capita please.

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#19

Post by pratik661 » Mon, Jul 17, 2023, 9:02 PM UTC

dralley wrote: post #4

I'd rather this be displayed on a line chart than a pair of bar graphs. 2008 is an oddly specific year, a year when the US was in the midst of the housing market collapse and ensuing chaos. Yes, Europe was impacted too, but this chart doesn't show how much, relatively speaking.

So was Europe. However, most European countries have not grown much since then. 2008 is an important year in divergence between the two

Re: The US economy and the EU were the same size in 2008, the US is now nearly 2X

#20

Post by FredPret » Mon, Jul 17, 2023, 9:03 PM UTC

fvdessen wrote: post #15

And yet with all that money you can’t buy European quality of life in the USA

Quality of life includes time off and having nice stuff. Both continents have something to offer, but the US is definitely getting better, faster