A report published on Monday says that despite the current economic upswing, the EU is still losing ground vis-à-vis its global competitors...These are some of the findings of a EUROCHAMBRES study comparing EU and US economies in terms of time distance...The current EU level for income was achieved by the US in 1985. Since the first edition of the study, the time gap has increased by 3 years;In other words, Europeans today have the same standard of living as Americans in 1986. They are 21 years behind us. In the previous study, they were only 18 years behind us. Here's a chart from their article.
The bars represent how far behind us Europe is. If the red bar is longer than the blue bar, they are falling farther behind.
All the red bars are longer than the blue bars.
Anyone for socialized medicine or a European-style welfare state?
H/T: Our College of Cardinals.