Europe continues to grow faster, and create more jobs, than America. <...> Just six years ago, 81 percent of America's population was actively engaged in the work force, compared with 76 percent of Europe's. Now that gap is down to 1 percent. In other words, around 80 percent of both American and European 25- to 54-year-olds are gainfully employed. Says John Schmitt, senior economist at the Washington, D.C.-based Center for Economic and Policy Research: "The argument is that European countries should be basket cases [when it comes to creating jobs], but they're actually doing better than us."
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Just six years ago, 81 percent of America's population was actively engaged in the work force, compared with 76 percent of Europe's. Now that gap is down to 1 percent. In other words, around 80 percent of both American and European 25- to 54-year-olds are gainfully employed. Says John Schmitt, senior economist at the Washington, D.C.-based Center for Economic and Policy Research: "The argument is that European countries should be basket cases [when it comes to creating jobs], but they're actually doing better than us."
The article notes some downsides:
Of course, not everything is looking up in Western Europe either. Some countries are still unable to supply enough jobs to keep pace with the even faster growth of the population, as a result of unprecedented levels of immigration from Eastern and Central Europe. In Britain, unemployment hit a seven-year high last month even as the total number of people with jobs--31 million--hit an all-time high. The apparent contradiction is due largely to the fact that Britain is coping with its biggest influx of foreign workers to date--1.5 million last year, equivalent to 5.4 percent of the employed population.
But the article is mainly full of upsides.
In particular:
- Today, the three prime industries driving Europe's jobs engine are software, life sciences (like hospital systems) and alternative energy technology. [i.e. industries of the future] - The European Commission expects the upward trend to continue. Last week, EU Economic and Monetary Affairs Commissioner Joaquin Almunia predicted that the EU would create 7 million new jobs by 2008. Germany's manufacturing industry, packed with highly skilled engineers, is thriving in everything from cars to microchips. Unemployment there dipped below the psychologically significant 10 percent mark for the first time in four years last month. - In Spain--where unemployment fell to its lowest level since 1979 in the third quarter of this year--construction companies building up the coasts are doing so well that they now account for 12 percent of the economy.
- The European Commission expects the upward trend to continue. Last week, EU Economic and Monetary Affairs Commissioner Joaquin Almunia predicted that the EU would create 7 million new jobs by 2008.
Germany's manufacturing industry, packed with highly skilled engineers, is thriving in everything from cars to microchips. Unemployment there dipped below the psychologically significant 10 percent mark for the first time in four years last month.
- In Spain--where unemployment fell to its lowest level since 1979 in the third quarter of this year--construction companies building up the coasts are doing so well that they now account for 12 percent of the economy.
So, economically, it doesn't seem to me that Europe is on an "extended vacation". Truth unfolds in time through a communal process.
The problem, in the UK (like the US and perhaps everywhere else), is that you have papers like the Daily Mail that enjoy much higher circulation than real newspaper like the FT and the Guardian, and so they are naturally seen more as the "voice of the people," even though only a small fraction of Britons actually read them. It's the same story with FauxNews. At the maximum, two million people might watch Fox on a given half-hour time slot. But we already know those people are insane, and they didn't matter, since they were, at most, 1/35th of the mid-term electorate. They'd never vote our way, anyway. WHEEEEEEEEEEEEEEEEEEEEE!
In Spain--where unemployment fell to its lowest level since 1979 in the third quarter of this year--construction companies building up the coasts are doing so well that they now account for 12 percent of the economy.
unemployment fell to its lowest level since 1979 in the third quarter of this year
strikes me as an upside. Truth unfolds in time through a communal process.
