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GDP PPP in the US is identical to the nominal GDP in the US since the purchasing currency in the US is the US dollar. > What I meant to write is: if the PPP GD

GDP PPP in the US is identical to the nominal GDP in the US since the purchasing currency in the US is the US dollar. > What I meant to write is: if the PPP GDP increases in the EU faster than in the US, with all else being equal (eg. stable population) it would imply the standard of living is increasing faster in the EU than in the US. No it doesn’t mean anything of the sort in fact high nominal GDP to GDP PPP ratio usually indicates a low standard of living and a developing economy the Eurozone is an anomaly in this regard mainly due to its developed infrastructure and social institutions. And don’t forget that your GDP PPP can be twice that another county whilst your median income is can be 10 times lower. Median income per capita adjusted for PPP would be a better albeit an imperfect measurement of it since the standard of living is dependent on so many other things. In which case there are only 4 countries which have higher median income PPP than the US, UAE, Luxembourg, Switzerland and Norway. AIC/household final consumption expenditure is another good indicator for standard of living and wealth in which case the US is #1.

FredPret 3y ago
US economic performance is all the more OP if you take into account that it's a huge country of 350m people and has a diversified economic base. For a tiny banking nation or petrostate to be rich is unsurprising. But when it's half a continent, the world really ought to take out their notebooks and go into full copycat mode - at least as far as economic policy and attitudes are concerned.
- beebeepka 3y ago
  Are you suggesting the EU should start pillaging countries? What petrostate should we liberate to becone self-sufficient? As luck would have it, the US achieved that right after conquering Iraq
  - ffhhttt 3y ago
    Are you saying that the war in Iraq was in anyway profitable for the US? > As luck would have it, the US achieved that right after conquering Iraq Yes? A whole of of things happened back. I’m really not sure what are you implying here? Did they secretly ship Iraqi oil to the US and pretend it was extracted there? > What petrostate should we liberate to becone self-sufficient Uhm.. Libya? Or did everyone already forget that?
  - rootw0rm 3y ago
    I'd personally recommend liberating Venezuela
  - nvm0n1 3y ago
    The US is self-sufficient in oil because it developed the tech to do fracking of the oil sands, it's nothing to do with Iraq.
    - oblio 3y ago
      Europe could be self sufficient in oil and gas (we're constantly finding new reserves in EU/EU associated territory), it just doesn't want to dig those up because it's hugely destructive for the environment.
      - cman1444 3y ago
        Isn't Norway a massive producer of oil? And I think they're quite environmentally conscious. Also isn't Germany burning coal at record rates right now? I'm not totally buying the argument that Europe is just abstaining from easy production for environmental reasons.
        oblio 3y ago
        > Isn't Norway a massive producer of oil? Yes, of oil and gas, and they're not producing as much as they could, for environmental reasons. They're holding off on production. > And I think they're quite environmentally conscious. They are, they could produce more. Similar story for the UK and the Netherlands with North Sea gas. > Also isn't Germany burning coal at record rates right now? Not record rates, standard rates and declining very slowly (2023 is actually better than 2022, shown here): https://en.wikipedia.org/wiki/Electricity_sector_in_Germany#/media/File:Energiemix_Deutschland.svg https://en.wikipedia.org/wiki/Electricity_sector_in_Germany#... They did mess up the transition with the early decommissioning of nuclear power plants, corruption is probably to blame.
- thomasz 3y ago
  Unfortunately, we are not allowed to print the world reserve currency like there is no tomorrow, and we do not possess the qualities of the US that make them the natural haven for capital in times of global turbulence. That being said, the policy of austerity implemented during the Euro crisis was pretty catastrophic and arrested growth prospects for a whole generation.
  - logicchains 3y ago
    >That being said, the policy of austerity implemented during the Euro crisis was pretty catastrophic and arrested growth prospects for a whole generation. It was an austerity policy in name only given government debts have only continued to increase since then. There's a demonstrated correlation between high government debt and lower growth.
    - bubbleRefuge 3y ago
      Not in the US
    - thomasz 3y ago
      Nah, that’s demonstratively wrong dogmatism. Obviously it’s not a good idea to take three times your national GDP in debt to build three oversized airports next to each other because your family owns your nations construction business. But letting education and infrastructure collapse and watch a whole generation grow old without any chance meaningful workforce participation and without a chance at having a family is pretty devastating too.
      - soco 3y ago
        This tendency didn't start at all with the Euro crisis. Remember Thatcher? She put this economic model firmly in place and everybody started to copy it, fiddle with it, without ever questioning its basis anymore. So it's not "a whole generation" but at least "two whole generations" - and it doesn't look like it's gonna stop the trend any time soon, public service keep getting defunded and big companies keep getting tax cuts.
- moomin 3y ago
  Call me back when this translates into regular working people’s salaries and health care outcomes and we’ll talk.
- fransje26 3y ago
  I, too, would prefer monthly shoot-outs to help regulate my population. And low-paid wages below the poverty line. And fentanyl as a substitute to affordable healthcare. Folks, please leave your notebook in your bag and search elsewhere for a role model.
  - nocoiner 3y ago
    Against my better judgment, I’m going to make a statement that sounds incredibly crass, but is directionally true: those are all travesties that no decent society should accept, but at the end of the day, they’re rounding errors. There’s plenty that’s wrong with America, but there’s no other country within the same order of magnitude of scale (or, hell, expand that to either a population of 50+ million or an order of magnitude greater, even) that has long term prospects as promising as the United States. China’s on the verge of demographic collapse. Europe, as much as I love to visit and would probably enjoy living there, is more or less the definition of sclerotic. Every other country that excels at both human and economic development is too small to move the needle. Yet the United States remains, overall, a pretty darn good place to live and a magnet for talent and capital all over the world (to say nothing of its own beyond-bountiful resources).
    - happyraul 3y ago
      By what criteria do you judge the US to be "a pretty darn good place to live" compared to the EU?
      - nocoiner 3y ago
        Edit: the formatting on this is just atrocious, and I don’t have time to do more than take a quick shot at hopefully fixing it, but suspect it isn’t gonna work. Apologies in advance. Just off the top of my head, I guess my short list would look something like this. I grant some, maybe all, of these have drawbacks, but these are the factors that I personally value and what I would miss by moving to any of the other places I’ve visited or of which I’m aware that seem like delightful places to live. 1. The sheer number of incredibly unique large cities (and the correlating lack of a single city that dominates national culture) 2. The ethos of individualism 3. The national park system 4. The sheer amount of diversity (racial, ethnic, national origin, religious, regional, etc.) 5. My personal access to, and quality of, healthcare (I grant that this is highly, highly subjective) 6. Other Americans (believe it or not lol) 7. Higher educational system 8. Economic dynamism and opportunity 9. Our foundational documents and subsequent amendments/improvements thereto 10. Our national tendency to do the right thing (after, of course, exhausting all other courses of action) 11. Approximately 10 trillion different regional cuisines (have you seen the number of strongly held opinions about different ways to smoke and serve meat?) 12. Every type of natural beauty imaginable Not saying we have a monopoly on any of these! But I like where I live and think it’s a pretty cool place.

FredPret 3y ago

US economic performance is all the more OP if you take into account that it's a huge country of 350m people and has a diversified economic base. For a tiny banking nation or petrostate to be rich is unsurprising. But when it's half a continent, the world really ought to take out their notebooks and go into full copycat mode - at least as far as economic policy and attitudes are concerned.

beebeepka 3y ago
Are you suggesting the EU should start pillaging countries? What petrostate should we liberate to becone self-sufficient? As luck would have it, the US achieved that right after conquering Iraq
- ffhhttt 3y ago
  Are you saying that the war in Iraq was in anyway profitable for the US? > As luck would have it, the US achieved that right after conquering Iraq Yes? A whole of of things happened back. I’m really not sure what are you implying here? Did they secretly ship Iraqi oil to the US and pretend it was extracted there? > What petrostate should we liberate to becone self-sufficient Uhm.. Libya? Or did everyone already forget that?
- rootw0rm 3y ago
  I'd personally recommend liberating Venezuela
- nvm0n1 3y ago
  The US is self-sufficient in oil because it developed the tech to do fracking of the oil sands, it's nothing to do with Iraq.
  - oblio 3y ago
    Europe could be self sufficient in oil and gas (we're constantly finding new reserves in EU/EU associated territory), it just doesn't want to dig those up because it's hugely destructive for the environment.
    - cman1444 3y ago
      Isn't Norway a massive producer of oil? And I think they're quite environmentally conscious. Also isn't Germany burning coal at record rates right now? I'm not totally buying the argument that Europe is just abstaining from easy production for environmental reasons.
      - oblio 3y ago
        > Isn't Norway a massive producer of oil? Yes, of oil and gas, and they're not producing as much as they could, for environmental reasons. They're holding off on production. > And I think they're quite environmentally conscious. They are, they could produce more. Similar story for the UK and the Netherlands with North Sea gas. > Also isn't Germany burning coal at record rates right now? Not record rates, standard rates and declining very slowly (2023 is actually better than 2022, shown here): https://en.wikipedia.org/wiki/Electricity_sector_in_Germany#/media/File:Energiemix_Deutschland.svg https://en.wikipedia.org/wiki/Electricity_sector_in_Germany#... They did mess up the transition with the early decommissioning of nuclear power plants, corruption is probably to blame.
thomasz 3y ago
Unfortunately, we are not allowed to print the world reserve currency like there is no tomorrow, and we do not possess the qualities of the US that make them the natural haven for capital in times of global turbulence. That being said, the policy of austerity implemented during the Euro crisis was pretty catastrophic and arrested growth prospects for a whole generation.
- logicchains 3y ago
  >That being said, the policy of austerity implemented during the Euro crisis was pretty catastrophic and arrested growth prospects for a whole generation. It was an austerity policy in name only given government debts have only continued to increase since then. There's a demonstrated correlation between high government debt and lower growth.
  - bubbleRefuge 3y ago
    Not in the US
  - thomasz 3y ago
    Nah, that’s demonstratively wrong dogmatism. Obviously it’s not a good idea to take three times your national GDP in debt to build three oversized airports next to each other because your family owns your nations construction business. But letting education and infrastructure collapse and watch a whole generation grow old without any chance meaningful workforce participation and without a chance at having a family is pretty devastating too.
    - soco 3y ago
      This tendency didn't start at all with the Euro crisis. Remember Thatcher? She put this economic model firmly in place and everybody started to copy it, fiddle with it, without ever questioning its basis anymore. So it's not "a whole generation" but at least "two whole generations" - and it doesn't look like it's gonna stop the trend any time soon, public service keep getting defunded and big companies keep getting tax cuts.
moomin 3y ago
Call me back when this translates into regular working people’s salaries and health care outcomes and we’ll talk.
fransje26 3y ago
I, too, would prefer monthly shoot-outs to help regulate my population. And low-paid wages below the poverty line. And fentanyl as a substitute to affordable healthcare. Folks, please leave your notebook in your bag and search elsewhere for a role model.
- nocoiner 3y ago
  Against my better judgment, I’m going to make a statement that sounds incredibly crass, but is directionally true: those are all travesties that no decent society should accept, but at the end of the day, they’re rounding errors. There’s plenty that’s wrong with America, but there’s no other country within the same order of magnitude of scale (or, hell, expand that to either a population of 50+ million or an order of magnitude greater, even) that has long term prospects as promising as the United States. China’s on the verge of demographic collapse. Europe, as much as I love to visit and would probably enjoy living there, is more or less the definition of sclerotic. Every other country that excels at both human and economic development is too small to move the needle. Yet the United States remains, overall, a pretty darn good place to live and a magnet for talent and capital all over the world (to say nothing of its own beyond-bountiful resources).
  - happyraul 3y ago
    By what criteria do you judge the US to be "a pretty darn good place to live" compared to the EU?
    - nocoiner 3y ago
      Edit: the formatting on this is just atrocious, and I don’t have time to do more than take a quick shot at hopefully fixing it, but suspect it isn’t gonna work. Apologies in advance. Just off the top of my head, I guess my short list would look something like this. I grant some, maybe all, of these have drawbacks, but these are the factors that I personally value and what I would miss by moving to any of the other places I’ve visited or of which I’m aware that seem like delightful places to live. 1. The sheer number of incredibly unique large cities (and the correlating lack of a single city that dominates national culture) 2. The ethos of individualism 3. The national park system 4. The sheer amount of diversity (racial, ethnic, national origin, religious, regional, etc.) 5. My personal access to, and quality of, healthcare (I grant that this is highly, highly subjective) 6. Other Americans (believe it or not lol) 7. Higher educational system 8. Economic dynamism and opportunity 9. Our foundational documents and subsequent amendments/improvements thereto 10. Our national tendency to do the right thing (after, of course, exhausting all other courses of action) 11. Approximately 10 trillion different regional cuisines (have you seen the number of strongly held opinions about different ways to smoke and serve meat?) 12. Every type of natural beauty imaginable Not saying we have a monopoly on any of these! But I like where I live and think it’s a pretty cool place.