European economic production is nowhere near high enough and now Europe is struggling to provide for its aging population and doesn't have enough good jobs for younger people. I support redistribution generally, but the wealth has to be created first or there won't be anything to redistribute.
But those are all low-marin chips. Qualcomm, Nvidia, Intel, AMD and Apple have much higher margins on their chips. They don't bother competing with the EU chips companies.
https://pbs.twimg.com/media/F3PGpsrWEAEiplB?format=jpg&name=...
Unless you want to say that the US was much poorer in 2017 than it was in 2022 that's a fairly ridiculous statement.
Also, the highest productivity places in the EU have much lower hours worked per capita than the US, with Germans on average working 25% less than Americans and the EU as a whole working 13% less than the US.
Also in terms of tech innovation: What part of the US-based tech innovation couldn't have been (and actually were) achieved with open-source solutions many many years earlier for a fraction of the cost, if we didn't have copyright?
Honestly, a significant chunk of the "innovation" seems to relate directly to maximizing advertisement opportunities and inducing increased consumption. Who cares if a website takes a second to load rather than 0.1 seconds? If it has content I want, 1 second isn't a big deal. If I don't care about the content, I lose nothing by being distracted by something else in that 1 second.
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More importantly:
European Economic production isn't high enough... by what standard?
https://data.oecd.org/lprdty/gdp-per-hour-worked.htm
GDP per hour worked is 74 in the US vs 69 in Germany and 54 in the EU. And the EU includes many large countries that emerged from communist dictatorship only 35 years ago, and are very much still in the process of catching up. Incidentally, the German economy is the result of the West German economy with 63 million people absorbing a failing economy hosting 16 million people in 1990.
The idea that the US is some promised land of economic prosperity while Europe is falling is entirely absurd. It's a narrative built on small relative differences and a US system that pressures people into working a lot more than Europeans do.
More importantly, even GDP per Capita wise:
https://data.oecd.org/gdp/gross-domestic-product-gdp.htm
EU per Capita GDP in 2022 is the same as USA 2016. Was the USA in 2016 struggling but now isn't?
This is all bullshit. Economic output is more than high enough and rising steadily. The problem remains solely in the distribution of
Absolutely the US would be struggling if the GDP was still 2016 values with today’s costs.
So it boggles my mind that your parent tried to make a point by equating USA 2016 with EU 2022 GDP/capita as if nothing's wrong with that. Are some people that oblivious?
> More importantly, even GDP per Capita wise: > > https://data.oecd.org/gdp/gross-domestic-product-gdp.htm > > EU per Capita GDP in 2022 is the same as USA 2016. Was the USA in 2016 struggling but now isn't? > > This is all bullshit. Economic output is more than high enough and rising steadily. The problem remains solely in the distribution of the ouptut.
The conclusion that economic output has been rising steadily, even in the last couple of years, is true. But the 2016 vs 2022 numbers are nominal, thus useless. There is a much more significant difference over time when working in PPP/Inflation adjusted numbers:
https://ourworldindata.org/grapher/gdp-per-capita-worldbank?...
The overall point holds though: The economic output of the EU is at 45K per capita today, the level of the US in 1997. The US was not a poor country in 1997. Germany is at the economic output per capita of 2009.
Did the US in 1997 suffer from the problem that it didn't produce enough economic output? Of course not.
And given that, adjusting for inflation, GDP per capita is at an all-time high, the conclusion that you're poorer because economic production is distributed to others is necessarily true. And it tracks, too. Corporate profits and the Dow Jones are not down. The already extremely wealthy have accumulated nearly two thirds of the new wealth being created since 2020:
https://www.oxfam.org/en/press-releases/richest-1-bag-nearly...
> Billionaire wealth surged in 2022 with rapidly rising food and energy profits. The report shows that 95 food and energy corporations have more than doubled their profits in 2022. They made $306 billion in windfall profits, and paid out $257 billion (84 percent) of that to rich shareholders. The Walton dynasty, which owns half of Walmart, received $8.5 billion over the last year. Indian billionaire Gautam Adani, owner of major energy corporations, has seen this wealth soar by $42 billion (46 percent) in 2022 alone.
Given these facts, if we have to accept lower economic production in the name of a fairer distribution of economic production, that seems more than acceptable to me.
