Why Europe is falling way behind America’s powerhouse economy

An American in Europe these days might find themself in a strange situation — or at least that was my experience, having recently spent a week there, traveling from Germany to Norway to Spain. In the United States, we talk about our economic problems. In Europe, the talk is all about how Europe has been unable to keep up with the U.S. powerhouse.

The facts are stark. In 2008, the United States and the euro-zone economies were roughly the same size. Today, the American economy is nearly twice the size of the euro zone. And it’s not just one measure. Average European income is now 27 percent lower than in the United States, and average wages are 37 percent lower. When the British left the European Union, they fantasized about forging a close relationship with the United States, almost becoming the 51st state. Were that to happen, it is surely sobering to Britons to realize that they would find themselves in the 51st poorest state in the union, with a per capita gross domestic product below that of Mississippi.

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