Wednesday, November 15, 2006

Liberal Ideology vs. Darwin's Theory of Natural Selection

The French economy slumped in the third quarter as the Airbus crisis began to exact its toll, dousing hopes that Europe would take over as world's growth engine as America slows. Growth sank to zero with an accelerating twist down in September as car output fell 3.1pc and overall manufacturing slid 1pc, far worse than expectations.I'm always amazed at how few people realize that European economies are, in every respect, far behind the American economy. The only real exception is the budget deficit and cumulative debt. Expressed as a percentage of GDP, America's deficit is about the same as Europe's (even though we pay for our defense as well as theirs). Let's look at GDP growth over the years for the EU-4 (France, German, Italy and Great Britain) vs. America (economic data, which I gathered a couple of months ago, can be found here):

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