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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (227010)3/30/2005 3:22:13 AM
From: Elroy  Read Replies (1) of 1575803
 
But a rising tide still lifts all boats, and U.S. GDP per capita was a whopping 32% higher than the EU average in 2000, and the gap hasn't closed since.

Interesting - does this mean that Europe significantly deteriorated in the past five years? Shouldn't the appreciation of the euro since 2000 (it's got to have appreciated at least 32% vs. the dollar) by itself have closed the GDP per capita gap, all else being equal?

Higher GDP per capita allows the average American to spend about $9,700 more on consumption every year than the average European.

Yeah, but that $9,700 cost ~EU10,700 euros five years ago, but only costs ~EU6,700 euros today.

Something in that article is fishy, because the fluctuation in exchange rate alone should make Europe look a lot better today than it did 5 years ago.
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