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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (101792)	2/23/2005 11:34:27 AM
From: LindyBill	Respond to of 793897

Europe's Flagging Economy By Kudlow's Money Politic$ All eyes are on President Bush's fence mending public diplomacy with Europe. In limited ways, the trip has been successful thus far, though I do not expect the Europeans, especially the West Europeans to really respond to the President's vision of spreading freedom and democracy around the world, and especially in the Mid-East. But virtually no one is discussing the widening gap between Europe's economy and America's. For Europe it is a serious problem. According to the free market editorial page of Investor's Business Daily, since 1991, output has grown 27% faster in the U.S. than in the E.U. According to the U.S. Labor Department, real per capital GDP in the U.S. stands at nearly $35,000 in 2003, a full 24 percent higher than the near $27,000 average in Europe's biggest economies. EU unemployment is now 9 percent. On a tax basis, it costs 11.5 percent more to bring on a new job in the EU than in the U.S., according to OECD data. And while many eastern and central European countries have moved to flat tax reform, old Europe so far steadfastly objects. Some in Europe derisively call the U.S. economy "cowboy capitalism". But when it comes to stagnant growth, high unemployment, low productivity, an outsized welfare state and excess tax and regulatory policies, it looks to me like Europe needs a strong dose of free market cowboy capitalism.