The United States is suffering through the weakest economic expansion since the Great Depression, which is a damning indictment of Obamanomics.
But that doesn’t mean the United States has the world’s worst-performing economy.Japan’s statist economy has been mired in stagnation for more than 20 years, which is about what you might expect in a nation where the government is so omnipresent that it even regulates coffee enemas.
But if you really want to feel good about America’s economy (at least in relative terms), then a comparison to Europe is probably akin to snorting cocaine.
The welfare states on the other side of the Atlantic are in such poor shape that they celebrate even the tiniest glimmer of good news. Here are some blurbs from a story in the EU Observer.
The eurozone economy has moved out of recession, according to unexpectedly strong data published on Wednesday (14 August) by Eurostat, the EU’s statistical agency.
So what is this “strong data” mentioned in the story? Did eurozone economies grow at a 4 percent annual pace? 5 percent?
Economic output rose by 0.3 percent across both the euro area and the EU28 during the second quarter of 2013, compared with the previous quarter. Surprisingly, it was Portugal which, despite recent social unrest and political turmoil over its bailout programme, saw the biggest jump in growth, with its economy growing by 1.1 percent. Finland and Germany recorded growth of 0.7 percent, while, France recorded a 0.5 percent growth rate, which will dampen concerns that the country’s economy will remain stagnant in 2013. The statistics indicate that the European economy is recovering faster than expected and could post an overall growth rate for 2013.