WSJ: US Companies Outsourcing White-Collar Work to UK in Search of Lower Wages (user search)
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  WSJ: US Companies Outsourcing White-Collar Work to UK in Search of Lower Wages (search mode)
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Author Topic: WSJ: US Companies Outsourcing White-Collar Work to UK in Search of Lower Wages  (Read 2067 times)
parochial boy
parochial_boy
Junior Chimp
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Posts: 5,113


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« on: April 17, 2024, 09:26:30 AM »

Aside from the sheer hysterical madness of believing that Major reversed Thatcherism or that Truss did not cause the financial crisis that was a direct result of her budget. Or the brazenness of claiming that there was no austerity and supporting this with a bunch of charts showing big drops in public spending as a percentage of GDP. Well...

In the mid-19th century, before introducing their welfare states (the early 20th century US was actually rather more interventionist, trust busting, or the new deal...) France and Germany had GDP per capita of around or even less than half of what it was in the US. During the post-war era social democratic era, with a more redistributionist state in place in Europe, this rose to 80% of the US's levels. In fact, productivity in those two countries actually caught up with the US, and is more or less equivalent today, just the French and Germans work far less. Which seems like a win in terms of who has better lives.

The UK admittedly has done worse, but boy did it take a hit under Thatcher.

The US has indeed performed much better since the financial crisis, even more so at the moment. But this is down to Europe's obsession with fiscal austerity and reducing budget deficits, whereas the US has generally engaged in much more fiscally expansionary policies. Rather succesfully and diametrically the opposite of what you appear to believe.
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