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Euro area has a larger GDP than US

June 26, 2008

After some more arguments with my friends, who keep believing in the invincibility and supremacy of the US economy I have prepared another set of numbers, this time from the horse’s mouth: the CIA. Yes, indeed the agency responsible for screwing up big time warning the nation about September 11, 2001 is pretty acurate and forthright about matters of national economies. Here is their report about EU GDP, which according to the CIA currently stands at $14.38 trillion (2007 est.) at purchasing power parity and then the US GDP at $13.84 trillion (2007 est.). So not only is the US crippled by an insane merchandise trade deficit, crippling national debt for which the interest alone is $280 billion a year it is also in dire straits in other areas. This is what the CIA has to say:

“The onrush of technology largely explains the gradual development of a “two-tier labor market” in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households.

and listen to this:

“Long-term problems include

Together, these problems caused a marked reduction in the value and status of the dollar worldwide in 2007.” Political Blogger Alliance

One Comment leave one →
  1. July 4, 2008 2:43 pm

    Well, the figures probably don’t lie, although most liars figure. Your stats seem reasonable and the problems are all too true. The dollar is down and the EURO is up and US goods in big demand in the EU. I don’t mind fluctuations in global economies; it keeps competition stiff and life interesting. Don’t count the US out, we’ll be here a long time, and remember, that a lot of the strength of the EU is built on industries that were subsidized for modernization and rebuilding by the Marshall Plan.

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