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The UK Was Richer than the US on a Per Capita Basis as Recently as 2007
394 sats \ 5 comments \ @spiderman 15h econ
Yeah, that's what shocked me when I looked at some gdp per capita charts starting from the dawn of the millennium.
Before the great financial crisis, the UK was ahead of the US in terms of GDP per capita. Let that sink in and look at the numbers today.
I mean, I know the US has its own issues. But to see what unchecked welfare populism, NHS, leftist wokes getting empowered and unrestricted Islamisation can do to a country, look no further than the UK.
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21 sats \ 0 replies \ @Undisciplined 15h
I'd be curious about how they did the comparison. The UK is much more expensive than the US, so if they didn't do a purchasing power parity adjustment the result might be misleading.
Still, yes, the rapid descent of Europe in general and the UK in particular is astonishing.
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0 sats \ 2 replies \ @denlillaapan 4h
what's even crazier is that US and EU were equally sized economies. Now US is like 1.5x Europe
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14 sats \ 1 reply \ @spiderman OP 4h
The EU now excludes the UK, not a rounding error. So after adjusting for the same set of countries?
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0 sats \ 0 replies \ @denlillaapan 3h
oh, sorry -- didn't mean to imply EU/Europe distinction.
don't believe accounting for the UK makes a difference here. (Will pull up real numbers before talking more out of my ass)
edit: quickl googles give me Europe total GDP of about $28trn, with U.S. in the $29-30trn range. (I wonder how much of that is healthy growth in Eastern European countries) ... and this is pretty insane:
https://econofact.org/factbrief/fact-check-has-the-economic-gap-between-europe-and-the-united-states-increased-in-the-past-decade
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0 sats \ 0 replies \ @Solomonsatoshi 9h
A great and informative doco is 'The Spiders Web - Britains Second Empire'
About how the British elites in the city of London seeing the empire was in decline, built a global network of tax havens to stash their wealth.
it could be argued Trump and Co are doing something similar with stablecoins and crypto...virtual tax havens resistant to the rising Chinese empires reach.
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