Excerpt Of The Day: American Capitalism Vs. European Socialism

by John Hawkins | June 1, 2005 10:18 pm

“Over the past ten years Eurozone growth is 2.0 percent annually compared to 3.3 percent in the U.S. Eurozone unemployment has averaged 9.2 percent versus 5.1 percent in America. Euro-style socialism has failed to deliver the goods or the jobs.

The Continent has fallen woefully behind in productivity, capital formation, wealth creation, and entrepreneurship. In France the top combined marginal tax-rate is 55.7 percent, kicking in at a dollar comparable $87k. In Germany the top rate is 47.5 percent, kicking in at $57k. In the U.S. it is 41.6 percent, kicking in at $327k.

Euro living standards are falling, youth unemployment is twice the overall rate, the gap between the American and European economies has widened hugely, and the European voters are discontented, fearful of the future, and trembling at the winds of free market change blowing in from the new Eastern European countries with their flat taxes and their market opening reforms.” — Larry Kudlow[1]