U.S. Created Jobs, Europe Didn't
January 19, 1999
The 1990s started with a war in the Mideast, a recession and a record surge in government regulation. But by 1999, the decade had turned such inauspicious beginnings into a period of solid economic growth.
- So far during the 1990s, the U.S. has created 19 million new jobs -- pushing the unemployment rate to its current 29-year low of 4.3 percent.
- Meanwhile, the major nations of Europe in the same time period created zero net new jobs.
- One reason for the difference may be that Americans founded nearly 6.5 million new businesses in the 1990s, according to Dun & Bradstreet.
Economists attribute the prosperity of the 1990s to a number of factors -- among them the end of the Cold War which allowed cuts in defense spending, a global wave of disinflation, the boom in high-tech investment, and baby-boomers hitting their peak years of productivity.
Source: Editorial, "The Great American Job Machine," Investor's Business Daily, January 19, 1999.
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