Europeans Question American Job Growth
July 2, 1996
During the recent G-7 summit, French President Jacques Chirac opined that many of the new jobs being created in the U. S. "are low paid jobs we wouldn't accept in Europe."
For the record, however:
- The U. S. created about 20 million new jobs during the 1980s and another 8 million so far in the 1990s.
- Over the same period, Europe created only about 6 million new jobs.
- While western Europe is struggling to get unemployment below 10 percent, our unemployment rate is about 5.6 percent.
- Workers remain the most productive by far as well as the best paid.
Economists advise the leaders of France and Germany -- who are trying to negotiate cuts in government spending with powerful labor unions -- to keep in mind the model of the Reagan boom years, during which lower taxes, fewer regulations, economic growth and job creation built a much stronger economy.
Source: Editorial, "Lecture From Lyon," Investor's Business Daily, July 2, 1996.
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