U.S. Economy Surpasses Rest of Developed World
May 11, 2004
A recent Joint Economic Committee (JEC) of Congress report compared growth rates and job creation in the United States, Japan, the European Union and Canada. The report notes that since an economic downturn in all developed nations earlier this decade, the U.S. economy has done significantly better than other developed economies:
- The U.S. economy has expanded 7.8 percent since the recession -- the best performance in the developed world -- and has grown more than 3 times faster than European economies.
- The U.S. unemployment rate has fallen by 0.8 percentage points -- the best performance in the developed world.
- The U.S. unemployment rate is 5.6 percent, compared to 8 percent in Europe.
Daniel Mitchell of the Heritage Foundation says that America's advantage won't last if Republicans and Democrats waste money on ineffective government programs. Adding, "[w]e don't want France's stagnant economy and high unemployment, so our lawmakers shouldn't behave like French Politicians."
Source: Daniel J. Mitchell, "Grading Bush," Heritage Foundation, March 24, 2004, and "International Economic Performance Since The Stock Market Bubble," Joint Economic Committee, March 2004.
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