British voters unaware of UK's economic decline relative to US
Updated
Updated · The Wall Street Journal · Apr 30
British voters unaware of UK's economic decline relative to US
8 articles · Updated · The Wall Street Journal · Apr 30
A January poll for the Institute of Economic Affairs found respondents thought Britain would rank as the seventh-richest US state, when it is closer to Mississippi on per-capita GDP.
The article says US GDP per head is about $94,400, versus $61,000 in the UK, arguing welfare states and lower prices can mask weaker productivity and living-standard slippage.
It warns voter ignorance could hinder reform until fiscal pressure, including higher defence spending and strain on welfare funding, forces a reckoning over Europe's long-running growth gap with America.
Can a less prosperous Europe afford both robust defense spending and the social benefits its citizens expect?
Will the EU's new market plan finally create tech giants to rival America's, or is it too little, too late?