Europe’s Soft Bigotry of Low Economic Expectations

As a precursor to a series of articles we plan to publish over the next few weeks, taking a ‘Factors of Production’ analysis view of “Europe’s Economic Woes”, this article by Dan Mitchell is spot on in framing the European ‘low expectations’ culture….

International Liberty

The United States is suffering through the weakest economic expansion since the Great Depression, which is a damning indictment of Obamanomics.

But that doesn’t mean the United States has the world’s worst-performing economy. Japan’s statist economy has been mired in stagnation for more than 20 years, which is about what you might expect in a nation where the government is so omnipresent that it even regulates coffee enemas.

But if you really want to feel good about America’s economy (at least in relative terms), then a comparison to Europe is probably akin to snorting cocaine.

The welfare states on the other side of the Atlantic are in such poor shape that they celebrate even the tiniest glimmer of good news. Here are some blurbs from a story in the EU Observer.

The eurozone economy has moved out of recession, according to unexpectedly strong data published on Wednesday…

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