That is a pattern seen in earlier economic downturns, particularly the global financial crisis and the Great Recession. Europe depends on existing programs kicking in that pump money into people’s pockets. The U.S., on the other hand, relies on Congress taking action by passing emergency stimulus programs, as it did in 2009 under President Barack Obama, and the recent rescue package under President Donald Trump. [...]
In downturns, U.S. employees can lose their health insurance if they lose their job and there’s also a greater risk of losing one’s home through foreclosure. On the other hand, Europeans typically pay higher taxes, meaning they earn less in the good times. [...]
The U.S. tends to rank below average on measures of social support among the 37 countries of the Organization for Economic Development and Cooperation, whose members are mostly developed democracies. The U.S. came last in people living in relative poverty, meaning living on half the median income or less, with 17.8%. Countries like Iceland, Denmark, the Czech Republic and Finland have less than 6%.
No comments:
Post a Comment