During his “My Take,” Friday “Varney & Co.” host Stuart Varney offered an alternative view of the U.S. economy pushing back against the perception it’s a “problem” in need of fixing, arguing that compared to other G7 countries America’s economic record is stronger than many think, but warned Biden could mess it up.
STUART VARNEY: How about an alternative view of our economy?
We are used to seeing all the problems. When something positive turns up, it comes as a pleasant surprise.
So look at this. An opinion from the prestigious “Economist” magazine: “The lessons from America’s astonishing economic record.”
The sub-headline: “The world’s biggest economy is leaving its peers ever further in the dust.”
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Well, you haven’t heard that recently, have you? Here’s their reasoning.
First, average incomes have grown faster here than in Western Europe or Japan. The average family’s purchasing power in Mississippi, our poorest state, is still higher than in France.
Our standard of living remains much higher than almost anywhere else, except Norway, a petro-state, and Luxembourg or Liechtenstein, which are tiny financial hubs.
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American companies own more than 20% of all patents registered overseas. More than China and Germany combined.
Research and development spending here is way out front of our rivals.
In terms of national output, that’s GDP, the size of our economy, we now account for one-quarter of the global economy, about the same as in 1990, despite the rise of China.
Among rich countries, the so-called G7, America accounts for nearly 60% of output. It was only 40% in 1990. See how far we’ve come.
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Big picture. Historically, we’re doing well, but watch out. The Economist concludes that the more we see our economy as a problem in need of fixing, the more likely politicians are to mess up the next 30 years.
So true. Biden wants to transform the U.S. economy – all government all the time.
That really is how you mess up the next 30 years.