American Voters: Don’t Look to Europe as a Model
The United States election campaign is focused primarily on how much the next president will spend and the measures to combat coronavirus. Both issues should point to one conclusion: unlike what candidate Biden wants to do, the next United States president should not copy the European Union.
As we face a second wave of coronavirus outbreak in Europe, we know that the March measures and aggressive lockdowns were a grave mistake.
The European economy is on the verge of a double-dip recession: the unemployment rate is at 8.1 percent compared to 7.8 percent in the United States but the European Union still has around 10 million furloughed jobs. Real unemployment, if we use the same calculation as in the United States, is closer to 11 percent.
Politicians tend to say that public healthcare and government spending are the solution to this crisis. However, that is contradicted by the fact that Belgium, one of the countries with the highest public spending in the world, has 36 percent more deaths per million inhabitants than the United States. Conversely, South Korea, one of the countries with the lowest government and per capita healthcare spending is leading the pandemic fight with fewer deaths (only 457 in a country of 51.8 million citizens).
Control of the pandemic cannot come from misguided government intervention in the economy or inefficient lockdowns. The Financial Times recently showed how countries with simple but ef
Article from Mises Wire