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I keep seeing a factual inaccuracy of claims that the US GDP fell more than Europe's. This is not true.
The discrepancy is that the USA annualizes their quarterly GDP reports and Europe doesn't.
Quote:
The United States quarterly GDP fall, at -9.5%, is small compared to Germany’s -10.1%, France -13.8%, Italy -12.4%, Spain -18.5% and the European Union 27 at -11.9%.
You may have read the quarterly annualized -32.9% figure for the United States, but it is misleading to compare it with the European published figures which are not annualized. Annualized rate estimates how much the economy would grow or shrink if the rate of change seen in the quarter continued at the same pace for four consecutive quarters. If we compared apples with apples, the -32.9% United States quarterly annualized GDP collapse would be from -40% in Germany to -55% in Spain.
In any case, it seems relevant to insist on three points: 1) The United States GDP decline was smaller than consensus estimates; 2) It is notably lower than the Eurozone figure, which was worse than consensus expected; and 3) The advanced U.S. data points to one of the strongest recoveries in the world.
I am still bearish on the world economy, including the US. But let's stop repeating lies, because "orange man bad." I even saw MSNBC repeat this either due to a lack of basic economic understanding or perhaps propaganda against the orange man.
I keep seeing a factual inaccuracy of claims that the US GDP fell more than Europe's. This is not true.
The discrepancy is that the USA annualizes their quarterly GDP reports and Europe doesn't.
I am still bearish on the world economy, including the US. But let's stop repeating lies, because "orange man bad." I even saw MSNBC repeat this either due to a lack of basic economic understanding or perhaps propaganda against the orange man.
So when you see that the US GDP dropped by -32.9%, remember that is annualized.
France, Spain, Belgium, Germany, Italy, the UK, etc had a worse GDP drop than the US.
Why mention the UK? The UK isn't included (Brexit). It also seems like this report has 'cherry picked' SOME EU countries, conveniently leaving out those that have not suffered as much! In essence the US economy has fared better than SOME countries in the EU and worse than SOME others!! The figures are dependent on so many variables for eg what each nation's core economies are based on but ultimately it's NOT a competition! This is propaganda at its finest! I'm surprised you have fallen for it! (Or am I)?
Why mention the UK? The UK isn't included (Brexit). It also seems like this report has 'cherry picked' SOME EU countries, conveniently leaving out those that have not suffered as much! In essence the US economy has fared better than SOME countries in the EU and worse than SOME others!! The figures are dependent on so many variables for eg what each nation's core economies are based on but ultimately it's NOT a competition! This is propaganda at its finest! I'm surprised you have fallen for it! (Or am I)?
I said Europe, not EU. The UK is a part of Europe in spite of Brexit. They didn't make their tectonic plate shift over to a new place.
Do you understand the difference between Europe and the European Union?
I will be glad to explain it to you if you need it.
The EU as a whole had their GDP drop more than the US.
Europe as a whole had their GDP drop more than the US.
This isn't cherry picking, you are just disappointed the propaganda was exposed?
I keep seeing a factual inaccuracy of claims that the US GDP fell more than Europe's. This is not true.
The discrepancy is that the USA annualizes their quarterly GDP reports and Europe doesn't.
I am still bearish on the world economy, including the US. But let's stop repeating lies, because "orange man bad." I even saw MSNBC repeat this either due to a lack of basic economic understanding or perhaps propaganda against the orange man.
I keep seeing a factual inaccuracy of claims that the US GDP fell more than Europe's. This is not true.
The discrepancy is that the USA annualizes their quarterly GDP reports and Europe doesn't.
I am still bearish on the world economy, including the US. But let's stop repeating lies, because "orange man bad." I even saw MSNBC repeat this either due to a lack of basic economic understanding or perhaps propaganda against the orange man.
I said Europe, not EU. The UK is a part of Europe in spite of Brexit. They didn't make their tectonic plate shift over to a new place.
Do you understand the difference between Europe and the European Union?
I will be glad to explain it to you if you need it.
The EU as a whole had their GDP drop more than the US.
Europe as a whole had their GDP drop more than the US.
This isn't cherry picking, you are just disappointed the propaganda was exposed?
I didn't say the UK wasn't in the continent of Europe! I didn't see the UK mentioned in your link though! Its pointless comparing the US to the EU! Unlike the US the EU is NOT a country but many different ones each with their own seperate economies! You might as well say 'Africa as a whole had their GDP drop less than the US'!
I will be glad to explain it to you if you need it!
I said the UK was in Europe. Do you honestly disagree with that geographic statement?
Quote:
Originally Posted by easthome
I didn't say the UK wasn't in the continent of Europe! I didn't see the UK mentioned in your link though! Its pointless comparing the US to the EU! Unlike the US the EU is NOT a country but many different ones each with their own seperate economies! You might as well say 'Africa as a whole had their GDP drop less than the US'!
I will be glad to explain it to you if you need it!
I was comparing the US to "Europe" as the continent is full of similar countries in terms of quality of life and so forth.
You then jumped in and conflate Europe with the EU.
I included UK, because their GDP did drop by more than ours and they are a part of Europe.
You are one of the people that denied that New York and Albany was named after "James the Duke of York and Albany
." Even after I had 25 links and you had zero links.
Isn't this your same kind of nonsense? I am factually correct and that makes your feelings upset?
Europe's GDP declined more than the US's did. Same with the EU, same with the big European countries individually like Germany, France, the UK, Italy, and Spain.
I said the UK was in Europe. Do you honestly disagree with that geographic statement?
It just reminded that a lot of British people don't think they're European. A lot of them think they're basically their own continent, like Australia but smaller. They consider Europe to be "the continent".
And Europe isn't really a continent either, it is the Eurasian landmass. Which stretches from Iberia to Korea. It is all the same "plate".
Anyway, you said something about Britain not being shifted tectonically. Which made me wonder, how much would they need to have shifted before they were no longer European? Or more importantly, what is a European anyway? If it is geographic, then Britain being separate from the continent could suffice to make them not European. If it is cultural, then anywhere which is culturally similar to Europe would also be Europe. But that seems a bit ridiculous.
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