American Economics Thread

[TK3600]

This conversation seems to have drifted into a wide array of points but the main ones which seems to be uncontested is that US incomes are higher than those in Europe, have grown faster over the last 2 decades and most measures of consumption indicate US households consume more.

A final thing: if European households were better off than American households, why are there more Europeans immigrating to the United States than Americans immigrating to Europe? The revealed preference suggests US households are better off

USA is just that much friendlier to immigration. Rich countries like Switzerland and Norway should offer much better social program and have equal average wealth level, but people struggle to get in. In other words even if American want to move in they cannot. Immigration pattern is subject to many strong factors besides wealth level and political preference.

 

[USTBasisRollCarry]

USA is just that much friendlier to immigration. Rich countries like Switzerland and Norway should offer much better social program and have equal average wealth level, but people struggle to get in. In other words even if American want to move in they cannot. Immigration pattern is subject to many strong factors besides wealth level and political preference.

Switzerland is 26% foreign born and Norway is 12% foreign born compared to the United States being 13% foreign born. It's GDPPC differentials because Europe isn't *that* closed to migration

 

[USTBasisRollCarry]

https://twitter.com/i/web/status/1646933584098344961

Atlanta Fed Nowcast of 1Q23 GDP; the Monthly Treasury Statement and the industrial production indices (mainly utilities) pushed estimates of private investment and government spending higher

 

[KYli]

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[paiemon]

Switzerland is 26% foreign born and Norway is 12% foreign born compared to the United States being 13% foreign born. It's GDPPC differentials because Europe isn't *that* closed to migration

European immigration is more inter-EU migration. Like for example much of the Swiss foreign born population are French, Germans, Italians, etc. USA is much friendlier to migration thanks to their lax labor laws, money-driven culture and exploitation, they want those people for a reason. EU has much stricter labor laws, its not as easy to just up and move if you are non-EU or lacking some kind of migration agreement. If we are talking in terms of third world migration, then US has the EU beat handily proportion wise (hello Mexico border). If you are a talented professional and you want the glory and the $$$, you will absolutely have more success and possibly better QOL in the US then Europe so if those are the goals then yes you will have migration in that direction. You don't have as much migration in the other direction because well off Americans got a good deal in the US, no need to go anywhere. For the rest of the country Europe would probably be a better QOL but those are the people with less means to make the switch and whose talent is probably not in demand in the EU anyhow. Its the same reason you don't see many Americans moving to Canada but many in the other direction.

 

[TK3600]

Switzerland is 26% foreign born and Norway is 12% foreign born compared to the United States being 13% foreign born. It's GDPPC differentials because Europe isn't *that* closed to migration

How the hell is foriegn born sign of immigration. They could be there for job and vacation. Unless you are telling me switzerland is such a popular immigration center it is twice as attractive as USA. Let me ask you a question, how many of them become citizen?

 

[HereToSeePics]

How the hell is foriegn born sign of immigration. They could be there for job and vacation. Unless you are telling me switzerland is such a popular immigration center it is twice as attractive as USA. Let me ask you a question, how many of them become citizen?

Isn't it by definition that if you're born in one country and move to another country with an intention to stay and live there for the long term, then you are immigrating?

Also, since Switzerland has an agreement with the EU on the

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, it makes it relatively easy for people from most of western Europe to move, live and work in Switzerland, such at a vast majority of immigrants to Switzerland are from Germany, Italy, Portugal and Turkey

 

[TK3600]

Isn't it by definition that if you're born in one country and move to another country with an intention to stay and live there for the long term, then you are immigrating?

Also, since Switzerland has an agreement with the EU on the

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, it makes it relatively easy for people from most of western Europe to move, live and work in Switzerland, such at a vast majority of immigrants to Switzerland are from Germany, Italy, Portugal and Turkey

They are still not citizens and are citizens of another country. In US immigrants become American. The nature is not the same. Very very few so called immigrant in Switzerland becomes Swiss. They are here for jobs and leave when another company pay better.

 

[luminary]

US has historical dearth of hardware technical talent because it is a dry, small field w/o future prospects, and doesn't pay as well as software:

US Urges College, Chip-Firm Partnerships as It

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The US needs “robust partnership” between top universities and private industry as it works to beef up domestic semiconductor-manufacturing capacity, Commerce Secretary Gina Raimondo said. The forecasts are that we’ll be about 100,000 semiconductor technicians short in the next handful of years."

Ajit Manocha, president of industry association SEMI, said one frequently-used estimate of 300,000 workers needed by 2030 understates the problem. He said that in the US, it may require 500,000 or 600,000 more people in the chip manufacturing industry to achieve success.

About those colleges...

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Prices continue to rise: A year at Cornell now costs nearly $90,000. Administrative bloat is rampant: Yale University now has the equivalent of one administrator for every undergraduate student. Federal student debt has reached $1.6 trillion, 60% more than credit card debt.

Enrollment has fallen by 1.4 million since the pandemic began, with no end in sight with the waning of the pandemic. A majority of Americans now consider a college degree a questionable investment. Thirty-nine million Americans drop out of college without finishing their degree.

US universities have imported some of the worst qualities of mature companies: exorbitant CEO pay, a bloated middlemanagement, a habit of treating non-tenured faculty as precarious workers rather than candidates for membership of a learned society, and, to the chagrin of conservatives who naively imagined that marketization might tame the tenured radicals who dominate the faculties, all the expensive paraphernalia of the woke corporation. The number of administrators has grown with a speed that would astonish even GM’s middle-managers of the 1970s: Stanford’s army of managerial and professional staff leapt from 8,984 in 2019 to 11,336 in 2021.

Worryingly, a growing number of universities are making SAT tests optional while keeping legacy preferences intact.

But then again, meritocratic examinations came from China and therefore must be evil and shunned!

There is an uncomfortable number of examples of students shouting down invited speakers — most recently, law school students at Stanford University shouted down a Trump-appointed federal judge, Stuart Kyle Duncan, who had been invited to speak by the school’s Federalist Society chapter. The Foundation of Individual Rights and Expression (FIRE) calculates that there were 877 attempts from 2014 to 2022 to punish scholars for the expression of ideas that are protected by the First Amendment.

Most conservative academics told pollsters that they encounter a “hostile environment” for their beliefs while about half of left-wing and centrist academics admit that they would discriminate against Trump supporters or conservatives

Useless paper degrees... Nepotism/cronyism... Echo chambers...
If you saw my other post on the Indian Education system, then it really feels like the USA is going the way of India.

 

[tygyg1111]

US has historical dearth of hardware technical talent because it is a dry, small field w/o future prospects, and doesn't pay as well as software:

US Urges College, Chip-Firm Partnerships as It

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If you saw my other post on the Indian Education system, then it really feels like the USA is going the way of India.

Educational supapowa indeed