Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-05-15-Speech-4-018"
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"en.20030515.1.4-018"2
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"In fact, despite a very flexible labour market, the official rate of unemployment has just reached 6% in the United States. It thus exceeds that of more than half of the Member States of the European Union. This official unemployment figure of 6% does not reflect the reality as a whole. The United States keeps two million people in prison, and that is another form of unemployment. Moreover, the definition of unemployment is particularly restrictive since it takes no account of all those Americans who are not actively in search of jobs. According to the American Ministry of Labour’s figures for March 2003, out of a total population of 290 million people, some 74 million adults were out of work in the United States, approximately 18 million of whom were officially unemployed and some 56 million of whom remained outside the labour market. This latter figure represents an increase of approximately five million since President Bush came to power.
In the United States, job creation was particularly vigorous in the area of what are called ‘face-to-face’ services, that is to say services not subject to international competition, such as the health sector, education, supermarket retailing, hotels, catering and entertainment of all kinds. All these sectors prosper thanks to consumers who spend on credit. Private debt in the United States at present exceeds 120% of GDP, that is to say the incredible sum of USD 13 000 billion. Stronger growth in the US is the result of the country’s private and public deficits. The American trade deficit with the rest of the world at present exceeds 5.5% of GDP. Foreign debt in the United States at present amounts to more than USD 3 000 billion. The American budget deficit, calculated on the basis of European criteria, also exceeds five per cent.
Superior growth in the United States is in fact a consequence of deficit spending.
The greater productivity to be found in the United States is the result of a more generous policy of national and regional development than is to be found in Europe. The greatest increases in productivity are linked to shopping malls and other forms of green field investment
a policy with which Europe, with its larger population, could never compete. Nonetheless, Europe is certainly no less productive than the United States. In 2002, the European Union had a share of world markets practically double that of the United States. Ought we really to follow the American example, Commissioner? Ought we not to set ourselves other objectives, that is to say a policy of stability that is less ideological and more pragmatic? Ought we not to admit that, at a time of soft recession, it is necessary to invest in research and development and in infrastructure and, therefore, not to sacrifice future expenditure, as Europe is doing at present?"@en1
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