| The 800 lb gorilla on the block is no longer the | | | | average incomes crept above those in America |
| United States. America used to PRODUCE more | | | | but they are more than 8% above France |
| than any other nation in the world, but now | | | | (£21,700) and Germany (£21,665). How |
| America simply CONSUMES more than any other. | | | | about a pat on the back for the UK! |
| Did I mention that Americans do so not with cash | | | | Although many people will be surprised by the |
| or savings like the Japanese do, but with credit | | | | figures, Americans have long complained that |
| and inflation US$'s? | | | | average incomes have been stagnant in their |
| But, it only gets worse. Do to the falling US$ | | | | country. One often-quoted statistical comparison |
| value, gold has been going through the roof! | | | | suggests that in real terms the median male |
| But, it's the loss of bragging right to the standard | | | | full-time salary in America is no higher now than it |
| of living that really hurts. For you see, living | | | | was in the 1970s. Wonder why the Democrats |
| standards in Britain are set to rise above those in | | | | haven't focused on that issue? Oxford Economics |
| America for the first time since the 19th century, | | | | says that while the comparisons are affected by |
| according to a report by the respected Oxford | | | | sterling's high value against the dollar, they also |
| Economics consultancy. | | | | reflect longer-term factors. "The UK has been |
| The calculations suggest that, measured by gross | | | | catching up steadily with living standards in the US |
| domestic product per capita, Britain can now hold | | | | since 2001 so, it is a well established trend rather |
| its head up high in the economic stakes after | | | | than simply the result of currency fluctuations." |
| more than a century of playing second fiddle to | | | | But, not all is abd news in these figures as the |
| the Americans. The report says that GDP per | | | | average American has more spending power than |
| head in Britain will be £23,500 this year, | | | | his UK counterpart and pays lower taxes. I'll take |
| compared with £23,250 in America, reflecting | | | | the lower taxes any day. |
| not only the strength of the pound against the | | | | I'm afraid that 2008 is not going to be a good |
| dollar but also the UK economy's record run of | | | | year for any nation; however, for America, things |
| growth and rising incomes going back to the early | | | | could be even worse. Politicians are already seizing |
| 1990s. | | | | on the economic news and less on the Iraq war |
| Not a major difference, but :bragging rights" | | | | news. After all, Iraq is being seen as doing much |
| nonetheless. | | | | better since the surge began so best they not |
| Britain's GDP per capita used to be 34% below | | | | cause people to rememebr that they said the |
| that in America, 33% less than in Germany and | | | | surge wouldn't work! |
| 26% lower than in France. Now, not only have | | | | |