It had to happen some time. One of the primary reasons the European Union was formed in the first place was to compete with the US economy. Well, they’ve managed to finally beat us. I suspect this will continue for a while.
This should help to make isolationist happy. I suspect this will reduce foreign trade even more. And maybe, some people in Washington will finally come to the realization that all our struggling and squirming to remain #1 is partially to blame for why we aren’t anymore. Let’s stabilize the dollar, rather than inflate it to artificially increase circulation. Let’s realize that being #1 isn’t all it’s cracked up to be, and start focusing a lot more on increasing people’s standards of living, rather than focusing on their spending habits. We’ve spent so much time focusing on our own economy that, while we weren’t looking, most of the other westernized nations passed us by on things like healthcare. And now, the EU has even passed us in the economic arena that we were so worried about all along, because they worked to establish a better social infrastructure back when we were still contemplating our own dollar.
Granted, the EU is more than one country, and as a whole has a higher population than the US (roughly 490 million to our 303 million), so one can’t be too upset over these numbers. We’ve never been #1 in standard of living, or wealth per person, in my life time, so the fact we aren’t the #1 economy anymore shouldn’t be too surprising. It was bound to happen as the EU continued adding countries, and increasing its population. But still, one must admit, the issue is a good springboard for one to complain about the state of our country.