Australia has chosen to follow Europe into stagnation. By Michael Arouet.

The biggest economic story of the last decades isn’t China.

It’s America decoupling from Europe.

Left-green policies may sound good, but they don’t work.

Europe is becoming economically irrelevant, not because the U.S. abandoned it, but because it follows the wrong policies.

 

 

In 2010, Australian incomes were the same as in the US, adjusted for parity purchasing power. Now look how far we’ve slipped:

Properly measured — with measures of consumption that account for transfers and aren’t vulnerable to tax haven effects — American workers are the world’s richest, both in general, and per hour worked.

 

 

Europe and Australia are pursuing net zero hard, which chases away industry and makes energy expensive. Both have swollen, left-leaning bureaucracies, and universities and media ecosystems that are unchecked by the US Constitution or much competition from the private sector. Finally, Europe and Australia both have very high immigration from the third world, which:

• Lowers wages (by increasing supply, especially at the low end)
• Raises property prices (by raising demand for housing)
• Lowers average IQ, skill level, social cohesion, law-abidance, and trust (the left deny that populations differ statistically, but the evidence is overwhelming)
• Increases the number of welfare dependent voters, who vote left.

Europeans and their dependents built the modern world but are going into minority status in their own countries as well as globally (8% of world population and falling). Still our ruling class denies the obvious.