Per the just releases job report, US added 292,000 new jobs in December. For the year 2015, it added a resounding 2.65 million jobs, 2nd best year since 1999. Not bad at all.
Though tomorrow is another day, the American economy is doing pretty well compared to the rest of the world. The other major economies, China and Europe have slowed down, while Japan is in perennial recession for more than a decade. (India, an aspiring major economy, though not yet in the same league as above nations, is not doing too bad at a growth rate of 7.5%.).
So what makes it different in case US, compared to the rest of the world. My take is simple. In spite of the lacunae it has, it practices the most austere and conservative form of the capitalism in the world. Labor laws favor the employer with easy hire and fire policy. No less than 40 hours work week, unpaid maternity leaves, limited Workers Unions (who are more concerned about the workers rights, but not duities) and so on. Even it's not mandatory for the employers to give paid vacations to their employees, though most companies give at least 2 weeks of paid vacations.
That does not mean that America has no safety net. They have in the form of unemployment checks. If you lose your job and register yourself as unemployed, a zero hassle and in a matter of days, government deposits $300-$500 per week in your bank account. This is for 6 months to a year, depending on the state you live. That's more than enough, I believe to provide enough social cushion. Not to mention the Social Security and Medicare for seniors, food stamps etc for the poor, who also get heavy doses of charitable contributions from corporates, churches and ordinary citizens.
European economy is in doldrums, as since 1970s they followed socialist model of less than 40 hours a week culture, doling out too much freebies to its citizenry, like unlimited unemployment allowance, pension with early retirement options, leading to bankruptcy and perpetual economic recessions. Talking beyond economy, It's another matter that Europe is soon turning into Eurobia, with persistent Arabian influx, which is going to create havoc on their social economic fabric. Or may be the process has already started and on roll....
Though tomorrow is another day, the American economy is doing pretty well compared to the rest of the world. The other major economies, China and Europe have slowed down, while Japan is in perennial recession for more than a decade. (India, an aspiring major economy, though not yet in the same league as above nations, is not doing too bad at a growth rate of 7.5%.).
So what makes it different in case US, compared to the rest of the world. My take is simple. In spite of the lacunae it has, it practices the most austere and conservative form of the capitalism in the world. Labor laws favor the employer with easy hire and fire policy. No less than 40 hours work week, unpaid maternity leaves, limited Workers Unions (who are more concerned about the workers rights, but not duities) and so on. Even it's not mandatory for the employers to give paid vacations to their employees, though most companies give at least 2 weeks of paid vacations.
That does not mean that America has no safety net. They have in the form of unemployment checks. If you lose your job and register yourself as unemployed, a zero hassle and in a matter of days, government deposits $300-$500 per week in your bank account. This is for 6 months to a year, depending on the state you live. That's more than enough, I believe to provide enough social cushion. Not to mention the Social Security and Medicare for seniors, food stamps etc for the poor, who also get heavy doses of charitable contributions from corporates, churches and ordinary citizens.
European economy is in doldrums, as since 1970s they followed socialist model of less than 40 hours a week culture, doling out too much freebies to its citizenry, like unlimited unemployment allowance, pension with early retirement options, leading to bankruptcy and perpetual economic recessions. Talking beyond economy, It's another matter that Europe is soon turning into Eurobia, with persistent Arabian influx, which is going to create havoc on their social economic fabric. Or may be the process has already started and on roll....
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