From parity in 2008 the EU vs US GDP gap is rising
From parity in 2008 the EU vs US GDP gap is rising
The US GDP is now $25tn vs EU GDP of $19.8tn with UK. Without the UK the EU is 50%.
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I do find it interesting that when we talk about economic growth of the West vs China, we are really only talking about American growth. The rest of the EU has stagnated. Is the "global economic order" really beneficial to the west, or just to the United States? We like to talk as if everything that's good for America is also good for Europe, and things like sanctions on China and Russia should be done by everyone, but the rest of the West is not nearly as economically healthy as America. Can Europe actually afford sanctions?
It's both financing a stronger military throughout NATO and kicking Russian oil and gas out. If the EU can't afford the sanctions then the military costs will go up. One way or another there will be costs, some of the military budgets took a huge peace dividend and it will appear as excessive military spending, however some of that is just playing catch up.
Afford? Probably yes.