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Europe says Spain’s economy is doing better than Germany’s. That’s absurd.

Europe says Spain’s economy is doing better than Germany’s. That’s absurd.
Tuesday 21
21:50 2019

German Chancellor Angela Merkel, right, attends a debate on '70 Years German Constitution' of the German federal parliament, Bundestag, at the Reichstag building in Berlin, Germany, Thursday, May 16, 2019. (Michael Sohn) One of the most economically important yet technically boring stories of our time is the way that policymakers have defined down success to the point that they’re saying, for example, that Spain is doing better with its 13.9 percent unemployment rate than Germany is with its 3.1 percent one. It has to do with what’s called the output gap, which is just how close the economy is to ...

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Washington Post : Europe says Spain’s economy is doing better than Germany’s. That’s absurd.

Summary: The nonsense idea that Spain’s economy doesn’t need any more help is really just an excuse not to help it. Policymakers might convince themselves with statistical games, but voters aren’t easily fooled.

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