Bloomberg suggests that consumers “sitting on 700 billion-euro ($753 billion) cash” is reason enough to predict macroeconomic resiliency in Europe, but this report is contradicted by findings by Eurostat on retail trade in the euro area and the EU as a whole.
A new debt crisis looks unavoidable. There is practically no interest in fiscal reforms across Europe, leaving the continent vulnerable to a destructive downward spiral of rising interest rates and structural budget deficits.
The numbers for the first quarter of this year were released by the Bureau of Economic Analysis showing a 30%-percent rise in revenue for the U.S. federal government over the pre-pandemic first quarter of 2019.
While the U.S. has its economic problems, the runaway government debt being an ominous example, its unending reliance on domestic spending for domestic prosperity is a winning recipe over time.
The Eurostat report revealed that some 535,000 first-time asylum seekers—most of whom arrived from Syria, Afghanistan, and Iraq—applied for official status in the European Union last year.
