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J.D. Tuccille: U.S. getting richer while Britain, Europe and Canada are falling behind

Americans surge ahead on freer markets while Britons and Canadians fall further behind

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We sometimes forget that the bad economic policy choices of U.S. politicians often pale in comparison to those of their counterparts in other countries. The result is that, despite the government’s best efforts, Americans are growing more prosperous at a faster rate than their peers elsewhere. The divergence is happening so rapidly, the U.K.’s Institute of Economic Affairs (IEA) recently pointed out, that Britons (among others) lose track of how quickly they’re falling behind Americans’ wealth and living standards. A return to free-market principles could help to once again even the score.

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“A majority of Brits wrongly believe that the average person in the U.K. is as rich, or richer, than those in Switzerland, the United States, Singapore, Germany, Australia, and much of Western Europe,” according to a recent paper by IEA’s Matthew Lesh and Michael Turner. “There is an even more extreme disconnect when participants are asked to rank the U.K. relative to the 50 states that make up the United States.”

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