Originally posted by Stigma
Recent migrant crisis notwithstanding, Germany's economy is in a recession for some time now. And I hear the US owe around 20 trillion dollars.
Here's a chart for Germany's unemployment (you can mess with how far you go back) and GDP.
They have a 4.5% unemployment and mild GDP growth. They're worried about recession because the GDP growth is so small- less than 1%- but this is a very robust economy worried about contracting a bit, Germany in recession would still be doing better than many other countries. Here's an economic forecast made last November that notes it's expected to remain a strong economy through 2016.
They could eat a few months of recession and still be in healthy economy land, really. Due to the fact that they never went in to the austerity thing (austerity being a short-sighted policy which hurt a lot of country's recoveries), they'd been sitting prettier than most of Europe ever since the big crash happening in '08.
As for the US owing, the national debt is mostly owed to ourself, does not have a direct impact on the economy, and interest rates are so low that economics have noted we really should be issuing more debt since it's practically like people paying the government to hold their money in exchange for the security of US debt. And it's in bonds, so it cannot be 'called in'. National debts work a *lot* different than individual's debts, and a lot of people panic thinking it means something very different than it does.
In terms of 'national debt in comparison to GDP,' we had far larger after WW2... and we never paid it off, instead we let economic growth happen until the debt became small in comparison at the same time we were doing stuff like building national highway systems and paying for new social programs. Also, Japan has a far larger debt-to-GDP ratio too, and watch them not exploding. Debt is something those who want to induce panic in people unfamiliar with national economies use.
Not sure about prosperity tbh.
Well, job-wise, the US is still lagging in full-time jobs, but in pure number of jobs is reaching/may have already reach what economists call 'peak employment,' where unemployment numbers no longer drop because there's really not much else to go, and this down from a double-digit unemployment, Obama has literally cut unemployment in half.
Germany's already easily at peak employment with their 4.5%.