The US alone spends 1.5x as much on consumer goods (yes, adjusted for PPP) and nearly 2x as much on R&D as the entire EU. It’s very sweet that the EU is trying to decouple itself from the US economy, but I highly doubt its ability to become “leader of the free trade world” when it has so little money to throw around.
Yeah, we'll just up our EU debt to about 40 trillion USD, make up some money and continue. Sounds a lot like US right? Living in perpetual debt as a nation.
> The US alone spends 1.5x as much on consumer goods (yes, adjusted for PPP) and nearly 2x as much on R&D as the entire EU.
Given that by PPP the EU and the US are about the same, that necessarily means the EU spends more on other things.