German Economy Leaping Forward as Americans Fall Behind
by Thom Hartmann
The official figures are showing that the German economy has leaped forward by 2.2% in the three months to the end of June, its fastest quarterly growth in more than 20 years. The German national statistics office said, "Such quarter-on-quarter growth has never been recorded before in reunified Germany." The higher-than-expected growth was due to strong exports, helped by a weaker euro. The eurozone economy grew by 1% during the quarter. Another big factory in the continuing growth of the German economy is that during the Great Recession German workers never saw layoffs or significant reductions in pay. This is because all German corporations are required to have a board of directors comprised 50% of workers, and that during the financial crisis the German government filled int he pay gaps of workers working fewer hours. Thus demand never dropped in the German economy, because workers always had a good paycheck, and so their economy continues to be robust.