Turn on any major news network and you're likely to find fresh criticism of the U.S. economy. Whether it's inflation, incomes, or the ever-looming menace of inequality, pundits seem to have no shortage of scorn for the American economy. All this criticism can make it seem like America is on the brink of an economic precipice. Nonetheless, compared to the rest of the developed world, America has consistently been on the forefront of first world productivity and power. Despite plenty of problems, America is still a world power when it comes to productivity, and its economy reflects that.

The clearest sign America boasts one of the most productive economies is GDP per capita in each state. This metric reflects a given state's overall output, divided by its population, representing an average for each individual in that state. Individually, individual states can often match up to, and even exceed, other developed nations. Take Mississippi, for example, which is one of the poorest performing states in the union. As of 2024, the gross domestic product for the state is $50,907, the lowest among all 50 states. Now, let's look at Europe, specifically Italy. What do you think their GDP per capita might be? $60,000? $70,000?

It's $39,580.

That's an average of $39k in personal income for every individual in the state. The poorest state in the poorest nation in the developed world outproduced Italy by over $10,000, despite the Union's problems with median income and the middle class losing ground against the ultra-wealthy. GDP per capita isn't necessarily a reliable metric, due to other factors that go into quality of life and GDP being skewed by things like income inequality, but this demonstrates just how far America has to fall before it "catches up" to the rest of the pack.

This trend follows through into wages. Take a look at the average wage of a physician, for example. Take the U.S. and our neighbor to the south, Italy.

As of 2021, according to Physician's Weekly, the average physician salary in the United States is $316,000.

What about Italy?

$70,000.

I find that this is a great example to demonstrate why the U.S. finds itself in the unique position it's in with regard to skilled workers. For years now, there has been a steady outflow of skilled European workers into America, particularly in the fields of medicine, computer science, and finance, seeking better opportunities and, more importantly, better pay. This has been tempered, to a certain extent, by the lower cost of living in Europe, particularly in major cities where most white-collar jobs are found. This no longer seems to be the case, as the appeal of working and living in America outweighs the risks and dangers of crossing an ocean. The opportunities available in America proper simply cannot be found anywhere else, not even in Europe.

America's economy isn't without its flaws. I would be remiss not to mention them, personally, I experience some of these issues at the grocery store when buying groceries. The costs associated with my hobbies and living in general seem to climb higher and higher with every passing year, as does the cost associated with buying a home or simply starting a family and raising children. This has led to a large part to the social security crisis in Washington, D.C., as the incoming tide of retirees far outweighs the amount of younger workers entering the economy to replace them. But as we struggle to find a solution to these troubles, it's important to remember, it could be a lot worse.