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  • July 29, 2008 01:22 PM EDT by Brian Sullivan

    Finding the High Notes

    It can be frustrating each day on the program to deliver a seemingly constantly stream of negative news about the state of the economy and American business. Gas prices are on the rise, home prices are on the decline.   Food costs are soaring, and its nearly a certainty that taxes are going to go higher.   Reason to be upset?  Perhaps.  Reason to be unhappy?  Perhaps not.

    The next time you cringe paying $4/gallon for gas, be glad you aren't in Europe.   Europe has been dealing with much higher gas prices for years.  In many countries the price for fuel is more than double what we pay here.   They also pay more in income tax and cannot deduct their mortgage interest on a home, one of the biggest tax breaks we have.   Even relatively free health care and education don't balance it out.    In all, Europeans bring home less after-tax pay than Americans.

    So how then is it that in a survey of nationwide happiness, America ranked 16th while the top 10 was dominated by European nations such as Denmark and Austria.   Could it be we have focused too much on the the negative news and forgot what we do have?   Have we just grown too used to the good times?

    So for today, I am going to focus on the positives we don't hear enough about:

    1. Unemployment may be up, but the employment rate is still more than 94%.   It's around 98% for those with a college degree.

    2. Home prices are falling, but in most areas of the country are still much higher than they were even a few years ago.

    3. Foreclosures are rising, but around 98% of homes and mortgages are current.

    4. Taxes may rise, but they are still going to be among the lowest in the industrialized world.

    5. The Dow is down, but only back to 2006 levels.  We are 2-thousand points above levels 5 years ago.

    6. The dollar is weak, but unless you are traveling to Europe do you really care?    The weak dollar is also helping American manufacturers like Caterpillar (NYSE: CAT) and Bucyrus (NASD: BUCY) sell their goods around the world.

    Let's remember we have been here before.   Economic cycles come and go.   We have also been blessed not to fight a drawn out land-based war on our soil since 1865, and with a foreign enemy since 1814.   Europe has seen two massive wars on its continent in the past 100 years.

    I am certainly not trying to be a pollyanna.   There are problems out there, and everyone's situation is individual.  Life can be hard and not always fair.   But maybe we can learn from Europe.   Just because we pay more for gas and have an economic slowdown, we still live in a darn good country.   And a country many people in other nations would give everything they have to live here.  Let's take back number one on that list.

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Bob

I am as happy as I have ever been. I have the best job I've ever had and live in the best house I've ever lived in. I have excellent healthcare. I think there are a lot of people who don't realize how good they have it, thus they are not happy. Remember you get to choose your attitude every day. It is up to you to make yourself happy. It is not the government's responsibility. I am concerned about higher taxes. If history repeats itself, higher tax rates stifle the economy and reduce tax revenue, thus increasing the deficit. I am also concerned about socialist healthcare, which is not as good as we have. If you think healthcare is expensive now, just wait until it is free. When I hear a presidential candidate ask "Are you better off than you were 4 years ago?", my answer is always yes. It doesn't matter which party is in control, you can be better off. It isn't that tough. Work hard, save some money, enjoy what you have. You just have to decide to do it. I don't believe the people in socialist countries have that freedom. That's the reason so many of them are trying to come here.

August 11, 2008 at 8:57 pm

Jonathan

I've never been to Europe, but i have had the opportunity to know many who have lived there. They do seem to be happier with their lives than us in our country, although they would seem to have more to complain about. I know i'm relatively happy, although many i know are not. Thanks!

August 2, 2008 at 5:00 am

1077

The American punditry on the left keeps willifying the American system while from the right it is nothing short of a paradise. Yes my dear Brian, Europeans are indeed happier than Americans, simply because they live better. Period. Your take-home-pay calculations are worthless so long you do not list what one can do with it. Take this from an American who lived in Europe for 10 years as an expat and has been now back in the US for quite a while. All the horror stories you hear around the talk-shows about the European health care simply do not apply... at least not in Germany and Austria where I lived. I am a believer in the American separation of powers and in the free market economy. But may be the word "free" does not apply to the US anymore to the same extent it used to. And may be the separation of powers is not anymore what the founders meant it to be. May be the Europeans came up with a better way to skin the capitalist cat. It is depressing to think of it, but we may see populist Obama prevail and a more socialist America emerge because people are simply disenchanted and, being poorly educated, do not really understand why. I am afraid that many pundits do not understand why either. A socialist America may turn out to be a nightmare and my hope is that after a short deviation, we will have the ability to turn back to real freedom. A French friend keeps kidding me: "We had our Mitterand, so why should you not have your Obama?" The big difference is that while his highness Mitterand reigned in France, America was still relatively free and offered an example. If America goes left and in owe of the personality of one man, who will we be looking at for an example? May be China?... Bottom line, do not vote Obama, unappealing as McCain may be.

July 31, 2008 at 10:57 am

B.Huckabee

GREAT show!!! It is hard to find the good news in all of this. I thought your guest Steve Curnette (sp?) did an excellent job of being balanced. Basically, he said, hey, the bright spot is we can begin to see patterns and learn from the past. It seems NO ONE is actually offering solutions right now. It is all crisis and talk of how horrible it was and how horrible it is. But as a country we have to find a way to move ahead. Mr. Curnette was really good and had great points - please have him on again! We need smart people talking about this!! Thank you!!!!!

July 30, 2008 at 9:54 am

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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