"According to the Draghi report (Draghi, 2024) Europe is falling behind. The usual sectoral analysis diagnoses a technological lag that can be linked to structural factors. Macroeconomic analysis, on the other hand, points to a poor combination of macroeconomic policies. We propose here an analysis from the point of view of individual incomes and their distribution. From the point of view of the poorest 50%, Europe is a more attractive model than the United States. Spain's trajectory is one of development that reduces inequality, while the Netherlands combines strong redistribution with shared growth. France has managed to maintain a fairly egalitarian model (at the cost of high taxation of the richest 1%), while the United States is marked by extreme polarisation. Strong growth in the United States mainly benefits the richest and the very rich, leaving a large part of the population on the sidelines without any trickle-down benefits."

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