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Originally Posted by molson
What is the job market like in Europe? (obviously that varies a ton between countries like France and Italy v. wealthier countries like Denmark).
I always got the sense it was stagnant. Their classes of income and wealth are closer because there's fewer super-rich, but, it is truly easier to get from say, entry level to $80k+ than it is in the U.S.? Or is there kind of a glut of people under 50 that basically all have the same lifestyle - fewer poor, fewer rich. Their medium and average income levels seem to be lower than the U.S.
Not saying any of this is better or more desirable, I think free healthcare is maybe the most important thing any country should do. But I wonder if it's better to be an educated professional in IT, law, engineering, etc, in the U.S.
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It's a good question. In places like the UK, Belgium and most Scandinavian countries, it really makes no sense to make more than 100K. You are basically paying 45-60% in taxes over that amount. And most of these countries also have their own form of social security tax in addition to income tax. Take Denmark (often listed as one of the top countries in Europe to live in). If you make the equivalent of 120K US in Denmark, you would pay 55K of that in taxes (take home 65K). If, instead, you made the equivalent of 60K US, you would pay about 20K in taxes (take home 40K). So is it really worth working the stress of a 120K a year job over a 60K job when you really only bring home an extra 25K in real money? In the US, the 120K person would bring home around 95K compared to the 60K person, who would bring home around $47K. That's basically double the take home pay so it is worth working that higher stress job.