L'Allemagne comptait le mois dernier 5,216 millions de sans-emploi, en données brutes, soit 12,6 % de la population active (20,7 % à l'Est et 10,4 % à l'Ouest) et 177 000 chômeurs de plus en un mois. Cela représente 11,7 % en données corrigées des variations saisonnières, à rapprocher des 10 % français.

But if German business is in such great shape, why is the country's economy not growing more strongly? The blame lies with weak consumer spending and business investment, largely as a consequence of the successful efforts of German firms to become fitter. Real wages have been squeezed and workers, fearful of losing their jobs and of looming cuts in welfare benefits, are saving more. Higher profits will eventually encourage new investment and jobs, but the short-term cost is weaker growth.

Against the 11% of their income put aside by Germans, American households save less than 1%. America's government is also far more spendthrift: adjusted for the economic cycle, its budget deficit is twice as large as Germany's. As a result of inadequate saving, America has a current-account deficit of 6% of GDP. By contrast, Germany has a surplus of 3%. It is true that less saving and more borrowing has propped up consumer spending in America, but one wonders how long that can last. Without higher saving, American investment and hence future living standards will eventually be constrained. In some ways, a Martian might argue, America's economy needs more restructuring than Germany's.