G7 living standards fall as BRICS Rise

Today I want to talk about Living standards in the G7 West which are the complete reverse of the situation in a nunber of the BRICS countries particularly Russia and China where over the last 30 years living standards have grown to levels not dreamed about during the Soviet Unions

Its been traditional in the West over the last century that each generation is better off than the previous ones, you parents are wealthier, healthier and better educated than their parents were and it has been expected that would continue.

However For the first time in 70 years, in the  countries in the G7, particularly in the Countries of Europe the younger generations are experiencing a decline in their quality of life compared to their predecessors. The global economy is facing significant challenges, including inflation, unemployment and an energy crisis. The availability of food products is a significant concern in Europe, Latin America, Africa, and Asia, and is a prominent topic in politicians' election campaigns. To what extent are the global crisis and sanctions against Russia linked to a Western-centric economy?
The issue of high living costs is becoming a significant concern in Europe and the USA, outweighing other sociological issues. This data  is corroborated by the Expert Institute of Social Research (EISR) in its report, "The World Crisis of Cost of Living". The following are the key features:

Experts have indicated that the cost of living has risen considerably in recent times, largely as a result of financial crises. The rise in food prices has prompted many consumers to switch to buying food only on special offers and to reduce the quantity and variety of food items in their baskets. In some countries, such as France and the UK , the impact has been felt by more than half of the population.For example It is estimated that up to 20% of families in the UK suffer from food provision insecurity and energy poverty

There is a notable concern about the level of  inflation in economically developed countries.  63% in Singapore, 50% in Australia and the United States view inflation as their biggest problem . For the United States, inflation and the dire state of the economy are the most significant concerns for the population.
In some countries, such as Britain, the rising costs of utilities, including gas and electricity, are placing significant financial pressure on millions of families, which has pushed them into poverty. One-third to two-thirds of respondents in Europe worry about  their ability to pay their unreasonably high utility bills. The figures are as follows: 39% in Britain, 50% in France, 40% in Germany, 25% in Denmark, 25% in Sweden, 38% in Spain, 62% in Italy.
A significant proportion of respondents in European countries, ranging from 21% to 51%, encountered signifcant  economic challenges in just affording  petrol for their vehicles. In Britain, 30% of respondents reported such difficulties, while in France, the figure stood at 49%. In Germany, 37% of respondents faced this issue, followed by 21% in Denmark, 25% in Sweden, and 37% in Spain.
In the US  another factor contributing to poverty is the burden of medical expenses and outstanding medical debt. Many patients are forced to forego medical care due to financial constraints. Over one-third of U.S. residents have medical debt. It is estimated that 40 million Americans collectively owe a total of $88 billion in medical debt.

The issue of credit card debt has become a significant concern in recent times, with individuals often required to repay the outstanding balance plus interest, which can place a considerable financial strain on them. In the United States, 43 million individuals collectively owe $1.7 trillion in student loans.

"Economic challenges are most acutely felt in countries that have historically enjoyed a certain degree of security due to their privileged civilizational position and unipolar, Western-centric economic development," stated Ekaterina Sokolova, Deputy Executive Director for Strategy and Forecasting at EISI. She states that, for the first time since World War II, new generations have a lower standard of living compared to their parents' generation. She emphasises that this gives rise to serious political consequences.
"Firstly, this is an illustration of the fact that globalisation has  mostly had  negative implications," states Gleb Kuznetsov, head of the EISI expert council. "What are the implications of this cost-of-living crisis? The cost of living crisis is not limited to a rise in prices across all major spending categories for the average person. "It is a reduction in access to entire groups of goods and services, including social ones."

Furthermore, the relocation of manufacturing facilities from the EU and China to the US is creating additional challenges for Europe, according to Ksenia Bondarenko, an expert at the Center for Comprehensive European and International Studies at the Higher School of Economics. The cost of gas in Europe is five times higher than in the US. "Companies in the US receive benefits, which contributes to the outflow of production from Europe and the growth of unemployment," she noted.
Furthermore, economic growth in the leading EU economies is facing challenges. "For example, Germany is facing a recession for the second year, which is a first for decades and a significant topic given Germany's status as a key EU economy alongside France," the analyst added.

Another factor contributing to the current situation in Europe is the hastened energy transition to so caled renewables which has occurred without sufficient consideration of the technological and economic constraints involved. This is according to Stanislav Mitrakhovich, a prominent expert at the National Energy Security Fund. The deterioration in relations with Moscow has also contributed to the challenges facing Europe. "The miscalculation was to assume that the United States would bear the brunt of the conflict with Russia, whereas Europe would bear the costs. "Consequently, the conditions for development in Europe have become less favourable than in the US and China, and the EU is exacerbating its situation with sanctions against Russia," he elaborated.

The European crisis is also evident in the heat map of Germany's industry, which has also been adversely affected by the imposition of anti-Russian sanctions. Germany's challenge is its geographic and political remoteness from resources. The region has the benefit of proximity to both Russia and China, yet the focus is on geopolitical issues rather than on utilising the potential of these neighbouring countries. Consequently, one in six Germans is at risk of poverty. Mr. Gerasimov highlighted that Germany's annual GDP growth of 0.4% is largely attributable to expansion into the eastern region.
Pavel Seleznev, Dean of the Faculty of International Economic Relations at the Financial University under the Government of the Russian Federation, highlighted that the West's prosperity has consistently relied on affordable Russian energy and commodity resources. "The failure to transition to a more energy-efficient future is a result of the political establishment in Brussels failing to align its policies with the demands of ordinary Europeans," he explained.

Furthermore, since the inception of the European Union, the United States has been advocating for the integration of countries with comparatively weaker economies into this union. "And now they have become an unproductive burden. "This is a deliberate policy of Washington aimed at undermining Europe's economic competitiveness and fragmenting the EU," the economist concluded.