Rich US Tourists Will Make Europeans Feel Poor

Wealthy Americans are again expected to flock to Europe in droves this summer, where they’ll splash out on pricey hotels at the Paris Olympics or in the Mediterranean, vie for Taylor Swift concert tickets and dispense generous restaurant tips. The tourism industry – which contributes 10% of European Union gross domestic product — will be delighted to welcome these big spenders. The locals, though, increasingly look like poor relations, at least in purely financial terms.

While money isn’t everything, Europe would benefit from some soul-searching: Its high living standards are rightly treasured and help explain why it attracts more than half of the world’s international tourists. But these hard-won achievements are at risk unless politicians do more to boost productivity and maintain prosperity.