The average European energy company earns a 9% net margin after investing billions and creating jobs. The state takes: 21% of its profits 30% of its revenue 45% of total employee labour costs. 50% of the final energy price. And some people still want more government.

Spain’s economic “miracle” is a statistical mirage. Less miraculous per person. GDP grows 2.7%, but household consumption and investment slow while government consumption accelerates (INE). The IMF’s figures show just 1% annual real GDP per capita growth over 2018–2027, including forecasts. Exactly the same as the sluggish euro area (IMF table). Meanwhile, inflation stands at 4.9%. Spain has spent 17 consecutive months above euro-area inflation through September, with a 1.2-percentage-point gap that month. More people and more public spending can make an economy bigger. They are not more prosperity per person

Debunking the myth of "the US only grows because of AI": GDP already subtracts imports, so imported chips and servers largely cancel out. Headline number: 3.4% Q3 real GDP growth, against 3.2% expected, measured after every imported chip is deducted. Consumption grew 3.8%. Imports took 2.64 percentage points off growth. Computer investment of $365bn is almost matched by net imports of the same hardware, per J.P. Morgan. Subtract AI capex without its imports and you count them twice. AI matters. It is not the whole economy. Stop hating America.