Since the crisis of 2008 the USA has had several trillion dollars in stimulus spending. Very roughly speaking, Europe pursued policies of austerity, whereas the USA followed a more Keynesian route of big spending. On this matter, the Keynesians have been vindicated. In 2007 the GDP of the EU was slightly larger than the USA, but now it has fallen far behind: $16 trillion ($18 trillion if it still had the UK) versus $25 trillion for the USA. And the most important policy difference since 2008 has been large stimulus spending in the USA, versus relative austerity in Europe. More recently, President Biden was able to push through some big infrastructure bills, which should power the USA through the 2020s. (There are some qualifiers to be added about weaknesses in the USA system of funding and allowing construction, in particular the aggressive system of "substantive due process" that allows for any project to be stalled by lawsuits, but despite that, the USA has done better than Europe.)
Most of the difference in GDP was because Dollar was a lot cheaper compared to Euro pre Recession.
Also EU just stagnate from 1990 until now it is yearly losing global share of GDP.
"Most of the difference in GDP was because Dollar was a lot cheaper compared to Euro pre Recession."
Yes, but why? There was a theory that massive stimulus spending would weaken the dollar because of the additional debt, but instead, the opposite happened. The USA did more stimulus spending and the dollar became stronger. Many people were surprised by this. Those people need to revisit their initial assumptions.
