Why the burden of the crisis has ended up being borne by households in the United States and by companies and governments in the euro zone

Two and a half years after the onset of the COVID crisis, we see that the burden of the crisis is now being borne by: Households in the United States, with a drastic fall in the purchasing power of disposable income; Companies ( slightly lower margins) and governments (ongoing fiscal deficits) in the euro zone. This mainly results from: The choice made in the United States to reduce the fiscal deficit considerably in 2022. In the euro zone, in contrast, the choice has been made to support household purchasing power through public transfers; Weak competition in the United States, which enables companies to increase their profit margins . This is not the case in the euro zone.