The European economy is tanking - and trickle-down austerity is to
blame. New unemployment numbers show the 17-nation Eurozone now has its
highest unemployment rate ever, at 10.9%. And, the two nations with
the highest unemployment rates - Spain and Greece - just so happen to be
the ones most hooked on austerity.
In Spain, budget cuts and massive government layoffs have driven up
the unemployment rate to the Eurozone high of 24.1%. And Spanish youth
unemployment is even worse - at a staggering 51.1%. And in Greece -
the poster child of European austerity, the unemployment rate stands at
21.7% with more than half of all Greeks under 25-years-old unemployed.
Another austerity-bitten nation - the United Kingdom - just officially
sank into another recession.
Clearly - austerity - which involves taking money out of working
people's pockets - forcing them to spend less and contribute less in
revenue to the government - is making the economic situation in Europe
far worse. But the banksters and billionaires pushing austerity don't
care - just as long as they can squeeze the last bit of wealth left in
Europe into their own pockets. But with Nicholas Sarkozy going down in
France, the Dutch government collapsing, and civil unrest in the streets
from Madrid to London to Athens - then austerity might be breathing its
last gasp. Let's hope.
-Thom
(What do you think will happen? Tell us here.)
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