Crippling austerity is making things worse for Europe
Each month that goes by in Europe, the continent’s economy gets worse and worse, thanks to crippling austerity measures. The number of unemployed people in the 17-nation Eurozone hit a record high after the month of July – with new data showing 88,000 more people lost their jobs that month. That brings the total amount of unemployed to over 18 million people – the highest ever recorded. The unemployment rate in the Eurozone remained at 11.3% - more than three points higher than the United States.
Unlike in Europe – the United States passed a stimulus package in 2009 – that according to the CBO created as many as 2 million jobs. Republicans say the stimulus is a failure and it never should have been passed. They also say austerity is the solution to our economic woes. But clearly, they’re not paying attention to what’s happening in Europe.