The European economy is tanking

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– 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 Eurozone high of 24.1%. And 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 yet 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. The banksters and technocrats pushing austerity don’t care – just as long as they squeeze the last bit of wealth left in Europe for 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 gasps. Let’s hope.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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Dec. 29, 2009 9:59 am

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Thom, uhhh...I'm sure you...

I don't have the numbers at hand, but I'm pretty sure that actually we're in worse shape than Europe. (certainly by European accounting our unemployment rate is about twice theirs) In fact, I think it can be argued that we are in worse shape than Greece (For example I assume that the Greek financial debt crisis reflects on Greek GDP, since the debt is held by banks, while the American debt crisis, since it is held by individuals but owed to banks, counts as a positive to GDP.)

doh1304's picture
doh1304
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Dec. 6, 2010 9:49 am

London going down is where I fear for us. They want to squeeze whatever they can use in the USA.

Karolina's picture
Karolina
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Nov. 3, 2011 6:45 pm

I am a MotoGP fan (top tier motorcycle roadracing) and this week's race is in Estoril, Portugal. The tickets are going for a measly 4 euros because of the economy. There's talk of cancelling next years event.

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Choco
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Jul. 31, 2007 3:01 pm

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The Death of the Middle Class was by Design...

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