24 million people in the EU are Unemployed

2 posts / 0 new

New Eurozone unemployment numbers are out – revealing that more than 24 million people in the EU are out of work – the highest number ever recorded. And it shouldn’t be too much of a surprise to those familiar with the crippling austerity measures sweeping the continent that those nations with the highest rates of unemployment are the ones that have fully embraced austerity.

Of the top five nations with the highest unemployment rates – four of them – Spain, Greece, Portugal, and Ireland – have been forced by the EU and the IMF to cut government spending and lay off public sector workers in return for bailouts. Those conditions are clearly not working as those nations continue to sink deeper and deeper into economic ruin.

This same dynamic is being played out in the United States – where states that have embraced austerity on average have much higher rates of unemployment than states that have actually increased spending since the 2007 financial crisis. Yet more evidence that austerity doesn’t work – and the only people who claim it does work are Republicans like Mitt Romney and Paul Ryan who just want to see the economy tank before the November elections.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Joined:
Dec. 29, 2009 10:59 am

Comments

I think that the markets in Europe and then here are about to collapse, and we need to have Glass-Steagall in place to survive. With Glass-Steagall reenacted, the federal government can dump the Wall Street gambling debts, they go back to the speculator business, and then put the banks through bankrupcy reorganiztion.

There are Democrats in Congress who support Glass-Steagall, but want to wait until after the election to fight for it. I think that this is a huge mistake. It is so important that there are no bail-outs of European banks, which is apparently being planned by members of our collapsing system.

Karolina's picture
Karolina
Joined:
Nov. 3, 2011 7:45 pm

Latest Headlines

Who rejected United States-North Korea peace talks?

There were conflicting reports on Sunday regarding a recent proposal for United States-North Korea peace talks which was allegedly made before North Korea"s recent nuclear test

U.K. Pound Falls As Markets Get Brexit Jitters

Bloomberg said on Monday the pound had sustained its biggest fall against the dollar in 11 months

Clinton: I'll defend Israel but push for 'two-state solution

Hillary Clinton believes both Republican candidates Donald Trump and Ted Cruz "missed the mark" with their approach to the Israel-Palestinian Arab conflict

Did the Fossil Fuel Industry Bring Us to the Point of No Return?

As runaway climate change continues to wreak havoc on the planet, it’s getting harder and harder to disagree with the idea that we’re in the middle of a potentially massive extinction event. It’s also getting harder and harder to ignore the potentially criminal liability of at least some fossil fuel companies for causing this mess.

Powered by Pressflow, an open source content management system