Spain is in the grips of unrest as the government tries to ram through the biggest austerity package in that nation’s history. Thousands of Spaniards took to the streets at the end of last week protesting a proposed $80 billion austerity package that slashes public worker benefits, raises the retirement age, and increases sales taxes, the most regressive of all taxes.
The crowd demanded that Prime Minister Mariano Rajoy resign – and that the government should go after transnational corporations that don’t pay taxes and the banksters who committed fraud, instead of targeting working people with austerity. With this round of spending cuts, Spain has officially committed itself to the downward spiral of economic collapse. Greece will have company.