It shrank. Between April and June – the euro zone shrank by .2%. That’s yet more proof that austerity isn’t working in Europe. Just look at Greece, which saw its GDP shrink by a whopping 6.2% in the second quarter this year – with the jobless rate creeping up to 23.1% and more than half of all 15-24 year-olds out of work.
Italy is now pursuing austerity and suffering similar economic pain. At the end of June, Italy’s public debt reached a record high, just as their economy shrank .7% in the second quarter. Italy is now headed down the same road as Greece – and the rest of Europe is following in suit thanks to its addiction to austerity.
And if Paul Ryan and Mitt Romney win – and are able to bring their austerity agenda to the White House – then the United States won’t be too far behind in economic collapse.