Skip to comments.Jobless in the Crisis: Eurozone Unemployment Higher than Ever Before
Posted on 10/31/2012 10:19:15 PM PDT by Olog-hai
Global financial markets have, for the moment, been calmed. The European Central Bank has embarked on its program to buy unlimited sovereign bonds as needed from eurozone countries suffering from high borrowing costs and all of those countries have adopted strict austerity programs to get their budgets in order.
That, though, has not been good for economic growthand now the European Union has released new figures highlighting a struggling eurozone economy. According to a report released on Wednesday by Eurostat, the European Union's statistical office, unemployment in the 17-nation common-currency area stood at 11.6 percent in September, the highest it has ever been.
(Excerpt) Read more at spiegel.de ...
Of course that can’t happen here because we’re, well, special. /s
More proof that out of control debt is not good for the economy
A 25 percent across the board wage cut and/or a restoration of a 40 hour work week would cause a massive increase in employment in Europe. To keep prices from rising, the gubmints need only cut taxes. And then cut spending. Thanks Olog-hai.