The road to Greece…
posted at 9:50 am on November 8, 2012 by Erika Johnsen
So, this is what’s happening in the country whose example we’re slowly but willfully following. From the WSJ:
The rate of unemployment in Greece rose to a new record in August as the country prepares for a further round of austerity and another year of economic contraction in 2013.
Elstat, the Greek statistical agency, Thursday said the seasonally adjusted rate of unemployment increased to 25.4% from 24.8% in July and 18.4% in August 2011. That was just below the 25.5% unemployment rate recorded by Spain in the same month, the highest in the European Union.
As in other parts of the EU, young people are finding it particularly difficult to find and hold on to jobs. Elstat said that among those 24 years of age or younger, the unemployment rate rose to 58.0% from 45% in the same month last year, and is now the highest among the bloc’s 27 members.
Don’t worry, the intergalactic Space Germans will bail us out. Yay! Katy Perry!
— David Burge (@iowahawkblog) November 7, 2012