A Closer Look

Austerity Is a Disaster – The Atlantic

Euro zone unemployment just hit a 15-year high. German unemployment just hit a 15-year low. What can those of us across the Atlantic glean from this seemingly bipolar state of affairs? That austerity, every economic conservative’s favorite prescription for an ailing economy — the medicine Republicans here in the United States are pushing hard — is an utter disaster.

A few euro zone members, including Germany and the Netherlands, are enjoying a relative jobs boom. And yet, Europe’s overall unemployment rate is 10.8 percent. How is this possible? Because of  depression-level unemployment in Europe’s austerity-plagued periphery. The chart below compares unemployment among the euro zone’s 17 members (courtesy of Eurostat)…

Source:

Read more @ Austerity Is a Disaster: The Lesson of Europe’s Record Unemployment – Matthew O’Brien – Business – The Atlantic.

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