@Thom_Hartmann Blog - Austerity Cuts Crippling Europe
by Thom Hartmann,posted Aug 31 2012 2:23PM
Each month that goes by in Europe, the continent’s economy gets worse and worse, thanks to crippling austerity measures. The number of unemployed people in the 17-nation Eurozone hit a record high after the month of July – with new data showing 88,000 more people lost their jobs that month. That brings the total amount of unemployed to over 18 million people – the highest ever recorded. The unemployment rate in the Eurozone remained at 11.3% - more than three points higher than the United States.
Unlike in Europe – the United States passed a stimulus package in 2009 – that according to the CBO created as many as 2 million jobs. Republicans say the stimulus is a failure and it never should have been passed. They also say austerity is the solution to our economic woes. But clearly, they’re not paying attention to what’s happening in Europe.
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