Spanish unemployment hit 21.5%, the highest level in more than 15 years. Government officials say the country could miss economic growth targets for the year of 1.3%. The IMF forecast 2011 growth of just 0.8%.
The Obamaunism people in the USA are trying to match Spain’s success. Oh wait, I am not sure this is what success looks like … I wonder what forced the austerity? Could it be all the failed alternate energy projects, like windmills who don’t generate electricity, and solar plants who don’t produce electricity??? And note, al-Rooters doesn’t even mention the problem of the green-socialist and how badly green-socialism fails people. Free market economics is the right plan for free societies.
Spanish unemployment in the third quarter rose to a 15-year high of more than 21 percent, the most in the euro area, as government austerity measures undermine the recovery in the region’s fourth-largest economy.
Joblessness increased to 21.5 percent the National Statistics Institute said today in Madrid. Consumer prices gained 3 percent in October from a year earlier after increasing 3 percent in September, the INE said in a separate report.
The last time unemployment rose to this level, in 1996, Spain’s Socialists lost to the opposition People’s Party, which polls indicate will win a general election on Nov. 20. The PP would face the challenge of spurring an economy crimped by failing domestic demand and tackling the euro region’s third- largest budget deficit to keep Europe’s sovereign-debt crisis at bay and stem a surge in borrowing costs.
“This forebodes a very negative macroeconomic scenario for the second half of the year,” said Jose Luis Martinez, a strategist for Spain at Citibank in Madrid. “The poor performance of jobs in the services sector and of part-time contracts is particularly striking given the tourist season.”
Deputy Finance Minister Jose Manuel Campa blamed the jobless increase on austerity measures taken by regional governments. “The deficit target must be respected by all levels of the Spanish administration,” he told reporters in Madrid today. “The regions have the choice of the measures they take to comply with their targets.”
The revenge of the rich people, that socialists have been eating for decades. And then they ran out of other people’s money.
- President Obama commented on the results of the E.U. fiscal summit in an op-ed in the Financial Times this morning. He writes: “Given the scope of the challenge and the threat to the global economy, it is important for all of us that this strategy be implemented successfully – including building a credible firewall that prevents the crisis from spreading, strengthening European banks, charting a sustainable path for Greece and tackling the structural issues at the heart of the current crisis.” Here’s everything that came out of the E.U. summit this week ….