Today in Mish's daily report, there is an article that unemployment has topped 20% in spain and I was wondering how the people without jobs in spain survive.
I will be in and out all day as my stepfather passed away last night, so I probably won't be able to respond right away, but I am curious. http://globaleconomicanalysis.blogspot.com/2010/04/spanish-unemployment-rate-tops-20.html ==== Spain's unemployment rate rose above 20 percent for the first time in more than a decade, undermining Prime Minister Jose Luis Rodriguez Zapatero's fight to cut the euro region's third-largest budget deficit. Spanish borrowing costs have surged in the past two weeks on concern the state will struggle to rein in the deficit. Standard & Poor's cut the country's credit rating on April 28, saying the government was underestimating its fiscal problems and overestimating growth prospects. Adding to public spending, Zapatero has extended benefits for the long-term unemployed. "I suspect employment will continue falling for most of the rest of this year," said Ben May, an economist at Capital Economics Ltd. in London. "Clearly it has knock-on implications for fiscal policy." Spain's budget deficit was the third-largest in the euro region last year, at 11.2 percent of gross domestic product. S&P said it expects the shortfall to remain above 5 percent in 2013, the year the government has pledged to cut it to the EU's 3 percent limit. Spain has some of the highest firing costs for open-ended contracts in Europe, according to the World Bank's Doing Business Index, while around a quarter of the country's workers have temporary contracts. The Bank of Spain says a labor-market overhaul is "urgent" as high unemployment poses a risk to banks and the Socialist government has pledged to change labor legislation after talks with unions and employers. The surge in unemployment is eroding support for Zapatero, who was re-elected in 2008 on pledges of full employment. -- Virgil Bierschwale Vets Finding Vets <http://www.VetsFindingVets.org> Keep America At Work <http://www.KeepAmericaAtWork.com> --- StripMime Report -- processed MIME parts --- multipart/alternative text/plain (text body -- kept) text/html --- _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
