Unemployment Rates Out of Control
Unemployment rates worldwide are sky rocketing. Spain unemployment rate has reached greater than 17%. This equals approximately 4 million people are unemployed. This is the first time the number of unemployed have exceeded 4 million according to the Spanish economist Carlos Maravail. Most of the unemployed lost their jobs in the past year. Putting this into context during the Great Depression unemployment in the US was 25%. How more months until the number of unemployed reach this percentage in Spain. In the EU, Spain has the highest number of unemployed. The Spanish government like most of the world has been trying to solve the problem. They have started public works subsidies. The Spanish government believes this will stem the unemployment rate. However last year when the unemployment rate was skyrocketing they Spanish government predicted by 2009 the unemployment rate would stabilize. Well…since then the unemployment rate increased dramatically almost by 25%.
One needs to take into consideration Spain was one of the EU’s economies that was once blossoming. The country had a booming construction industry. Can the Spanish economy be an example of what possibly lies ahead for US Unemployment? Lets hope not!
What do you think?