“Look at Greece!! Holy crap!!”
That was my first reaction and I hope you went through something like that because this is truly the most terrifying graph to come out of Europe in a long, long time (Graph courtesy of James Plunkett). Since April of last year, youth unemployment in Greece has risen a percentage point every single month, meaning that by early next year, there may very well be a developed country in the world with 70 percent unemployment – insane in the membrane.
The youth unemployment rate as a whole is at a new record high of 12.2 percent, but the story here is what’s happening to the Millennials in these countries. In Spain, youth unemployment is a staggering 56 percent, and like I noted above, Greece reached a mind boggling 62.5 percent. The worst part is, none of this seems to be getting any better, as the adverse effects of austerity measures are still taking their toll.
I’m not above scoring a political point, so I’ll just point out that we’d see a similar thing happening in this country if President Obama focused on what the GOP wants him to – deficit reduction – rather than what he’s been focusing on – growth. If you don’t believe me (how dare ye!), here’s a chart:
The GOP wants the United States to pursue the blue and red lines, not the yellow one.