NYT Gives the European Austerity Crew Short Shrift

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Tuesday, 02 April 2013 05:16

The austerity gang who are trying to wreck Europe's economy must be furious at the NYT. They managed to get the unemployment rate up to 12.0 percent, a truly historic achievement. Europe had not seen unemployment reach this level since the Great Depression, more than 70 years ago.

However in its article reporting on the new data, NYT told readers:

"The European labor market has now declined for 22 straight months, making this the worst downturn since the early 1990s, Jennifer McKeown, an economist in London with Capital Economics, wrote in a note."

Come on, unemployment in the euro zone countries peaked at 10.9 percent in 1994. That downturn can't come close to the damage done by the current austerity crew. I trust that they will demand a correction from the NYT.