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Home Publications Blogs Beat the Press "Recovery" In Spain Doesn't Mean the Same Thing as Elsewhere

"Recovery" In Spain Doesn't Mean the Same Thing as Elsewhere

Saturday, 31 May 2014 04:51

A New York Times article on four nights of riots in Barcelona was headlined, "In Spanish riots, anguish of those recovery forgot." The unemployment rate in Spain was 25.3 percent in March, the most recent month for which data are available. It is down by less than 1.0 percentage point from its year ago level. At this pace of recovery, the unemployment rate will first fall below 10 percent somewhere around 2030.

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Strurctural unemployment, globalization, forgetful recoveries, paradoxes, and ...
written by jaaaaayceeeee, May 31, 2014 10:58

The news is full of structural unemployment, globalization as inevitably wage and job reducing, and other agent-free forces, like forgetful recoveries, paradoxically declining job participation in a recovery, the continuing lack of confidence in ... , looming entitlement (not labor) crises, and the need for difficult choices by wealthy chicken or deficit hawk-sters in an age of austerity, to which there is still no alternative.

News media tak's in agent-free word salad, at the victims, including the old, the dependent, or jobless indebted students (who don't finish what they start and lamentably don't form households to improve the economy for ... ).

The news media most voters get is too polite to report how legislated policies and regulation raise wages, extend unemployment, recover from cyclical unemployment, increase aggregate demand, reduce trade deficits, save working taxpayers money, stop repression of wages and jobs, reduce corporate welfare or reform taxes.

The upshot is that somehow our elected representatives are less than accountable for destructive fiscal policies.

And while more than 50% of young adults in Spain are still unemployed, Spain's newly formed Podemos party, for some unexplained reason, is reported only as having VOWED to REPLACE Spain's ESTABLISHED parties, when not lumped in with the angry right. Just another unexplained mystery.
Unemployment always bin hi in Spain.
written by Ralph Musgrave, June 03, 2014 11:00

Unemployment always has been high in Spain: even before they joined the Euro. No that excuses the present 25% level, of course. But what's the explanation? Are they lacking in entrepreneurial qualities or what?

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.