Posted on 04/30/2010 4:10:31 AM PDT by The Magical Mischief Tour
MADRID--Spain's unemployment rate breached 20% in the first quarter as the country's ailing economy, reeling from the collapse of a decade-long construction boom, continued to shed jobs, Spain's National Statistics Institute said Friday.
The INE said first-quarter unemployment rose to 20.05% from 18.83% in the fourth quarter of last year, confirming leaked data published by a Spanish newspaper earlier this week.
Spain's first-quarter unemployment rate is the highest in the developed world, Spain's highest since 1997 and it surpasses the government's predictions, which forecast a 19% unemployment rate at the end of this year.
(Excerpt) Read more at online.wsj.com ...
Spain voted in a bunch of lefties after they were bombed by the terrorists. Guess that wasn’t the best idea!
The rotten fruit of socialism.
If history repeats, high-unemployment will lead to major emigration to the New World, and Spaniards will carry their failed Socialism along with their baggage.
I visited Spain 2 years. Even then, there seemed to be an inordinate amount of (unfinished and untended) construction projects dotting the countryside. I even saw their own version of a bridge to nowhere. Nice bullet train between Madrid and Seville, though.
After Spain turned its back on the U.S. I do not give a damn if Spain falls in to the sea.
Since each of Spain’s “green” jobs displaces 2.2 workers, the economy must be booming.
I believe that they had their own housing bubble?
I visited Spain last year. Add the 19% VAT tax and Euro-style work force to everything else and it’s no wonder unemployment is so high.
Didn’t Spain have a huge commitment to “green technology”? I guess old Don Quixote is still tilting at windmills.
It’s a green jobs economy. heh.
Coming to a nation very very close to us.
They were losing 3 jobs for every “green job”.
US unemployment rate tops 20%
US fudging unemployment numbers
If the Kenyan’s communist coup isn’t stopped in Nov, we will be Spain in short while.
What terrorists?
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