While the US economy is not great, be grateful you don’t live in Greece. Unemployment there is 27.4%, youth unemployment is a staggering 58% and car registrations are down 80%. This is because GDP is in its fifth straight year of decline and by the end of 2013, will be back where it was in 2006, a decline of roughly 26%! By comparison, peak-to-trough US GDP declined by only 5%.
Tag Archives: greek unemployment
Minimal Migration
Youth unemployment in Spain is 56%, in Greece it is 58%, while in Germany it’s 8%. This should cause a mass influx of youth from these peripheral countries to Germany. Surprisingly, it’s not. Between 1/12 and 6/12 just 3,900 Spaniards and 6,900 Greeks made their way to Germany. Here in States, large unemployment rate differences between states don’t persist. Of course, we all speak one language and that’s the difference.