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Spain clobbered by austerity



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The news just doesn't get any better for Spain. The overall unemployment number now stands at 24% and the ratings agencies are hammering the Spanish credit rating due. Analysts now admit that the problem is austerity. Back in the US, the GOP has been successful convincing many that austerity is the answer and for the most part, they've been unchallenged by the Democrats. There's plenty of proof across Europe that austerity is a failure for this crisis but since the Republicans don't bother to read much or watch what's happening outside of their little world, they have no clue. Even the pro-austerity Angela Merkel is reported to be warming to the idea of scrapping austerity in Europe and the Tories in the UK are struggling to make excuses for austerity. Can we all just admit that austerity will only make things worse with this economy and move on to a more productive and honest discussion?


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