Austerity now! Austerity Forever! (Spain Edition)

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Per the Beeb, Spain's jobless rate has hit 4.75 Million, which might not sound so bad, except that the population of Spain is 46 Million.
Translate that into percentages - the unemployment rate in Spain is almost 24%.  24%! And the youth unemployment is now at, wait for it, 50%.
And in the face of this, the government just presented their 2012 budget which includes, get this $27 Billion Euros of spending cuts and tax increases.
"We are convinced that this budget will meet the challenge of recovering the confidence of our European partners," (Budget Minister Cristobal Montoro)
Yes! Its the Confidence Fairy again!  Austerity in the face of a recession and deep un-employment will, somehow, magically, with Confidence-Fairy-Dust ™, create growth!
I guess the point here is that Kicking The Can Down The Road is always a good idea (as, apparently, is Pointless Austerity)




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