So much for ‘expansionary austerity’ solutions

10 Mar, 2015 at 09:18 | Posted in Economics, Politics & Society | 5 Comments

Unemployment rates in Europe, Japan and US
Unemployment_rates_EU-28_EA-18_US_and_Japan_seasonally_adjusted_January_2000_January_2015

Source: Eurostat

If this is recovery for Europe, well, I’ll be dipped! Some years ago unemployment rates at these levels were considered totally unacceptable. And then came the Reagan-Thatcher turnover and price stability was everything and being unemployed was something people freely chose to be …

5 Comments

  1. Reblogged this on Borrowing Ideas and commented:
    It all went pear-shaped in 2008 but it is getting better now. Except the graphs tell a different story – but hey who cares about the facts…..

  2. Just so glad we are free to choose unemployment.

  3. Except unemployment rates are not measuring much. Kurgman has previoulsy posted about the USA and shown that probably many people in the USA left unemployment statistics because they gae up on finding a job,
    Additionally the European political pursued “austerity” is not that severe if you consider that many european countries have a lot more automatic stabilizers than the USA. Budget spending and political talk about austerity don’t match each other in many countries.
    The higher unemployment in europe might simply be a case of automatic stabilizers motivating more people to look for jobs instead of dropping out of the work force as has been seen in the USA.

    • Whilst they may not “measure much,” they do indicate that unemployment levels (whatever that means) have not improved as a result of the austerity measures in the EU bringing economies back into a “better place.” If the USA situation is “improved” because people have simply giving up looking for work, that implies the US approach to the crisis has not helped much either.

  4. Reblogged this on Forwardeconomics and commented:
    The key to happiness is to lower their expectations so much that any little sign of improvement seems good!


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