Spain's unemployment reaches record high.

[No Elephants]

Spain's unemployment rate reaches record high
Nearly 55 percent of Spanish youth under 25 years out of job as unemployment rate surges to 26 percent in final quarter.
Last Modified: 24 Jan 2013 12:54

Spain's unemployment rate has surged to a modern-day record of 26.02 percent in the final quarter of 2012 as nearly six
million people searched in vain for work in a biting recession, official data shows.

The jobless rate data released on Thursday climbed from 25.02 percent the previous quarter, reaching the highest level since Spain returned to democracy after the death of General Francisco Franco in 1975.

The story for young people was even grimmer: the unemployment rate for those aged 16 to 24 soared to 55.13 percent, up from 52.34 percent the previous quarter.

The result shattered even the modest expectations of Prime Minister Mariano Rajoy's government, which had been forecasting an unemployment rate of 24.6 percent by the end of 2012.

http://www.aljazeera.com/news/europe/2013/01/201312410475527212.html

Some say that, if we figured out unemployment numbers the same way as we did during the 1930s, our unemployment numbers would be around 25-26%. I have no way of knowing if that is so.

I just know that real unemployment, as opposed to the way that various Presidents have chosen, over the years, to re-cast it, ain't good. But, the stock market's gone up a lot in the past four years, so it's all good. As long as the investor class and the job creators are fine, it's all good.

[formercia]

1. It's good if one has a 401k, maybe, if the fees don't cut into returns.

for those unemployed, who have cashed-in their retirement to survive, like I did, with little hope of finding a decent job, tough shit, I guess.

[No Elephants]

2. Sure. I used to be wonder why PBS suddenly had so many weekly programs

about investing in the stock market.

Now, I get it. The more of us they get to invest in the stock market, the more of us will want to protect Wall Street and will want our government to protect Wall Street. It's never Warren Buffet or Steve Jobs to whom they point while they legislate for the benefit of the investor class and the "job creators" (aka job exporters and union busters), it is always to government pensions and "widows and orphans."

It all works out nicely, very nicely indeed.

And I am very sorry about your situation formercia. :hug:

[Enthusiast]

3. That truly sucks, formercia.

I wish you well.