“Austerity” continues its unprecedented run of being the economic policy with the worst results but the most adherents:
About a quarter of working-age people in recession-hit Spain are unemployed, new figures have shown.
The unemployment rate rose to 25% in the third quarter, from 24.6% in the previous three months, Spain’s National Statistic Institute said.
Naturally there can be only one solution to this failure of austerity — more austerity.
Spain has set out its austerity budget for 2013, with new spending cuts but protection for pensions, amid a shrinking economy and 25% unemployment.
Deputy Prime Minister Soraya Saenz de Santamaria called it “a crisis budget designed to exit the crisis”
We shall exit the crisis by creating a greater crisis.