Their GREAT Depression

The Irish Times, Saturday, April 5, 2008 ... 12,000 newly employed from March out of a population of 4,100,000. According to official numbers, over 221,000 are unemployed and another 15,000 were added to the dole this past month. That would be over 5.5% unemployment (again, percent is from the Irish Times).

Well, the US is not Ireland, we are a ginormous economic superpower, not Ireland. Yes, but. Often, we are told how well everyone else is doing, so it is only appropriate to compare everyone else TO EVERYONE ELSE.

In 2007:
EU 27 had unemployment rates of 7.1% - 27 nations of the EU
EU 15 (European) had unemployment of 7.0%
JUST those who use the Euro had 7.4% unemployment

Now, comparing the US juggernaut to the EU economic power is more equal and we see they have well over 2.2% more unemployment. I guess that means they are in the GREATER DEPRESSION.

In 2008, the range for unemployment between the EU 27, EU 15, and those who use the Euro was between 7.1 and 6.7 ... GREAT DEPRESSION in full effect.

In France, unemployment was between 8-10% and for those 25 and younger, the percent is 23%in 2007. Britain is one country with reasonably low rates of around 4.8%. In large part due to its privatization.

Now, the retort, if thought out, would raise the fact that France is dealing with heavy immigration unemployment. further, the EU countries outside of the EU15, have heavy immigrant numbers thus pushing unemployment up.

Yep, and the US has immigrants from everyone of those countries many times over, and then from every other country on earth, and not many of them come here as skilled labor. Whatever issues France, Romania, Hungary, Ireland face, we also face, BUT we do so within a more diverse environment that includes immigrants rather than creating a divided society that fosters animus toward each other (yes, within the US there are these issues, but generally as a country, we are more inclusive than exclusive which is quite the opposite in the open and tolerant EU countries).

So ... if the US is in THE GREAT DEPRESSION as one English newspaper stated, they are in the GREATEST DEPRESSION UNEQUALED IN HUMAN HISTORY. Unlike those countries, the US will pull through whatever economic strife, and rise above. The one lesson we should learn is, being so interconnected economically is not a good thing. It is unfair on the European banks (and the European economies) to deal with the failings of US loans or vice versa. Let's cut ourselves loose from each other and return to a more practical and defensible economic system. It does not mean we go back to tariff wars or the stone age, simply put - we return to a more defensive economic system that is rational.

(Europe stats: Statistical office of the European Communities)