Reuters

More than half of Spain and Greece's young people are out of work.

In March this year, for the first time on record, more than half of the young people in Spain and Greece were counted as unemployed by the OECD, which provided the chart above. Three months later, the situation is still getting worse.

scarychar.png


Official youth unemployment in Greece and Spain has crossed 51 percent. That's worse than twice the rate of the entire euro zone (22 percent) and more than three times worse than the already-quite-bad youth unemployment in the United States and Canada (16 percent and 14 percent, respectively).

The mitigating factor is that the OECD's metrics for unemployment might overstate the severity of youth joblessness. A separate measure of the world's so-called NEETs (not employed, in education, or training) put the figure closer to 20 percent in Greece and Spain. Either way, the situation is tragic.

These economies got into trouble in different ways. Once they joined the euro, Greece built a government bubble, Spain built a housing bubble, and both economies are weighed down by inflated prices and wages than make their economies uncompetitive. Ironically, after a bubble built on too much money, austerity has starved both economies of the very thing they need more of today: money. Without the promise of more euros to support banks and businesses, Spain is doomed and Greece is toast.

Photo credit: Andrea Comas/Reuters

This post originally appeared on The Atlantic.

About the Author

Most Popular

  1. Equity

    The Last Daycares Standing

    In places where most child cares and schools have closed, in-home family daycares that remain open aren’t seeing the demand  — or the support — they expected.

  2. photo: a For Rent sign in a window in San Francisco.
    Coronavirus

    Do Landlords Deserve a Coronavirus Bailout, Too?

    Some renters and homeowners are getting financial assistance during the economic disruption from the coronavirus pandemic. What about landlords?

  3. Equity

    We'll Need To Reopen Our Cities. But Not Without Making Changes First.

    We must prepare for a protracted battle with coronavirus. But there are changes we can make now to prepare locked-down cities for what’s next.

  4. Coronavirus

    A Green Stimulus Plan for a Post-Coronavirus Economy

    A group of U.S. economists, academics and policymakers say the Covid-19 pandemic is an opportunity to fix the economy — and the planet — for the long term.

  5. An African healthcare worker takes her time washing her hands due to a virus outbreak/.
    Coronavirus

    Why You Should Stop Joking That Black People Are Immune to Coronavirus

    There’s a fatal history behind the claim that African Americans are more resistant to diseases like Covid-19 or yellow fever.

×