NEWS FLASH

Austerity Pushes Eurozone Unemployment To Highest Level Since Adoption Of The Euro | The Eurozone’s unemployment rate has hit 10.7 percent, according to Eurostat, the European Union’s statistics office, as several countries have adopted austerity measures that are choking economic growth. This is the highest level of unemployment since the Euro was adopted in 1999. As Bloomberg News noted yesterday, Greek austerity measures are “driving the economy deeper into a recession,” while economist Kenneth Thomas noted that “the four [European] countries that have had the most severe budget cuts have the highest unemployment rates.” As we’ve pointed out, Europe should provide a stark warning to conservatives who believe that budget cuts would be good for the U.S. economy.