Austerity Pushes Eurozone Unemployment To 15-Year High; Republicans Continue To Ignore Its Failure

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"Austerity Pushes Eurozone Unemployment To 15-Year High; Republicans Continue To Ignore Its Failure"

Austerity policies pushed countries across the Europe back into recession during the first quarter of 2012, and the Eurozone’s unemployment rate hit 10.9 percent — its highest level in 15 years — in March. Deep budget cuts in countries like Spain, Greece, and Ireland crippled economic growth and exacerbated unemployment numbers. Austerity’s failure is starkest in the United Kingdom, where the economy is performing even worse than the rest of the Eurozone. And yet, Republicans in the United States have failed to grasp austerity’s failures, continuing their push for radical budget cuts that would jeopardize already-modest growth in the American economy and send the U.S. on a path not dissimilar from Europe’s.

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