Stimulus Or Austerity?

Some news from Ireland this morning…

The International Labour Organization has warned that unemployment worldwide has reached alarming levels and that few new jobs are being created.

The UN body says global unemployment is expected to reach 212 million this year – up six million from last year.

The ILO’s ‘World of Work Report 2012′ says fiscal austerity and labor market reforms have had “devastating consequences” for employment, while mostly failing to cut deficits…

The ILO report blames austerity policies for reducing small business’ access to loans, and urges governments to restore credit to small companies, strengthen labor market safety nets and adopt measures to help young workers and other vulnerable groups.

The Spanish crisis has worsened  as Spain enters a double-dip recession and forecasts on the UK economy point to a further downturn. Other European countries are either contracting or experiencing no growth.

Austerity does not work! How hard is it for the politicians on this side of the pond to understand that? ( I know the same applies to the GOP).


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