PrintGerman unemployment at new high
One out of eight members of the German workforce is unemployed. Slightly more, actually: 12.6%. This figure is the highest since the dark days of the 1930s. Certain changes in measurement may have slightly added to the figure, but whatever the technicalities, this is a catastrophic level. Given the current economic growth rate of Germany, a measly 1%, the situation is unlikely to improve.
This anemic economic performance amounts to a slow—motion crisis, in the largest economy of Europe. Small reforms are underway, to force more Germans to accept work instead of generous welfare state benefits, but so far they have not worked very well.
Strangely enough, the American left takes no notice of the consequences of welfare state policies, and continues to cite Europe as a model for American to emulate.
Thomas Lifson 3 2 05
