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Sunday, 8 July 2012

Nearly Eighteen Million unemployed in the Eurozone - capitalism in crisis !

* Unemployment in the Eurozone:

Official figures showed this week that unemployment in the eurozone hit another record in May.
EU statistics office Eurostat said unemployment rose to 11.1 per cent in May from 11 per cent the previous month. That’s the highest rate since the euro was launched in 1999.

In total, 17.6 million people were out of work in the eurozone in May, 1.8 million higher than a year earlier.
Respect For the Unemployed & Benefit Claimants
The labour markets of countries on the front line of the debt crisis, such as Greece and Spain, are suffering in the wake of stringent austerity measures and a resulting recession.

The highest unemployment rate across the eurozone was recorded in Spain, where 24.6 per cent of people were out of work, including 52.1 per cent of the country’s youth. Across the wider 27-country European Union, unemployment edged up to 10.3 per cent in May from 10.2 per cent the month before.

* Irish republic unemployment hits a 18 year high - media ignores :

It is extraordinary that the majority of Irish newspapers chose to largely ignore the startling fact that unemployment rose to an 18-year high when government CSO figures were published on the (4th July).

Even some British newspapers were ahead of their Irish counterparts in highlighting how the unemployment rate touching 15% reflected the stark failure of government to grow the economy.

As Associated Press reported, the figures illustrated “the country's struggle to stimulate economic growth in the face of austerity measures.”

“The rising joblessness could have been worse but for Ireland's tradition of mass emigration in times of economic hardship. The Central Statistics Office says about 76,000 left this country of 4.5 million last year for stronger job markets in other English-speaking countries - chiefly Britain, Australia and Canada - and the trend has continued this year,” it added.

It was evident across much of the Irish coverage of this dramatic and tragic human interest story of mass unemployment that the practical and urgent proposals put forward by the trade union movement for an investment and infrastructural stimulus were all but ignored across the media.

Meanwhile, EU leaders dashed to Brussels to compare notes on a plan which will lock the peoples of the bloc into a future of permanent austerity. Last week, two-day summit was meant to agree a strategy for economic growth but the reality is more EU loans to countries being denied traditional borrowing routes from credit ratings agencies.

The price extracted will be extortionate - people will be forced to endure public-sector and welfare cuts, privatisation, slashed incomes and a slashing of labour laws.

* Unemployment in the USA:

In America, labour statistics last week exposed a rise in unemployment among African Americans, from 13.6% to 14.4%, double the rate for the white population. The proportion of white Americans out of work was static at 7.4%, and while the jobless rate for Latinos remained high at 11%, it too was unchanged from May. Black unemployment levels in some metropolitan areas have seen the highest rate, in Las Vegas 22.6%, in the Los Angeles metro area 21.1%, Chicago 19.1% and Detroit 18.1%.

The disparity between white and black Americans has been consistent for as long as statistics have been collated, at least back to the 1960s. Conclusions reached by exhaustive research blames poor neighbourhoods in which black people have limited opportunities.

Austerity is not working, it's hitting ordinary people hardest we can see the impact first hand - those people are crying out for growth - capitalism is in serious crisis, we need a planned economy based on socialism !!

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