A few euro zone members, including Germany and the Netherlands, are enjoying a relative jobs boom. And yet, Europe's overall unemployment rate is 10.8 percent. How is this possible? Because of depression-level unemployment in Europe's austerity-plagued periphery. The chart below compares unemployment among the euro zone's 17 members (courtesy of Eurostat).
Austerity Is a Disaster: The Lesson of Europe's Record Unemployment
Budget cuts have helped create depression-level unemployment in Europe's periphery. American policy makers: take note.