Jobless rates in Greece and Spain are already at eye-watering levels. Among young people, those under 25, rates of joblessness across the whole of southern Europe are startling. In Greece, 45% of young people were unemployed as of August, which is the last month for which data are available. In Spain, the rate is 49%, up sharply from a year ago. In Italy, youth unemployment is 29%; in Portugal, it is 30%. Even in France, 24% of young people are without employment.The current rate of unemployment is insane when you look at the numbers. I am still shocked more radical thinking about how to deal with this is not a part of the debate. Instead we are stuck with endless debate about austerity measures and budget issues. Maybe the OWS movement can change this, but i doubt it.
Unless we deal with unemployment the best we can hope for is a Japanese style lost decade. I don't even want to guess what a worst case would be like, but i think the film Mad Max might be close.