The Worst Unemployment Crisis In Modern History Is Unfolding Right Now
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At 27.2%, Spain is suffering the worst unemployment rate in modern history.
Spain is tied with Greece, and is worse than the approximately 25% unemployment rate that the U.S. saw during The Great Depression.
The causes, by now, are familiar — the end of a massive, bubble-fueled construction boom in 2008 led to spiraling unemployment and a deep recession, wreaking havoc on the Spanish economy.
And although the country managed to return to marginally positive economic growth in 2010 and 2011, it has since slipped back into recession, and the outlook isn't good.
Unlike the Spanish growth trajectory, the rise in Spanish unemployment since 2008 has been incredibly consistent. Each new statistical release bears the terrible news that more Spaniards have joined the ranks of the unemployed.
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