June 5, 2012

The West's 'Screwed' Generation

Joel Kotkin, New Geography

AP Photo

 

In Madrid you see them on the streets, jobless, aimless, often bearing college degrees but working as cabbies, baristas, street performers, or—more often—not at all. In Spain as in Greece, nearly half of the adults under 25 don’t work.

Call them the screwed generation, the victims of expansive welfare states and the massive structural debt charged by their parents. In virtually every developed country, and increasingly in developing ones, they include not only the usual victims, the undereducated and recent immigrants, but also the college-educated.

Nowhere is this clearer than in the European Union’s Club Med of Spain, Greece, Portugal, and Italy, the focal point of the emerging new economic crisis. There’s a growing sense of...

Read Full Article ››

TAGGED: Spain, Eurozone, United States, Portugal, Italy, Greece

RECOMMENDED ARTICLES

May 25, 2012
Europe's New Iron Lady Says 'Nein!'
Chicago Tribune
If Merkel approved still more concessions to keep Greece within the eurozone, the lesson for Italy, Spain and any other nation looking for a bailout would be that brinkmanship works: Wait long enough, and the Germans will fly... more ››
May 24, 2012
Seeds of EU's Crisis Sown 60 Years Ago
Clive Crook, Bloomberg
The arc of Europe's postwar history is turning toward tragedy. It isn’t just that much of the continent has fallen into a new Great Depression, or that in some countries things will get worse before they get better. It... more ››
June 1, 2012
Blame Game, European-Style
New York Times
What is lacking are politicians with the courage to tell their voters the basic hard truths - of how this crisis happened and what it will take to dig out. more ››
May 23, 2012
A Fragile Europe Must Change Fast
Martin Wolf, Financial Times
If dismantling the euro is out of the question, true federal finance is unavailable and mutual solidarity will remain limited, what is left? The answer is faster adjustment, to bring economies back to health. Indeed, that... more ››