There was more bleak news from Europe yesterday where the jobs crisis is more daunting than any of the soap opera stuff conjured up in Washington DC. European Union unemployment has reached 11.8%, increasing from 10.6% a year earlier and prompting Irish Prime Minister and current E.U. President Enda Kenny to remark it is “unacceptably high.” The implications are for a powder keg that could eventually create the continent’s version of an Arab Spring.
This is something I’ve thought about for a long time. At some point even a coddled population, in which its youth has been so demoralized that their big crime is pick-pocketing, will look for more violent ways to seek economic justice. For now, however, they are being sold the notion that such justice has been in the works, and somehow it’s only a matter of time before the big payoff. Their economic justice always dovetails with so-called social justice and this just so happens t
You see, for all the hype and all the attention our series of cliffs (fiscal, debt, sequester, continuing resolution) are receiving, the real cliff comes when kids realize the solution meted out on their behalf is actually a cure far worse than the disease. In fact, it’s actually part of the disease. I’m talking high taxes and other punitive action taken in the name of income redistribution and leveling the playing field. This script began in the 1970’s in Europe when taxes began climbing in the name of equality.