Report: Austerity Led To 50 Million European Jobs Missing
Austerity policies are strangling the European jobs market, according to a blockbuster report.
The International Labour Organization’s “World Of Work Report 2012″ finds that 50 million jobs are missing in Europe since the global economic crisis began. They cite the fact that many European governments “shifted their priority to a combination of fiscal austerity and tough labour market reforms.”
The report says these measures are having “devastating” consequences on labor markets and job creation.
Raymond Torres, Director of the ILO Institute for International Labour Studies and lead author of the report said that, “The narrow focus of many Eurozone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe.”
Fiscal austerity programs have recently contributed to double-dip recessions in the United Kingdom and Spain, while other countries like Greece have begun pushing back on bank-imposed austerity programs.
In the United States a recovery package weighted more in favor of growth economics in the form of the economic stimulus has helped America’s economy to grow while Europe stagnates. But observers have found that the austerity elements in the stimulus package passed by President Obama and congressional Democrats have restrained a more robust recovery.
Republican presidential candidate Mitt Romney has advocated policies that resemble the austerity programs passed in Europe, despite the negative impact those policies have had.
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