The latest economic news from the country with the “green economy” President Obama was sold on and wanted America to emulate is in, and it ain’t good:

Some 5.7 million Spaniards, equivalent to almost one in four, are now seeking work, according to official figures.

The country’s unemployment rate rose to 24.6% during the April to June quarter, up from 24.4% during the previous quarter.

Separately, Spain’s third largest bank reported an 80% fall in net profits.

CaixaBank said net profits fell to 166m euros ($203m; £129m) during the January to June period.

CaixaBank also set aside 2.7bn euros against its property assets, in accordance with reform requirements stipulated by the government in May.

On Thursday, Spain’s biggest bank, Santander, reported that its profits halved during the period.

Spain’s economy is in dire straits and economists see few signs of improvement any time soon.

“Things are only going to get worse,” said Capital Economics’ Ben May.

Hey, let’s keep doing what they’re doing!

For a preview of what’s in store for the US (and is already here to a good degree) if we don’t get a fast change in leadership and national attitude, keep an eye on Spain. Or don’t if it’s too depressing.


10 Responses to “Spain’s Unemployment Rate is Almost 25%, So Yeah, Let’s Keep Emulating Their ‘Green Economy’”

  1. clu seatoe on July 27th, 2012 1:17 pm

    The truth of the matter notwithstanding, to continue to pick at the scabs of rational reasons for America to replace Zero is baffling.

    Once again I point out that Zero’s supporters DON’T CARE about such things as Brian Williams and the rest of Zero’s voting base proves, it’s about only the blackness of the skin color and the “Socialist Government COMMENSURATES.”

    Your federal government has even “partnered” with a foreign government to offer American food stamps to their citizens for free American food and block any voter ID’s so their citizens can vote in America’s presidential election. Can you say, VOTE BUYING!

    Is that another of those “HIGH CRIMES AND MISDEMEANORS” of impeachable offence?

    If THAT doesn’t make you angry, few things will.

  2. Dexter_Alarius on July 27th, 2012 1:28 pm

    It's actually a Gangrene Economy.

  3. Joe Redfield on July 27th, 2012 1:39 pm

    The Spaniards are using the same plan BO says is working so well here, but apparently they are plagued by some local version of the Koch Brothers, who are deliberately sabotaging their economy just to make leftist politicians look bad. Too bad for the Spanish Socialists that they don't have a BO-style 'Truth Team' to deflect blame from their incompetence.
    I can't wait for BO's entry next week in the "How Can I Possibly Top My Most Recent Misstatement" contest.

  4. SignPainterGuy on July 27th, 2012 1:54 pm

    Yep, it`s dying now, it will be molding soon !

  5. SignPainterGuy on July 27th, 2012 2:06 pm

    Unemployment at 24.6%; I wonder, Is that the E3 or the E6 number ? Our E6 number is nearly 20% and even THAT doesn`t cover everyone who is out of work.

    If Spain`s green model was / is so great, why after 25 years+ is it still requiring subsidies ? Why is it STILL not self-sustaining ? Because green energy and green economies work ONLY in theory !

  6. jeffythequick on July 27th, 2012 5:20 pm

    They use the subsidies to "jump start" the process. Using that analogy, those jumper cables must be about $16,000,000,000,000 long!

  7. SignPainterGuy on July 27th, 2012 7:30 pm

    And $1 Trillion a year thick. THAT`s some heavy gauge cable draining on a leaky battery !!

  8. ChapBix on July 28th, 2012 2:33 am

    If one in four are still looking for work, how many have given up? Or, is that not permitted in Spain?

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