Spain’s Unemployment Rate is Almost 25%, So Yeah, Let’s Keep Emulating Their ‘Green Economy’

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.

Author: Doug Powers

Doug Powers is a writer, editor and commentator covering news of the day from a conservative viewpoint with an occasional shot of irreverence and a chaser of snark. Townhall Media writer/editor. MichelleMalkin.com alum. Bowling novice. Long-suffering Detroit Lions fan. Contact: WriteDoug@Live.com.