It looks like the recession in Spain is ending. About time. It has
lasted five years and has been harsh. The economy grew a few tenths of a
percent this quarter. It is a weak sign but a good one. Unemployment remains
sky-high (26.6 percent of the potential work force), but the only rational way
to reduce that scourge is with growth and investments that will produce profits
that will sustain the cycle.
The road taken by Spain, beginning in the second term of
José Luis Rodríguez Zapatero, the Socialist prime minister who froze the
pensions, and later by Mariano Rajoy, has been one of austerity. That means
cutbacks in public spending and a reduction of the national debt.
The country couldn't go on creating infrastructures that
sometimes were unnecessary - airports without customers, speed trains that made
no profit, extraordinary highways for few vehicles. From these crises you
emerge by generating wealth, and wealth is produced only by businesses…..ToRead More…..
My Take – Amazing! This Socialist says they must cut pensions,
stop spending money and reduce the national debt. Sounds like a capitalist. Is this a kind of confession.....like..... oops….we’ve been wrong all this time,
and what we need is capitalism, because that’s what works, especially American
style capitalism. It’s unfortunate
American’s have been convinced to no longer believe in it.
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