Wednesday, March 02, 2005

SOPHISTICATED AND UNEMPLOYED - GERMAN JOBLESS RATE OVER 12%

BBC NEWS | Business | German jobless rate at new record

They may claim to be more "sophisticated" than us here in the USA, but I guess "sophistication" doesn't translate into jobs...
More than 5.2 million Germans were out of work in February, new figures show.

The figure of 5.216 million people, or 12.6% of the working-age population, is the highest jobless rate in Europe's biggest economy since the 1930s.

Speaking on German TV, Bert Ruerup said the panel's earlier forecast of 1.4% was too optimistic and warned growth would be just 1% in 2005.

The growth warning triggered anger even from government supporters, who said the Social Democrat-Green administration of Chancellor Gerhard Schroeder had to do more.

I guess the "Social Democrat-Green" party is singing the blues on this one. Here's a clue folks: Socialism, by any other name, still doesn't work.