Spain’s economic apocalypseMarch 2nd, 2010 by The JetSetter Team | Comments Off on Spain’s economic apocalypse
What”s not to like about Spain – sun, sea, sand, and sangria at your beck and call. Hold it! You think the United States and England are having economic issues? The Spanish economy is worse. The trouble began, as it has here in the dear old U.S. Of A, by shortsighted politicians with out of control spending habits, leading to an obscene budget deficit.
Now it”s time to turn to the lowly Spanish taxpayer to fill in the gaps. If you move to Spain, you will become one of those unfortunate taxpayers. Let”s look at some numbers.
1.Unemployment in Spain is 20%. That”s one-fifth of the population not working! If you”re thinking of moving there and looking for work, consider that a local employer might choose ANY Spaniard over you.
2.The budget deficit hole is reported to have grown to 9.5% of GDP in the past two years. The entire country seems to be on a fast track to bankruptcy and, like her American counterpart, is trying to spend its way into solvency.
And herein lies the reason we think it might be best to avoid moving to Spain for a while. The government is in the process of spending its way out of a recession caused by…overspending! They want to pour 15 billion into the old political class standby, infrastructure improvements, to magically create employment. Keep in mind the government has no real money. Where will the 15 big ones come from? Immediate tax hikes.
We don”t think there”s a tax hike big enough to hide this mess.
If you want to move to Spain, wait a while.
The JetSetter Team
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