Tuesday, July 23, 2013
Be glad you don't live in Greece
While the US economy is not great, be grateful you don't live in Greece. Unemployment there is 27.4 percent, youth unemployment is a staggering 58 percent and car registrations are down 80 percent. This is because GDP is in its fifth straight year of decline and by the end of 2013, will be back where it was in 2006, a decline of roughly 26 percent! By comparison, peak-to-trough US GDP declined by only 5 percent.
Elliot F. Eisenberg, Ph.D.