Some American economic experts have lamented that Congressional fumbling has put the United States on the same economic track as the eurozone. If that is the case, things are only going to get worse. The 17-country European economy reported a record jobless rate of 11.8 percent this week.
Eurostat, the European Union’s data office, reported record high jobless rates of 11.8 percent in November, up from 11.7 percent the previous month for countries in the eurozone. The entire 27-country EU’s jobless rate is at 10.7 percent.
The people affected most by high unemployment in eurozone countries are 15- to 25-year-olds, for whom the overall jobless rate is 24.4 percent. In Greece youth unemployment is about 58 percent, and in Spain about 57 percent of youths are unemployed.
Economic experts say, however, that the high unemployment levels could be misleading as a massive underground economy has emerged in many eurozone countries. In Greece, Italy, Spain and a few other EU countries, workers have taken to working jobs under the table to avoid high taxes implemented to aid the economy.