Tuesday, December 23, 2008
Venezuelan unemployment at lowest level in 10 years
So....Venezuela is announcing that their unemployment rate fell, in November of this year, to just over 6%: the lowest level in a decade. How many other developing countries have an unemployment rate of 6%? The unemployment rate in Michigan is already around 9% and projected to increase to 10% this coming year: the unemployment rate in South Carolina is projected to be 14%. In truth, it seems like it's the capitalist countries that are being sucked into a death spiral of unemployment and economic collapse, not Socialist countries like Venezuela. And that's as one would expect, since a Socialist country has more government internvention in the eocnomy, which can be used to create greater aggregate demand.
Posted by Hector at 8:56 PM