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That has nothing to do with unemployment. Just because someone is in college, or a stay at home parent, or just sitting at home playing video games does not mean they're unemployed.
What you're referring to is workforce participation. The U.S. generally has higher workforce participation than most wealthy nations.
You are right about that most people, that are not part of the workforce, can't be considered as unemployed.
The workforce participation rate is a very important figure.
At least the Greeks fought against the Germans and not along side them like some losers did.
Greece should just sign over their country to Germany if they can't pay their debts. Greek leeches should not be able to retire at age 46 and live off of German taxpayers.
Greece should just sign over their country to Germany if they can't pay their debts. Greek leeches should not be able to retire at age 46 and live off of German taxpayers.
I deal with Europeans all the time - Dutch and German. Most of them just had it with Greece. It's not the work ethic of the greek but the generous pensions that is most of the problem. Something like 20% of Greek employees work in the public sector. For Germany it's something like 11%. Greek public employees can retire at 58, with 80% pay or something like that, and younger for slightly less benefits! Germany requires 40 years of service and the benefits are much less.
Greece simply does not have the industry and resources to sustain there generous benefits and yet the Greek do not want to accept that, they have been sucking on the euro teat for too long. And of course politicians ignored the problem as long as they can, more or less promising free money that did not exist to its citizens in exchange for votes.
It's more complex then only the above of course and there are other factors - you have pension plans that were not making contributions, interest rate issues, etc.
Sorry, but your numbers are wrong, at least for the U.S.
The latest available data are from Feb. 2015. The total debt of the U.S. (government, private households, corporations and finincial sector) stood at 333.7% of GDP.
I can't find the numbers for the private debt in Greece. But that's irrelevant anyway. More important is the number for the "international investment position". Greece as a whole was in Q2 2014 with about €226bn indebted towards foreign countries. That's more than 100% of the Greece GDP. That's probably the highest rate among developed countries. The indebtedness of private households or corporations are surprisingly small in Greece. The indebtedness of the U.S. as a whole towards foreign countries was 39.7% of GDP in 2014.
Shrug...didnt realize this would be such a controversy. The numbers I provided were apples to apples from one source. I probably should have linked that.
Yours provides one data point for an orange, and you compare it to my apples......
Bailout after bailout, and this miserable collectivist bellwether just wants more and more and more international welfare, but will not stop bowing to its greedy entitlement-minded citizenry. Enough, let them sink or swim on their own steam. If Revolution is necessary, then so be it.
NO MORE MONEY!
Greece is the EU's problem. The effects on the US will be minimal..
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Another broke country.
