Glad we are not in Europe

Reuters reports:

Euro zone unemployment rose to its highest level in almost 12 years in April but a drop in the number of jobless in Germany in May signalled the labour market could be stabilising.

The European Union’s statistics office said 10.1 percent of the workforce, or 15.860 million people, were jobless in April in the 16 countries using the euro, up from 10.0 percent in March. Unemployment is now at the highest level since June 1998.

Just think, if we had spent more money on fiscal stimulus, we could also have the deficits, debt and unemployment of Europe.