Not only has social inequality risen in the industrialized nations over the past three decades, the economic crisis of 2008-09 sped up the deterioration as “pain of the crisis was not evenly shared,” a new report says.
Thousands of people gathered in Rome on Saturday to protest austerity measures and high unemployment. Demonstrators urged Prime Minister Enrico Letta to create jobs in order to pull the country out of recession.
A top ranking member of the United States Federal Reserve cautioned economists this week that growing inequality within the US was worsening the odds of a quick return to the conditions of the pre-recession days.
Athens has threatened to arrest high school teachers if they carry out a strike this week, in a move seen as reassurance to Greece’s foreign bailout creditors that the country will not abandon its harsh austerity measures and unpopular reforms.
Low wages and a lack of available jobs are plaguing the EUs young and educated. Greece’s 15-24 year olds are facing unprecedented levels of unemployment, while Portugal is witnessing a mass exodus as endemic joblessness drives its youth abroad.