Global Gloom and Doom

May 30, 2013

The Organization for Economic Cooperation and Development (OECD) issued its economic outlook for the modern, democratic, industrialized economies at its annual meeting of member nation ministers. It was mostly gloom. The European members of the OECD are mired in a deep economic slump. In 2012, the European members had a drop in Gross Domestic Product (the combined value of goods and services produced) of 0.5% and is projected to have that same poor performance in 2013. Behind those numbers, however, are the lives of real people. When an economy shrinks, it means there are fewer jobs and that means growing stress on the day-to-day lives of people. Just as in the United States, the loss of job opportunities is being felt most keenly by young workers.

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