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This stoicism is further supported by the workers knowledge that there's a generous welfare safety net which I'll help them out while they wait for those new better jobs.

Right, which is why dismantling the comparatively less generous welfare states in peripheral Europe is part of the medicine the doctor prescribed (after a frontal assault on the welfare states in core Europe, of course).

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Wed Dec 14th, 2011 at 09:34:27 AM EST
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