Florida Versus Spain, An Update – Paul Krugman – NYTimes.com

Florida

Florida (Photo credit: colros)

European flag outside the Commission

European flag outside the Commission (Photo credit: Wikipedia)

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Paul Krugman, the Nobel Prize winning, liberal, economist compares Florida to Spain in his latest op-ed blog in the NYT. It’s MUST READ in my view. Check it out!

Florida Versus Spain, An Update – NYTimes.com.

What did I take away from this short article?

Firstly, in 2010 Florida got federal aid equivalent to 5% of Florida’s GDP. What did Spain get from the troika of the European Commission, the European Central Bank, and the International Monetary Fund, plus, of course, the wealthy North European countries, like Germany,  whose major companies reaped super-profits because of the Euro? Spain and the other Southern European countries got zilch (nothing), other than loans and austerity regimes that have led to youth unemployment approaching 60%.

Secondly, Florida’s workforce migrated to places where their were far better job prospects. Whilst there has been a significant exodus of Spanish youth and skilled work-force, there are no major European programs to encourage mobility from the South to the North, with wide-scale language training; sure, there are some local initiatives from some German cities.

Thirdly, Florida has become a healthcare and social care center within the US. So far, there has been no similar initiative at national or European level to encourage the elderly in the high cost North European countries  to Southern Europe, with lower costs and a kinder climate for elderly people.

Fourthly, the policy responses of the troika and wealthy countries like Germany have been totally inadequate comparing Spain for example to Southern Europe. North Europe must invest heavily in South Europe to start to make a difference, otherwise the EU will fall apart.

What do you think?

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5 responses

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