Last Blog! The Pain in Spain could hit worldwide economy.

The Pain in Spain could hit worldwide economy.

Anna Sophia Riley April 22, 2012

    This article is about Spain, and the inevitable failing economy there. The article basically states that with Spain in an ever-deepening financial crisis, the entire European economy is facing a terrible hit, and will inevitably cause the entire global economy to suffer from new economical problems. Not only would this affect Europe in many ways, including job opportunities, (which means unemployment statistics,) but it would also cause a lot of social issues that would only contribute to the current social unrest the union is facing now, at it's current state. This downfall would also affect the United States in many ways, both affecting the country through the global issues in the collective economy, and would in fact cause social and political issues here, including the presidential election coming up after the summer.
    Spain is basically suffering from problems similar to those suffered in the United States. They experienced a housing bubble burst just like the US, causing recognizable problems, such as government deficits and enormously above-average unemployment numbers. The responsibility of Spain, and Europe, is to find an at least temporary solution to this problem, before chaos ensues, and if affects the rest of the union group, and the world all over.
    This problem is particularly terrifying to anyone who has spent the last years paying attention to both the United States national economy, and the global economy. Neither are in great places, and problems like this aren't doing anything but perpetuating people's fears that things aren't going to get better anytime soon.
    In conclusion, I'd like to say that I chose this article as my final blog article because it obviously relates to my other articles, but most of all, it supports what I said in my project presentation, that one economy affects another, and all economies affect each other, in many ways, and for many reasons, despite national borders, bailouts, or political promises by any one nation. The global economy is a thing to be managed, and at this point in time, not much of the world is doing a very good job.

http://www.washingtonpost.com/opinions/the-pain-in-spain-could-hit-worldwide-economy/2012/04/22/gIQAQCfiaT_story.html