The destructive impact of the neoliberal dictatorship
The Organisation for Economic Co-operation and Development (OECD) released new shocking data for Greece confirming one more time Troika's destructive neoliberal policies. Key points:
"Total household income in Greece dropped by 1/3 between 2007 and 2012, with average losses of some 4400 euros per person. This is the biggest fall in the OECD and four times as big as the loss recorded in the average Eurozone country."
"Between 2008 and 2013, unemployment swelled at a rate of 3800 per week and 60% of the 1.4 million jobseekers are long-term unemployed."
"Since 2007/8, total spending on social protection and health fell by some 18% in real terms, compared to a 14% real-term increase in the average OECD country."
"After more than five years of severe economic decline, Greece remains one of only two EU countries without a nationwide minimum-income benefit (the other one is Italy)."
"... employment plunged by almost 1 million (or 20%) since 2008 and unemployment remains high. At the same time, falling wages have compounded household income losses. The drop in real wages was the largest in the OECD, but the resulting reduction in labour costs has so far not reversed the 5-year-long decline in employment levels."
"The number of “jobless” families has nearly doubled since 2012 as many as 1 in 5 Greek working-age adults now live in a household where nobody works."
"A range of indicators point to households’ growing difficulties in meeting basic needs. The share of people saying that they cannot afford food has doubled*, putting this subjective measure of economic distress at a higher level than in some emerging economies with much lower per-capita income, such as China or Brazil."
"Emigration to other OECD countries has doubled too. Young people in particular have been emigrating in increasing numbers, reducing potential future economic growth and further accelerating population ageing."
* Specifically, in 2006/2007 the percentage of people in Greece who answered "Yes" to the question "Have there been times in the past 12 months when you did not have enough money to buy food that you or your family needed?" was 8.9%, while in 2011/12 the corresponding percentage doubled, reaching 17.9%. It is worth to notice that the corresponding percentage for US in 2011/12 reached 21.1%, thus an increase of nearly 1.6 times relative to the 2006/2007 period (13.4%).