Flash, US economy grew at a whopping 1.7% annualized rate in the last quarter.  Wow, just think at this break neck pace we should get to full employment, which has traditionally been cited when the unemployment rate is 5-6%, in a decade or two.  Face it, the American people are resigned to the “New Economy” which means higher unemployment, lower growth rate, and thinner prospects for those entering the work force.

Well as flaccid as the US economy may be, it is a barn burner compared to what I see here in Spain where news that the unemployment rate dropped from 27 to 26% was trumpeted like the second coming.  Obviously the Spanish population has grown accustomed to an even more lackluster economy than what we see in the USA.

Fortunately my two daughters are employed in their dream jobs at comfortable wages.  However, I hear lots of sad tales from my contemporaries about their children.   And mine are not the products of getting high demand degrees such as accounting and computers, but ones that are usually dismissed as being useless in getting a job, one with her graduate degree in English Literature and the other a graduate degree in Fine Arts.

While my girls are lucky, the future looks fairly bleak for most youth.