The Greeks Are Rioting. Know Why You Should Care.

(Getty Images)

Most Americans are pretty pessimistic on the US economy. With an unemployment rate at 8%, a government that can’t get anything done, and a volatile stock market people don’t have a whole lot of confidence. But there is one thing all Americans can be thankful for this holiday season… that they’re not European.

No, this has nothing to do with Speedos, teeth, or hygiene habits. European unemployment is over 11% and rising, they’re economy is shrinking and heading for recession, and, believe it or not, their politicians seem to be even more incompetent than the Americans! It’s even worse in countries like Greece or Spain, where they are drowning in debt and their unemployment rates are 25%!

So why should you care? In a global world, Europe is extremely important to the direction the economy.  International markets, including Europe, represent a significant portion of sales for most of the largest US companies (Europe represents about 40% of McDonald’s sales).  So, as the European economy struggles, it can have a meaningful affect on US jobs, the stock market, and overall confidence.

It’s going to be a long time before Europe gets out of the current mess they’re in, but thankfully, things seem to have stopped getting worse. And as long as that’s the case, the US economy should continue to improve… slowly but surely.

%d bloggers like this: