Less Is More

How about this, an unemployment rate of 29% and the people are happy to be out of work.

Interesting twist to our ongoing plot, but there is a hitch. The security net in Spain is wide and deep.

NY Times: Persistent Unemployment, Without Lingering Pain

Joblessness has climbed to 19 percent in Spain, the highest in the euro zone, after the collapse of a housing bubble. But here in Cádiz, it is at a staggering 29 percent — and has been in double digits for decades.