Despite European commitments to inject up to 100 billion euros into Spain’s faltering banking system, bank withdrawals have accelerated. During July, doubts about Spain’s financial system caused Spaniards to withdraw a record $94 billion from their banks. That amounts to 7 percent of Spain’s total domestic economic output.
Capital flight is beginning to include educated entrepreneurs who are fed up with scant job opportunities in a country with a 25 percent unemployment rate. Statistics show that in a twelve month span 30,000 Spaniards have registered to work in Britain, an increase of 25 percent over 2011 levels.
Since taking office in 2009, Obama has aggressively promoted a “green energy” agenda modeled after the one pursued by Spain. The assumption that pursuing the same agenda will bring about different results is based on no known empirical data.
If American voters are willing to accept 25 percent unemployment as the new normal and can live with a combination of major investment capital flight and disappearing employment opportunities, then Obama’s re-election is a foregone conclusion.
However, if Americans prefer to see a resurgence of American economic might through development of its domestic energy resources, and the millions of jobs that activity will create, then Obama’s days in the White House are numbered.