The United States has endured terrible economic losses during the pandemic, but a quick look across the Atlantic in Spain can easily show us that it could be a lot worse.
In the first six months of 2020, Spain’s economy contracted by a disastrous 22.7 percent. This is the steepest economic decline among all developed nations—double that of the United States. In fact, it’s Spain’s worst GDP drop since the Spanish Civil War. Decades of fiscal irresponsibility due to bloated government spending, too, constrained Spain’s government response just when Spaniards needed government support the most. Now, instead of propping up struggling businesses, Spain’s socialist government simply wants to raise their taxes.
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