The numbers coming out of the eurozone continue to point to a monumental new recession…something I’m very concerned will make its way over to America. Eurozone unemployment has hit its highest level since the euro was introduced (1999). Among the 17 countries that make up the eurozone, December statistics show that 16.5 million people are seeking work, resulting in an unemployment rate of 10.4% (source: European Union’s Statistics Office). Sure, there are bright spots. German unemployment fell to 6.7%, while Austria holds the lowest jobless rate in the eurozone of 4.1%, with the Netherlands a close second at 4.9%. But the good news stops there. The highest unemployment rate in the eurozone can be found in Spain at a staggering 23%, a level not visited since 1993. Spain itself, partly due to austerity measures , sees GDP contracting by 1.5% in 2012—as if the country didn’t have enough problems! Italy’s unemployment rate reached 8.9%, an eight-year high, as it institutes austerity measures. Greece’s unemployment rate stands at 19.2%, while Ireland’s latest January figures reveal a 14.2% unemployment rate. France’s unemployment rate reached a 12-year high of 9.3%, as the country continues to implement austerity measures . Despite these staggering numbers, the news get worse when December youth (ages 15-24) unemployment rates are extracted from the eurozone data: Spain: 51% youth unemployment rate Greece: 47% youth unemployment rate Italy: 31% youth unemployment rate Portugal: 31% youth unemployment rate Eurozone: 21% youth unemployment rate At the basic level, the question is: how is the next generation supposed to create families and do their part as consumers when they can’t find work? Dear reader, look at those numbers again and think of the implications for the countries listed. Out of necessity, children have to remain with parents well past their working age. Families are forced to live together under one roof because they can’t make ends meet. Growth and prosperity cannot be fostered in the eurozone in this type of environment. I understand Germany’s insistence for austerity measures in eurozone countries: in order to bring down government deficits and get government debt under control. However, don’t use the word “austerity” in the same breath as “growth.” Austerity measures have meant lost jobs and a reduction in wages for countries, which in turn reduce government revenue, which means governments cannot meet their budget targets imposed by the austerity measures , which in turn means deeper job cuts—a snake eating its own tail. The eurozone had better be careful, because these numbers reveal a breaking point. This level of unemployment could lead to social unrest; where the unemployed in Greece, Ireland, Portugal and Spain take to the streets and demand an …