POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS

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Phila Unemployment Project

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS

– Recent Rift in Government Has Surged Unemployment Rate in Brazil

– Legislators Are Now Faced with Corruption Charges 

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS
Brazilian President Dilma Roussff

The recent political crisis in Brazil that is groping to enforce the president’s impeachment has succeeded in causing the nation’s economy to abruptly spiral out.

According to a government data published recently, Brazil’s unemployment rate shot up to 10.2% between December and February.

Meanwhile, the U.S. unemployment rate was similar around the Great Recession in 2009

It was gathered that Brazil’s unemployment rate was at 7.4% a year ago. Wages have fallen nearly 4% and inflation remains high currently.

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS

The unpleasant news broke few days after Brazil’s Lower House of Congress voted to remove President Rousseff for reportedly walloping a budgetary deficit to win re-election in 2014.

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS
Chamber of Deputies, Brazil Lower House

The fate of the president currently lies in the forthcoming decision of the Senate in the month of May.

According to CNN, 10 million Brazilians are currently unemployed. That is 3 million more than a year ago, official figures show. The country’s economy continues to dive deeper into recession.

The economic downturn, along with the massive corruption scandal, are sparking mass protests in cities across Brazil, with just about 100 days left before the Summer Olympics arrive in Rio.

Findings revealed that Brazil’s economy shriveled 3.8% last year and its central bank estimates another 3.5% decline this year.

Brazil is the largest country in Latin America but has been crippled by a massive corruption outrage at the state-run oil company, Petrobras.

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“Politicians, contractors and company executives ran a bribery scam worth billions of dollars for several years. Since 2014, Brazilian prosecutors have been arresting dozens of people tied to the bribes. In March, they charged Rousseff’s predecessor, former president Luiz Inacio Lula da Silva, of money laundering.” CNN revealed.

Unfortunately, some of the legislators condemning the president are currently faced with corruption charges.

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS

While situations remain this way, unemployment is on the high side, consumer spending has plummeted and Brazil’s debt has been downgraded to junk.

POLITICAL CRUSH: BRAZIL KILLS MILLIONS OF JOBS