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Recession, quite a serious gap, not back up to pre—pandemic levels yet. what has that done to government borrowing? you can see on this chart how it has shot up in the pandemic. it was forecast to hit 355 billion in the year to april last year and it is now dropping rapidly. this is key because it's dropping without any kind of austerity measures, no tax rises, no spending cuts have affected that and it's nevertheless dropping rapidly, simply because the economy is growing, you get more tax money rolling in which means the government has to borrow less to cover its spending. let's look at ta...

Are still not quite back up to pre—pandemic levels. although it looks like a tiny squeak below where we were before the pandemic, it is actually the size of a large recession. then you have a look at what has happened to government borrowing. that has shot up in the pandemic, of course. it hasjumped up, it was forecast at the last budget to be £355 billion but look at this, how fast it has come down. this is really interesting because thatis this is really interesting because that is before any tax cuts or spending —— tax rises or spending cuts have been announced. with austerity measur...

The $1.355-billion is less than what the democracy offered before the shutdown.whi. remember, the president dropped his asking price.from $25 billie to $5 billion ahead of the shut down. the new money is restricted tofy smart, to only 55 meals of fencing and fencing only.that is only id second. then there is this: language in the bill. it gives border area mayors veto power over the type of border barrier that can be built in their city. they have to agree with the design of the fencing.or no mon. and 3rd and most troubling, the bill office amnesty giving deportation immunity to anysponf an un...

To make so you're not forced toby markets or creditors when things are difficult. i think for many countries that are facing debt problems of their own again not close to where greece is but on bad paths, this is the lesson of what you don't want to have happening because there's so much more unnecessary suffering when you make those reforms. >> just to be clear greece owes $355 billion. that they would love is debt forgiveness they don't have to pay the bills. the eurozone creditors can't do that because that sends a message to italy, to portugal and everybody out. if they extend the maturiti...

Economy, you see it's basically flatlined down here. so they have been living in a situation much like our great depression for the last several years. >> about employment among young workers, by the way, 50% in greece. 50%. >> unemployment is also worse in greece than it was in the great depression, just like a little bit. about 25% in the u.s. 25.5% for all workers, and to your point, much, much higher for young workers. the only other country that's close is spain. spain has actually been doing a good bit better. so i think there's more of a sense of optimism. you can see the more successfu...