Spanish Slump Stokes Debt Dilemma as Jobless Rises

http://www.bloomberg.com/apps/news?pid=20601109&sid=aaqg_fMc73es

20% unemployment, 70% to GDP consumer/mortgage debt, wage deflation, falling demand, Spain sounds like its in trouble. I just wonder how much of this can apply to the US. Yes I know, everyone says inflation will be the problem and the deflation is contained, but I just have to wonder with unemplyoment still rising and so much slack in the labor market, that wage growth will be stagnant or decline here in the US. I hear anecdotal evidence everyday of employees taking jobs for less money.

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