From Indexmundi

The debt crisis is manufactured to give an excuse to eliminate what little social spending we do.
But since we're on the topic of the macroeconomy, the below map is color coded by official unemployment rate.

Low-wage, low tax economies don't have any apparent advantage when it comes to employment. In fact, the map shows that governments who have less regard for the welfare of the citizenry have greater unemployment.
...Which should be unsurprising, but obviously it's not.