- Created: Monday, 27 March 2017 18:40
- Written by Alvaro Michaels
Capital can no longer accumulate in Brazil without removing even those small gains for the poor made possible by the commodity boom prior to 2015. The new austerity imposed by the government of the unelected President Temer on the working class is fast bringing rebellion. Unemployment and poverty have risen dramatically.
In the 12 months to January 2017, more than 1.28 million jobs were lost, with a dramatic increase of 608,000 from November 2016. The unemployment rate hit 12.6% in January, with 12.9 million people out of work. Industrial production fell 6.6% last year, after falling 8.3% in 2015, all in all 17% over the last three years. Overall GDP fell 3.6% last year. Lower commodity prices, for oil and iron ore, hit the state’s budget, provoking aggressive cuts to spending.