Spain is in a complete economic crisis. Its unemployment rate of 24.4 percent is higher than the U.S. unemployment rate during the worst of the Great Depression. And there’s no Spanish New Deal waiting around the corner to turn things around. The prolonged spell of mass unemployment is going to degrade workers’ abilities and prevent young people from gaining skills. The most capable and daring Spaniards will emigrate abroad, and Spanish firms will (rationally) fail to invest in improving the productivity of their workers.