Hey, Europe... how's that austerity working out for you?

The unemployment rate across the 17 European countries that use the euro hit a record 12.2 percent in April, and the number of unemployed is on track to reach 20 million by year's end.

The worsening jobs crisis points to the recession that has gripped the euro alliance. Many countries are struggling to stimulate growth while grappling with a debt crisis that's led governments to slash spending and raise taxes.

... Private companies in the eurozone haven't managed to fill the vacuum created by drastically reduced government spending. In the United States, by contrast, governments have imposed far milder spending cuts and tax increases. Unemployment, at 7.5 percent, is far lower. And consumers and private companies have kept spending, steadily if modestly.

Even scarier is Europe's 23 percent youth unemployment rate, which has dramatically climbed as high as 62.5 percent in Greece. This is the type of generational warfare that sparks revolution.

How many times does Keynes have to be proven right before policy makers accept the fact that Keynes was right?