This Soundcloud story details the Spanish Economy of the last few decades.  Although it's a bit lengthier that I would prefer, it's a great example of the current economic state of Spain and why the living standards are the way they are. 

"Spaniards have been hard hit by Europe’s economic crisis. While Spain has managed to avoid an EU-backed financial bailout like Greece or Portugal, its unemployment rate has hit nearly 25 percent. The government has slashed salaries for public employees and cut unemployment benefits."