a lost decade for jobs, unless … fred moseley professor of economics mount holyoke college...
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A Lost Decade for Jobs, Unless …
Fred Moseley
Professor of Economics
Mount Holyoke College
Demographic groups
Ages 16-19 26.0%
Ages 20-24 14.8
African-American 16.1
Latino 12.4
Causes of “jobless recovery”
1. Slow growth of the economy
2. Business emphasis on cost-cuttingespecially labor costs
reluctant to hire“speed up” employed workers“outsourcing” jobs overseas
How long will it take to recover 8.4 million jobs?
monthly years arrival rate of UE
avg. ↑E to E0 date at E0 at arrival date *
70,000 10 Jan. 2020 14.6%
100,000 7 Jan. 2017 9.4
200,000 3.5 July 2013 8.6
* assumes 0.8% increase in the labor force per year
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Not due to “not enough jobs”
Due instead to:
Mismatch of skills
Mismatch of location
“Structural Unemployment”
General Principle:
Everyone has the basic human right to productive employmentat a decent income
What is to be done?
1. Demand that the government provide full employment
Tax the rich to pay for itPlus 25% cut in military spending
2. Worker owned cooperativesUSW - Mondragon
3. Socialist revolution and establishment of democratic socialist economy
What is to be done?
“In our day these economic truths have become accepted as self-evident. We have accepted a second Bill of Rights under which a new basis of security and prosperity can be established for all.
The right to a useful and remunerative job is one of these rights.”
State of the Union Address, January 1944
President F. Roosevelt
Everyone has the right to work, to free choice of employment, to just and favorable conditions of workand to protections against unemployment.
United Nations Declaration of Human Rights (1948)