What good is a 'recovery' without jobs?
Miguel O'Pastel
From: "WW" <wwn...@wwpublish.com>
To: "WW News Service" <wwn...@wwpublish.com>
Subject: [WW] What good is a 'recovery' without jobs?
Date: Tuesday, January 20, 2004 5:42 PM
-------------------------
Via Workers World News Service
Reprinted from the Jan. 22, 2004
issue of Workers World newspaper
-------------------------
WHAT GOOD IS A "RECOVERY" WITHOUT JOBS?
By Milt Neidenberg
Cheerful thoughts about a boom economy in the foreseeable future have
been seriously dampened by the December job-growth figures reported by
the Bureau of Labor Statistics. Far from the 150,000 new jobs predicted
by just about every high-priced Wall Street analyst and bourgeois
economist, they turned out to be a miniscule 1,000. When the figures
were released, the Dow Jones industrial average dropped 133.55 points
and the NASDAQ 13.33.
How could they have gone so far off target? Do they lack the data to
predict so significant an economic statistic as job growth?
They went astray because the economy is unpredictable and expanding out
of control, even while there are signs of stagnation and crisis.
The Wall Street Journal on Jan. 9 rounded up a group of Wall Street
economists for a consensus. There was none. "The payroll gain of only
1,000 is ... quite shocking. ... I would certainly not have expected
anything resembling that," said Bill Cheney, chief economist at John Han
cock Financial Services. And there was James Glassman, a J.P. Morgan
economist: "We're at least three to four million jobs below what we
should be."
Then there were the optimists. "Over the next few months, all the signs
are that payroll employment will rise dramatically," stated Ian
Richardson, chief economist at High Frequency Economics. But the chief
economic officer at Wells Fargo, Sung Won Sohn, thought otherwise:
"Neither business nor potential employees have confidence in the
economy."
The current fear is that the economic expansion, which began around
Novem ber 2001, is running out of steam. It has been a jobless recovery.
Overall the economy dropped by 74,000 jobs in 2003. Since President Bush
took office in January 2001, over 2.3 million jobs have disappeared.
More than 300,000 workers were permanently dropped from the job market,
and the index of hours worked fell below the 1998 level.
The traditional unemployment rate does not count various segments of the
working- age population--people not looking or working part-time. More
"discouraged workers" explains why the unemployment rate dropped from
5.9 to 5.7 in December, but the Bush administration put a positive spin
on it.
Consumer confidence is on the decline. Consumer spending represents two-
thirds of the Gross Domestic Product. People can't continue to spend
when there is no income. Consequently, under the most relentless,
unprecedented rise in productivity, the markets have become glutted with
goods and services.
Intense exploitation of the workers and the oppressed sections of the
population also has drawbacks for the capitalists. As Karl Marx
explained, if the capitalists are exploiting fewer workers, there's less
unpaid labor, less extraction of surplus value, and consequently less
profit for the boss class.
ECHOES OF 1930S
This is no normal recovery. A Jan. 10 New York Times article, headlined
"As Far as Jobs Go, Bush Can Only Wait," said: "Both the White House and
the Fed [Federal Reserve Board] are confronted by a recovery unlike any
other in history. Economic growth has been soaring for months, corporate
profits have shot up, and the stock market has regained much of its
ebullience. Yet job creation has been slower than in almost any previous
recovery and wage growth has slowed to a crawl."
Today more than one out of every 10 workers is unemployed. This rises to
three out of 10 among Black and Latino teen agers and over two out of 10
in the Black adult population. The unofficial rate is even higher. These
brutal facts expose the so-called trickle-down theory: that good times
bring good jobs.
Is this a recovery unlike any other in history? No. It is like the
1930s. Edmund S. Phelps, professor of political economy and director of
the Center on Capitalism and Society at Columbia University, commented
in the Jan. 5 Wall Street Journal that "The technological developments
and overseas tensions that slowed and limited the 1930s recovery have
clear parallels in the economy's present situation." The unemployment
rate then was one out of every four.
Prices briefly dropped during the most acute stage of the economic
crisis of the 1930s, but the upward spiral of prices soon resumed.
Today, prices of commodities are on the rise due to runaway deficits and
rising interest rates, but even more because of the monumental war
expenditures that are causing the devaluation of the dollar.
According to Robert Pollack, professor of economics at the University of
Mas sachusetts at Amherst, "Five percent more money is being pumped into
the economy than taken out in tax revenues ... and 60 percent of the 3.3
percent growth in the GDP is attributed to the military."
MILITARY SPENDING A DEPRESSANT
Military spending of the astronomical dimensions required to pay for the
Iraq and Afghanistan wars has diverted hundreds of billions of dollars
from much-needed social programs. Sam Marcy, chairperson of Workers
World Party, said in a 1975 discussion bulletin, "Instead of acting as a
stimulant to capitalist expansion and accumulation [military spending]
turns into its dialectical opposite and becomes a depressant. Like any
drug, it may operate to accelerate recovery from illness, but if
administered on an ever-continuing and ever-increasing basis with out
letup, it becomes toxic and poisons the organism." This is even more
true today.
Dark clouds loom for the capitalist system. If there is no job growth in
the coming months, the Bush reelection will be in trouble. A number of
Democratic presi den tial candidates, as the 2004 election grows nearer,
will present proposals that they promise will bring back jobs, peace and
prosperity. Promising won't make it so. These candidates support the
system of monopoly capitalism and the exploitation of labor for profit.
The occupations of Iraq and Afghan istan have not brought Wall Street
and Washington spoils from their wars of aggres sion. At home, the
capitalists believe the cure lies in layoffs, cutbacks in social
programs, and intolerable productivity and poverty.
To the multinational workers and oppressed nationalities, recovery means
jobs for all and insuring work opportunities for the oncoming
generation. It means a rise in the standard of living for them and their
loved ones. There is a conjuncture of class-wide interests with other
movements--the anti-war activists, the civil rights/civil liberties and
anti-globalization resisters. And most important, the struggle must be
elevated within the labor movement, especially building solidarity with
immigrant workers. The crisis requires joining forces and taking the
independent road to fight back.
- END -
(Copyright Workers World Service: Everyone is permitted to copy and
distribute verbatim copies of this document, but changing it is not
allowed. For more information contact Workers World, 55 W. 17 St., NY,
NY 10011; via e-mail: w...@wwpublish.com. Subscribe wwnews-
o...@wwpublish.com. Unsubscribe wwnew...@wwpublish.com. Support the
voice of resistance http://www.workers.org/orders/donate.php)
------------------
This message is sent to you by Workers World News Service.
To subscribe, E-mail to: <wwnews-s...@wwpublish.com>
To unsubscribe, E-mail to: <wwnews-un...@wwpublish.com>
To switch to the DIGEST mode, E-mail to <wwnews...@wwpublish.com>
Send administrative queries to <wwnews-...@wwpublish.com>
Roger
"Miguel O'Pastel" <noqu...@tal.fascist> wrote in message
news:100s5ul...@corp.supernews.com...
<snip>
Bíllary
www.monster.com or www.hotjobs.com
There's plenty of jobs for those with the right skills. But sorry Public
Sanitation jobs are not listed on those websites.
db
>
> From: "WW" <wwn...@wwpublish.com>
> To: "WW News Service" <wwn...@wwpublish.com>
> Subject: [WW] What good is a 'recovery' without jobs?
> Date: Tuesday, January 20, 2004 5:42 PM
>
> -------------------------
> Via Workers World News Service
> Reprinted from the Jan. 22, 2004
> issue of Workers World newspaper
> -------------------------
>
> WHAT GOOD IS A "RECOVERY" WITHOUT JOBS?
>
Well, it's good for corporations. The wealth will trickle up the hill
from there, so we end up with whole populations starving to death, and
a small minority owning the planet. What's wrong with that?
db
nshi...@columbus.rr.com
Ross Perot and Pat Buchanan told everyone in the country what would happen
to our industries over a decade ago, but of course all these so called
economic "experts", and both political parties, and these shark suited stock
salemen, laughed them off, and their long winded TV appearances convinced
the general population that "vast new markets" would be open to us(:-)
But moving entire manufacturing industries off shore or down south is not
physically possible in three years. It takes decades, and it's really just
started.
So you can't hang this on President George W Bush. Willie Clinton accepted
money, like the common whore he was and is, to aid the Chinese in
accomplishing this during his 8 years in office.
Another common lie? "Trade barriers will cut us off from these "vast new
markets" and bring on counter barriers. Well Tariffs and barriers worked to
protect our standard of living and our workers jobs for 200 hundred years
before these Wall Street hotshots and economic "experts" conceived of "free"
trade. Now, I really believe they don't have a clue whats happening, even
today,
but common sense would tell you that "free" trade and globalization is what
is failing us, not the tariffs we gave up, and if we allow it to continue,
we will not raise the standard of living for workers overseas. They will
pull our standard of living down to theirs. In just a few more years, we
will be living in a third world sewer like Mexico or China. It may be too
late even now to reverse this process. Today, over half the ocean containers
that arrive in the USA, go back empty. Many are loaded with machine tools to
move yet more production off shore. So much for the "vast new markets."
Now, I don't know what the "Workers World" News Service is, and I am no
leftist by any means. I was a soldier, a worker, then a manager all my
working life, and I have been through East Germany twice since the USSR
failed, and witnessed the effects of such societies, all of which eventually
fail under their own weight.
Capitalism is not perfect, but IT WORKS, and produces a good living for all.
Some are rich, some are not, some are smart, others dumb, but all in all,
everybody is a lot better off when compared with any leftist society that
ever existed.
Again, the problem we are looking at now was directly caused by both of our
political parties, and the really ignorant "free' trade agreements they
"negotiated."
In other words, by government interference in the capitalist system.
Finally, you foreign workers, think about this, Had these "free" trade
agreements
contained enforceable protection for your wages, your right to organize
unions, your company paid benefits, as they should have, we would all be
better off now.
"Miguel O'Pastel" <noqu...@tal.fascist> wrote in message
news:100s5ul...@corp.supernews.com...
>
Haywood Jablome
to "contain costs" HAHAHA
Hey all you Libertarian leaning, anti-union jackass programmers, you
know who you are (hell I know who you are, I work with a bunch of you
clowns): what you going to do when they outsource your jobs to India?
Hey I know, most of you clowns vote Republican anyway: just vote for
Bush again, go for that big tax cut! HAHAHAHA
I love asking those Libertarian type Repugs: "What good is a tax-cut
if you got no income!" HAHAHA
I'll tell you what a tax-cut to an unemployed person is like: like
giving an IOU for a food stamp to a homeless guy begging for food! :-)
And that's what all you high-paid programmers are going to be in a
while once they "outsource" your jobs to India: homeless guys begging
for food - with tax-cuts to keep you warm at night!!!
HAHAHAHAHAHA!!!!!!!
You stupid idiots, you're getting what you deserve when you vote for
the jackasses you vote for hahaha
Don't let your job leaving for India hit you in the ass on the way out
of the building :-)
H.J.
co-morticianPelosi
EVER been in the history of our country.
Haywood Jablome
HAHAHAHAHAHA!!!!!!!!!
oh man, that was great, I gotta wipe my eyes... hold on a sec...
<sniff>
Got any more? KEEP 'EM COMING!!! :-p
H.J.
co-morticianPelosi
"Haywood Jablome" <godownonmenow@mixmaster@remailer.privacy.at> wrote in
message news:batt005n5se05dv33...@4ax.com...
> On Wed, 21 Jan 2004 21:32:55 GMT, "co-morticianPelosi"
> <born0...@NobodyCares.com> wrote:
>
> >The number of people currently now employed in America is the HIGHEST it
has
> >EVER been in the history of our country.
> >
>
> HAHAHAHAHAHA!!!!!!!!!
It's true.
Haywood Jablowme
Whatever man. The unemployment stats have been cooked since the Reagan
era. The real unemployment rate is reckoned to be about 10%, but if
you are a true believer rather then somebody who goes by facts, it's
cool. Believe whatever makes you happy and keeps your bubble floating
:-)
Me, I'm just laughing over here because I see a whole bunch of scared
programmers knowing their $45/hour jobs are going over to some guy
named Sanjeev in New Delhi for $7.50 an hour and they're going to be
going on the unemployment rolls in a little while :-)
Hey what did this *hot* economy (Ooo, 9% growth last quarter, wow!),
how many jobs did it produce in December again? Oh that's right,
1,000! Oh wow! So many people are employed today compared to any other
time in our history! HAHAHA!!!
I guess its the millions of unemployed that I'm more concerned about,
while you sound like one of those "glass half full" types, only
focusing on *us* lucky stiffs who *haven't* gotten "outsourced" yet
:-)
But the guys around here, they know it be coming :-) and all they're
going to have for their stupid vote back in November 2000 is a nice
warm tax-cut they can take home with them at night after a hard day of
panhandling because their job got sent to India
BWAHAHAHAHAHA!!!!
I love it! George Bush's America: Land Of Full Employment Where
Everyone Is Working At Wal-Mart For $8 An Hour (including all you PhD
former programmers who *were* making $90K a year!)
Welcome to America everybody, land of high employment and super
low-low-wages!!!! :-)
H.J.
Skymodem
"Haywood Jablowme" <godownonmenow@mixmaster@remailer.privacy.at> wrote in
message news:vovt00h8c4t6m2ji0...@4ax.com...
> On Wed, 21 Jan 2004 22:08:51 GMT, "co-morticianPelosi"
> <born0...@NobodyCares.com> wrote:
> >> >The number of people currently now employed in America is the HIGHEST
it
> >has
> >> >EVER been in the history of our country.
> >> >
> >>
> >> HAHAHAHAHAHA!!!!!!!!!
> >
> >
> >It's true.
> >
>
> Whatever man. The unemployment stats have been cooked since the Reagan
> era.
Every time I see or hear Reagan's name I can't keep from smiling at the
sweet knowlege that at least once a day he shits in his own pants. ; )
Haywood Jablowme
Hey yeah huh, you know, that's some kind of sweet revenge him ending
up being spoon fed and in an adult diaper these days.
Almost makes up for those eight years of stupid hell he put us
through, that Shrub is doing his best to emulate: "I can top THOSE
deficits!!!" hahaha
We just have to wonder what kind of Karma Shrub is in for in his old
age :-)
h.j.
Hü©k Hö§hïmötö !
Tell them to get off their lazy asses and LOOK!
LawsonE
"Hü©k Hö§hïmötö !" <huckleberr...@earthlink.net> wrote in message
news:CzFPb.22648$zj7....@newsread1.news.pas.earthlink.net...
> There ARE jobs.
> Tell them to get off their lazy asses and LOOK!
>
>
Really? 5.5+ percent of the workforce ARE looking, according to government
figures. Other government figures say that at least that many have given up.
Haywood Jablowme
Yeah, sure, at Wal-Mart for $8 an hour HAHA
Besides, read the damn thread. We're talking about people going to be
laid off by IBM because Big Blue is sending 10,000 programmer jobs
over to India to "contain costs".
The people who are going to be laid off by IBM aren't lazy, they
already have jobs and are hard-working. They're going to be put out of
work because of the company trying to make a buck off cheap labor in
India. What's that got to do with them being lazy?
Skymodem
lol!! It's true, aint it? Never let it be said that there isn't any
justice in this world.