A Lost Decade for Jobs, Unless …

Fred Moseley

Professor of Economics

Mount Holyoke College

fmoseley@mtholyoke.edu

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)