The new jobs report is out and, pretty much as expected, a bunch of new jobs (242,000, to be exact) were created in February and the official unemployment rate remained the same (at 4.9 percent). But workers’ wages actually declined.
What’s going on?
What’s going on is a key feature of capitalism: the reserve army of labor.Occasional Links & Commentary
How the reserve army works
David F. Ruccio | Professor of Economics, University of Notre Dame
2 comments:
Mish: "Of the 242,000 jobs added, 304,000 of them were part time. That means the economy actually shed 62,000 full-time jobs."
As unemployment insurance expires and foods stamps are cut, desperate people are being forced into crap jobs just to survive.
It's questionable whether many of these crap jobs actually produce anything useful. Bartenders? Waiters? Service jobs are mostly about poor people providing services for the upper class, not the other way around. If we had a equal society the upper class would have to clean their own toilets and cook their own burgers, and society would be no worse off.
No Dan those crap jobs are not being filled ... that is why we need open borders so the Cruise Ship people and the Fast Food industries can make money to pay taxes to offset demand so prices dont have "inflation"....
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