jeudi 4 septembre 2008

How long?

Jobs are evaporating in the US - hence the sell-off on Wall Street yesterday. But the good news is. . . productivity is up! The workers who are left have to work harder, see. Oh, and for less wages. A Capitalist Bastard Daily editorial observes that, "“Labor costs were up just 0.6 percent from one year ago, an indication that the economic slowdown and weakening jobs market is making it hard for workers to command higher wages.” Good news cheps, what!

Except even on its own terms, if workers produce more, at least for the domestic market, and there is less demand, who's going to buy the junk they make? And how long will it be until the people realise the election is phoney and the only actors who are going to improve their lives are they themselves?