Apr 16, 2012
In a speech on April 11, Janet Yellen, vice-chairwoman of the Federal Reserve Bank, stated her outlook “that the U.S. economy will continue to recover only gradually and that labor market slack will remain substantial for a number of years to come.”
This is from an official at the very top of the top financial body that is legally responsible for the economy.
In other words, to those trapped in today’s “slack labor market,” to workers just scraping by, to the unemployed, to those hoping against hope that something better will open up soon, Janet Yellen says: “Don’t expect anything from us.”
Workers have never been able to rely on promises from authorities. But the authorities don’t usually admit it.
Workers have spent four years, struggling with the worst unemployment since the Great Depression, waiting for things to get better, waiting for someone to do something.
And all of the “someones” have been busy “doing something” – exclusively for the rich! That is why the labor market will remain “slack” – as long as the authorities are left to do what they want. As long as the wealthy interests are allowed to get what they want.
There is no answer for workers except to take up the fight for jobs, in a big way. The rich who are hoarding money must be made to give up enough so that workers can work and live.
The companies that are profitable can employ more workers – many more. Today, when they are allowed do what they want, they eliminate jobs. But tomorrow, facing a worker uprising, they can be forced to provide as many jobs as there are unemployed who need them.
If this means that instead of one worker working 60 hours, four will work 15, then so be it – and with full paychecks for all four!
Why not? The corporate world has stolen so much money, it can cover it. The corporate world depends on our labor. We can bring that power to bear for jobs – and decent wages.