this post was submitted on 20 Sep 2023
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Yes, but for capitalism it's a delicate balance- too many job openings gives labor more power, but too few job openings gives people reason to challenge the status quo. That 3-4% may be enough for the capitalists, but what happens when 15-20% of your workforce are unemployed because of automation? That's when civil unrest happens.
Remember that the most progressive Presidential administration in US history, FDR, happened right after the gilded age and roaring 20's crashed the economy. When 25% of Americans were out of work during the Great Depression, social programs suddenly looked much more preferable than food riots. And the wealth disparity now is even greater, relatively, than it was back then.
Very true, but it's precisely that wealth disparity that concerns me. I've seen the current US wealth disparity described as being on par with the disparity in France just before the French Revolution happened, where the cost of a loaf of bread had soared to more than the average worker made in a day. I worry that the more than half a century of anti-union propaganda and "get what I need and screw everybody else" attitude has beaten down the general public enough that there simply won't be enough of a unified effort to enact meaningful change. I worry about how bad things will have to get before it's too much. How many families will never recover.
But these are also very different times compared to the 1920s in that we've been riding on the coattails of the post WW2 economic boom for almost 70 years, and as that continues to slow down we might see some actual pushback. We already have, with every generation being more progressive than the last.
But I still can't help but worry.