Asking as someone from the other side of the planet.
From the things I saw about the US election, the Dems were the side with plans for the economy - minimum wage adjustments, unions, taxing the rich, etc. The Republicans didn’t seem to have any concrete plans. At least, this is what I saw.
I don’t doubt Bernie Sanders though - he seems like a straight truth teller. But what am I missing?
Between shipping manufacturing jobs elsewhere, and allowing in immigrants who do menial work, people at the low end of the economy are pretty pinched for work.
Isn’t the unemployment rate close to record low? I mean, a lot of people work 2 and more full-time jobs to make ends meet, but that seems like a different issue.
Unemployment is typically measured by people seeking unemployment benefits, not by volume of people out of work.
Similarly job creation is usually measured by job offerings and not positions filled.
As a result you can get what has been happening: low unemployment and high job creation where people aren’t getting jobs and jobs aren’t being filled.
They have different lists for different things. Real unemployment is closer to 30% than 3.
US is under going a demographic shift as boomers aging out and gen z is barely enough to replace them as wage slaves. Also, there is cultural shift in attitude to work with younger generations, who see no prosperity from their labour.
This is causing pressure on wages that owners can’t handle emotionally or otherwise. Owners are disgusted at the idea of a labour market actually being a market. Migration pre covid since 2000 was steady at 1 million net inflow per year, it is now closer to 2-3m. These people are used to suppress wages of the indigenous workers.
Manufacturing jobs did get shipped off but are also now getting reshored as part of a strategic reshuffle US did after covid. but a lot of these modern manufacturing is automated so we are not giving back to the glory days of millions of six pack joes living the “middle” class life style.
Global capital is extracting ever more productivity and price gouging us on consumer end of existence. WIN WIN! And the state is letting them…
