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From: Larry Kazdan http://www.sott.net/
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To: letters@herald.ca
Subject: Re: 'Unstoppable' labour market adds jobs for 12th month, drops jobless rate to 5.9%, The Canadian Press, Dec. 1, 2017
- http://thechronicleherald.ca/business/1525428-unstoppable-labour-market-adds-jobs-for-12th-month-drops-jobless-rate-to-5.9
- The inanity of modern neo-liberal economics is illustrated when 5.9% unemployment is extolled as "operating at full employment". At this level, over 1 million Canadians are still actively seeking work, a number which does not include the discouraged, nor part-timers who would welcome more hours. Those additions would likely double the official rate.
- Unemployment is a scourge with significant economic, social and personal costs. In addition to considerable loss of earnings and job skills, the long-term unemployed experience higher rates of mental illness, addictions, and family breakdowns.
- During and after the Second World War and well into the 1950s, when government policies focused on achieving full employment for returning veterans, unemployment rates dropped to 3% or less. But today, those without work are largely abandoned; their plight not even recognized by pundits, professors and politicians who pretend that the same government that can fight world wars (and more recently bail out a troubled financial system) is yet powerless to assure a job for every job-seeker.
- Footnotes:
- 1. Study: Linking labour demand and labour supply: Job vacancies and the unemployed
- http://www.statcan.gc.ca/daily-quotidien/171101/dq171101a-eng.htm
- "In the second quarter of 2017, unemployment averaged 1.28 million and the number of job vacancies was 460,000, meaning that there were 2.8 unemployed persons for each job vacancy."
- "In the second quarter of 2017, unemployment averaged 1.28 million and the number of job vacancies was 460,000, meaning that there were 2.8 unemployed persons for each job vacancy."
- 2. William Mitchell is Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), University of Newcastle, NSW, Australia http://bilbo.economicoutlook.net/blog/?p=31913
- "The neo-liberal era has been characterised in part by the abandonment of a commitment to full employment by governments and a new obsession with full employability.
- The former requires the state to take responsibility for ensuring there are enough jobs to meet the desires for work by workers. It is a demand-side strategy. If the non-government sector doesn�t create enough work then the government has to step in either to stimulate more private job creation (via targetted or general spending/taxation initiatives) or directly create public sector jobs.
- Full employability blames the victims of the job shortage and focuses policies (sticks and carrots) on the individuals without regard to whether there are sufficient jobs to go around."
- "The neo-liberal era has been characterised in part by the abandonment of a commitment to full employment by governments and a new obsession with full employability.
- 3. A note on Canadian unemployment since 1921
- http://www.statcan.gc.ca/pub/75-001-x/1992003/87-eng.pdf
- "From 1927 to 1929, and again during and after the Second World War, unemployment rates dropped to 3% or less......"
- "From 1927 to 1929, and again during and after the Second World War, unemployment rates dropped to 3% or less......"
- 4. The Deficit: Hysteria and the Current Crisis
- http://haroldchorneyeconomist.com/2011/10/11/the-deficithysteria-and-the-current-crisis/
- Further, in order to reduce the rate of unemployment and eventually the deficit in the longer term it is necessary to greatly increase the gap between government expenditure and revenues.
- This is clearly what happened during World War II when the deficit rose from less than 1 percent of the GNE in 1939 to 21.7 percent of the GNE in 1944. The unemployment rate fell from 11.4 percent to 1.4 percent during the same period. In a period of less than 3 years after these enormous deficits, the resulting economic recovery produced a surplus in 1947 of 5.7 percent of the GNE. This surplus position continued until 1954.
- Further, in order to reduce the rate of unemployment and eventually the deficit in the longer term it is necessary to greatly increase the gap between government expenditure and revenues.
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