Today the Bureau of Labor Statistics (BLS) published its most recent data on hiring and firings during the month of May (PDF link) showing 4.1 million workers were hired in May.
The conclusion to be drawn from this data? Job creation isn’t the problem, unemployment is the problem — and this can be fixed very simply by reducing hours of work. Americans are being played like a tennis ball between the two parties with Democrats demanding “Job creation”, while Republicans denounce restrictions on “Job creators”. Both are a load of crap — there is no job creation problem in the US economy; the problem is the 40 hours work week. And, it is a bigger problem than Libertarians, Anarchists and Marxist appear to grasp.
Consider, that, by reducing hours of work the following things could be accomplished:
- At the rate jobs are being created all unemployed — including all the hidden unemployed and discouraged workers — would have jobs in six months or less.
- In the next six months, Washington would have to begin dismantling all overseas bases, and slashing its fleets and military forces.
- Six months after that, we could turn off the last light in the White House.
Briefly stated, within 18-24 months, the largest military empire in human history could be dismantled and sold off for scrap simply by reducing hours of work. This is why no Washington politician dare suggest a reduction in hours of work to end unemployment — at all costs work must not be reduced.
Ask yourself this question: Why has not a single economist ever calculated the wage impact of a labor supply shock created by a reduction in hours of work? Because, they are all directly or indirectly on the government payroll. The largest single direct employer of economists is Washington. There is no significant second place in this category.
Ask economists of any ideological persuasion – Keynesian, neoclassical, Austrian, post-Keynesian, monetarist – and you get the same answer: of all the solutions to unemployment, it is never permissible to suggest reduction of hours of work. This rule must be observed absolutely, and in no uncertain terms. All references to such a solution must be ridiculed and ignored. Because it is the one solution that sounds the death knell for the Fascist State and its global empire. Not a single living economist passed Intro to Economics (econ101) without being subject to a scathing denunciation of reduced hours of work. No effort was spared to erase the idea from economics at all the major universities. The attempt was more pervasive than anti-communist blacklisting in the 1950s. Every edition to Samuelson’s “Economics” printed since 1947 carried an argument against this idea, in which it was ridiculed and summarily dismissed. This was simply because reducing hours of work made Fascist State control over the economy superfluous — and robbed the state of resources. Economic and fiscal policy only works when there is a mass of unemployed fixed and circulating capital (factories, raw material and ancillary goods) coupled with a large mass of unemployed workers who can be put to work by the Fascist State for whatever ends it sees fit.
Libertarians, Anarchists and Marxists reject a reduction of hours of work only by rejecting the only realistic possibility for freedom from the State — leaving society to suffer under its continued domination! The signal symptom of the failure of Libertarianism, Anarchism and Marxism is their uniform ignorance of this fact.