[NJFAC] Jobs for All Newsletter for July-August 2023

Jobs for All Newsletter, July-August 2023  The Truth About Social Security "Reform"; Labor Organizing for the 21st Century; New Leadership for Columbia Full Employment Seminar; Connecticut Jobs & Human Rights Task Force Expands

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June Zaccone
National Jobs for All Network
http://www.njfac.org

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[NJFAC] Galbraith: In Defense of Low Interest Rates

IN DEFENSE OF LOW INTERESTRATES  JAMES K. GALBRAITH

"if John Maynard Keynes were still alive, he would favor a low rate of interest."

"In recalling John Maynard Keynes's revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there is no alternative to a policy of low interest rates. However, such a policy cannot be effective, he argues, without a radical restructuring of the US economy as a whole."

Unfortunately, the Fed considers raising interest rates the sole tool for addressing inflation. jz

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June Zaccone
National Jobs for All Network
http://www.njfac.org

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[NJFAC] Formerly incarcerated people face huge obstacles to finding stable employment

New data on formerly incarcerated people's employment reveal labor market injustices

Newly released data doubles down on what we've reported before: Formerly incarcerated people face huge obstacles to finding stable employment, leading to detrimental society-wide effects. Considering the current labor market, there may be plenty of jobs available, but they don't guarantee stability or economic mobility for this vulnerable population.

by Leah Wang and Wanda Bertram, February 8, 2022

How many formerly incarcerated people are jobless at the moment? A good guess would be 60%, to generalize from a new report released by the Bureau of Justice Statistics (BJS). The report shows that of more than 50,000 people released from federal prisons in 2010, a staggering 33% found no employment at all over four years post-release, and at any given time, no more than 40% of the cohort was employed. People who did find jobs struggled, too: Formerly incarcerated people in the sample had an average of 3.4 jobs throughout the four-year study period, suggesting that they were landing jobs that didn't offer security or upward mobility....

link from Jeffrey St. Clair, Counterpunch

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June Zaccone
National Jobs for All Network
http://www.njfac.org

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[NJFAC] child labor returns--definitely NOT part of our job guarantee goal

"...the number of kids at work in the U.S. increased by 37% between 2015 and 2022. During the last two years, 14 states have either introduced or enacted legislation rolling back regulations that governed the number of hours children can be employed, lowered the restrictions on dangerous work, and legalized subminimum wages for youths."

https://tomdispatch.com/caution-children-at-work/

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June Zaccone
National Jobs for All Network
http://www.njfac.org

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[NJFAC] Leading economists said we’d need higher unemployment to tame inflation. Here’s why they were wrong.

The Simple Mistake That Almost Triggered a Recession

Leading economists said we'd need higher unemployment to tame inflation. Here's why they were wrong.

By Adam Ozimek

"...the unemployment rate doesn't really capture everyone who doesn't have a job; it excludes people who aren't looking for work at all. This dividing line makes sense for retired people, full-time students, and others who genuinely don't want work—it wouldn't make sense to call these people unemployed. But retirees and students are not the only adults who are out of the labor force. There are also people who might want a job if the opportunities were good enough. Potential workers like these are precisely who could help alleviate labor-market pressures. More people entering the labor force would mean more workers to fill job openings.

The most recent economic data make clear that the unemployment rate was significantly undercounting the pool of available workers. Even as the official number remains pinned to historical lows, 4 million workers have found jobs over the past year. The labor market was in better shape than many experts thought. Inflation and wage growth have both been slowing down. This did not require a multiyear span of high unemployment, as Summers suggested; to the contrary, the economy keeps adding jobs."

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June Zaccone
National Jobs for All Network
http://www.njfac.org

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