On June 2, 2012, Henry Blodget writes in the Business Insider:
“Friday’s lousy jobs report was a big blow to President Obama’s reelection campaign.
“One of the single biggest factors in a President’s reelection chances is the direction of the unemployment rate and monthly jobs numbers in the six months leading up to the election. We’re getting very close to the six-month mark now. And, from Obama’s perspective, the jobs numbers are headed the wrong way.
“The Obama administration will continue to tell the same story that they have told from the beginning: The economy isn’t healthy enough, but it’s much healthier than it was under the Republicans–and Obama said from the beginning that it would be a long, slow slog.
“That’s the truth: It was always going to be long, slow slog. The country’s huge debt load, housing collapse, and financial crisis were always going to take years (if not decades) to work through, no matter what policymakers did.”
The long, slow slog will NEVER result in full employment as long as the Democrats and Republicans and virtually all other leaders continue to restrict their world economic view to one-factor labor worker thinking. They continue to ignore and not acknowledge that there are two-factors of production––human and non-human. The non-human factor is exponentially destroying jobs or degrading jobs, thus shutting out the opportunity for people to traditionally earn a living.
Full employment is not an objective of businesses. Companies strive to keep labor input and other costs at a minimum. Private sector job creation in numbers that match the pool of people willing and able to work is constantly being eroded by physical productive capital’s ever increasing role. Over the past century there has been an ever-accelerating shift to productive capital––which reflects tectonic shifts in the technologies of production.
What our leaders need to do is to focus on the GOAL of significantly broadening private, individual ownership of future productive capital formation embodied in the assets of our business corporations and companies, such as productive land, structures, machines, superautomation, robotics, digital computerized operations, etc., simultaneously with the growth of the American economy.
The systemic injustices of monopoly capitalism can only be addressed by comprehensive reforms to the tax, monetary and inheritance policies favoring the top 1 percent at the expense of the 99 percent. The current system perpetuates budget deficits and unsustainable government debt, underutilized workers, a lack of financing for financing advanced energy and green technologies, and outsourcing of U.S. industrial jobs to low-wage countries, trade deficits, shrinking consumption incomes among the poor and middle class, and conventional methods for financing productive growth that increase the ownership and power gaps between the top 1 percent and the 90 percent whose combined ownership accumulations are already less than the elite whose money power is widely known as the source of political corruption and the breakdown of political democracy.
