On November 3, 2012, Don Lee writes in the Los Angeles Times:
Businesses stepped up their hiring last month, and more people jumped back into the job market, signs that the economy is picking up steam even as unemployment remains high.
The notion that there are signs that the economy is picking up is misguided. Real JOB CREATION cannot occur until there is OWNERSHIP CREATION, which means that businesses must expand. And business can ONLY expand if there are “customers with money!”
The long-term reality is that jobs as they have been understood are not only threatened by out-sourcing to unrestricted and unregulated low-wage counties but significantly by tectonic shifts in the technologies of production, which destroy and degrade (lower income) jobs.
President Obama stated: “What’s at stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home, and secure their retirement.” As long as working people are limited by earning income solely through their labor worker wages, they will be left behind by the continued gravitation of economic bounty toward the top 1 percent of the people that the system is rigged to benefit. Working people and the middle class will continue to stagnate, resulting in a stagnated consumer economy. More troubling is that this continued stagnation will further dim the economic hopes of America’s youth, no matter what their education level. The result will have profound long-term consequences for the nation’s economic health and further limit equal earning opportunity and spread income inequality. As the need for labor decreases and the power and leverage of productive capital increases, the gap between labor workers and capital owners will increase, which will result in revolution.
The ONLY way the economy, which is reflected in the reality that jobs ONLY slowly continue to return and those jobs are paying less and less, is for stimulating and incentivizing economic growth simultaneously with broadening private, individual ownership in FUTURE income-producing capital assets generated by our business corporations––productive land, resources, structures, machinery, human-intelligent machines, superautomation, robotics, digital computerized operations, etc. JOB CREATION always follows OWNERSHIP CREATION, and the solution is to balance production and consumption with broadened ownership as tectonic shifts in the technologies of production will continue to destroy and degrade (less income) jobs.
The lingering unemployment will persist until we can stimulate and incentivize new capital formation financed so that EVERY American can have access to CAPITAL HOMESTEAD loans (without pledging “past” savings or equity) to invest in FUTURE growth assets that will generate income to pay back the loans. While this will result in a short-term demand for labor, long-term the capital plant once built will less and less labor to sustain. That is why is it is CRITICAL that EVERY American have the equal opportunity to build a viable income-producing capital estate and become stronger self-sufficient individuals and less dependent on taxpayer-supported government welfare.
