On November 2, 2012, Robert Reich, Chancellor’s Professor of Public Policy at the University of California at Berkele and Secretary of Labor in the Clinton administration, writes:
The two most important trends, confirmed in today’s jobs report from the Bureau of Labor Statistics, are that (1) jobs slowly continue to return, and (2) those jobs are paying less and less.
The most disturbing aspect of today’s report is the continuing decline of wages. Average hourly earnings climbed 1.6 percent in October from the same time last year. That’s not enough to match the rate of inflation – meaning that hourly earnings continue to drop in real terms.
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.
