[Marxism] WSJ.com Economic Forecasting Survey Sees Job Rebound in Late 2010 - WSJ.com

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http://mobile2.wsj.com/device/article.php?mid=1&CALL_URL=http://www.wsj.com/article/SB123921340472201877.html


Although the survey of economists indicates a modest recovery beginning in the 
fall, the labor market is potrayed as a caboose lagging behind for quite some 
time. 

This survey seems to tie in with some of Doug Henwood's recent comments about 
the shape of the economy, although for his part Krugman seems to be much more 
pessimistic.  

One wonders if we're seeing the beginning of an "acceptable" permanent 
unemployment rate in the USA much higher than previous norms. 

What with weak union leadership, lowered expectations for the passage of 
pro-union legislation, and low rates of union membership in general, the 
working class will see heightened competition in a lean labor market for 
available jobs and thus a lowering of wage rates to near subsistence levels for 
those who work and increased levels of immiseration for those who don't. 

While I enjoy the historical comparison to the debauched financial aristocracy 
in Marx's historical work on France, one small item is missing. 

The working class as political agent. 

Greg McD


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