Re: Re: re: Welfare can't be abolished until unemployment is abolished

[Doug Henwood <dhenwood@xxxxxxxxx>]

Jim Devine wrote:

> There's a difference between a workers' recession (rising
> unemployment rates) and a official -- bourgeois -- recession
> (falling real GDP).

The bourgeoisie are experiencing a recession too - profits are way
off, and the stock market is in the tank. Investment banks are laying
people off by the thousands.

By the way, real wage growth has actually picked up for U.S. workers
- it's approaching 2% year-on-year in private services. Service
prices are rising more slowly than wages, putting a squeeze on
profits.

Doug