A country that has made its self-definition utterly dependent on the ubiquity of paying work now has an insufficient number of jobs. This is not short-term economic cyclicality; labor-force participation has dropped, fairly steadily, for decades. Capital-biased technological change contracts industry after industry. The most powerful, most profitable companies now employ a tiny fraction of the workers that similarly sized enterprises once did. The biggest employers, like Wal-Mart, provide insufficient wages and hours to give employees access to middle-class existence. The problem is not merely those who are entirely unemployed but also those who need more hours or higher wages and can’t get them. And all these people desperate to work or for more work undermine the bargaining power of those currently employed. Who asks for a raise when there are 50,000 young graduates who will do your job for two-thirds of what you make now? Who complains about discrimination, harassment, and other workplace immiseration when relief for employers is a round of pink slips away? This is what an employment crisis means. The unemployed suffer, and their suffering causes the employed to suffer. Each person’s precarity is instrumental in another’s.
It is hard to overstate: This country, in its current condition, has no other option but something close to full employment.↬ Gerry Canavan