Saturday, August 2, 2008

Lower Labor Costs Now! (Lew Rockwell)

Lew Rockwell on ways the state could dramatically lower labor costs and help the economy:

Official data are starting to reveal what close observers have suspected for some time. Layoffs are increasing. Unemployment is on the rise. It now stands at a four-year high of 5.7 percent, which is not high by historical standards, but it stings when you consider that the rate dipped below 4 percent in the late 1990s.

What worries people is the trend line. This is the seventh straight month of reported job declines. Job instability is the number one factor that leads to public panic. It is more pressing than stock-price declines, general price increases, and a host of other bad trends, because it hits people in the most direct way by threatening to end the flow of money that puts bread on the table.

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