I regard this as a very important article to understand the unemployment trends that from a long-term perspective are appearing at an accelerating rate in capitalist economies: a growing and permanent high levels of unemployment creating a large class of human beings who are increasingly regarded by the ruling classes as dispensable. The implications of this for our future is mind-boggling.
...the “jobs are not coming back”, there will be workers, lots of workers, whose only recourse will be long-term unemployment or low-skill, low-pay work. There you have it – neoliberal austerity for the masses. That’s the long-run prospect.Although very important, and I regard it as a "must-read", the article could have been enhanced with graphs illustrating his main points, and generally edited for repetitive arguments.
