Labor is a commodity, like any other, and its price is therefore determined by exactly the same laws that apply to other commodities. In a regime of big industry or of free competition – as we shall see, the two come to the same thing – the price of a commodity is, on the average, always equal to its cost of production. Hence, the price of labor is also equal to the cost of production of labor. But, the costs of production of labor consist of precisely the quantity of means of subsistence necessary to enable the worker to continue working, and to prevent the working class from dying out. The worker will therefore get no more for his labor than is necessary for this purpose; the price of labor, or the wage, will, in other words, be the lowest, the minimum, required for the maintenance of life.
Frederick Engels - The Principles of Communism 1847
Endless bootstrap manufacturers, endless wealth.
It’s often assumed that even in tough times, lawyers can find good jobs. But that proposition is being overturned by a tight legal market, and by a glut of graduates.

The nation’s law schools are facing growing pressure to be more upfront about their graduates’ job prospects. Many students say they were lured in by juicy job numbers, but when they got out, all they ended up with is massive debt.

This bullshit of “if you didn’t want debt, you shouldn’t have chosen an low employment major” needs to stop. This affecting every single job field. How can you pick yourself up by bootstraps when your drowning in debt?

Hundreds of billions of dollars are spent every year to control the public mind.
Noam Chomsky (via funkchunk)
stfuconservatives:

But only if the sprinkles are deregulated.
-Joe

stfuconservatives:

But only if the sprinkles are deregulated.

-Joe

pol102:

Employment: Defending jobs | The Economist
Looking for a job? These are the world’s top ten employers. Welcome to the new global economy.

So.
We’re not spending too much on defense, huh?

pol102:

Employment: Defending jobs | The Economist

Looking for a job? These are the world’s top ten employers. Welcome to the new global economy.

So.

We’re not spending too much on defense, huh?

Capitalism in its raw form can’t pull us out of this hole.

Bill Gross, a billionaire Republican, and one of the chief investment officer of the giant bond fund Pimco.

He believes “the government needs to arrest America’s dangerous economic slide.” That sentiment is growing. Economists and the financial industry want policymakers to boost the economy.

The pushback against the Republican austerity agenda is arguably even more intense. Jamison Foser explained this week:

J.P. Morgan says “fiscal tightening” will worsen the “negative feedback loop” hindering economic growth. Greg Ip notes, “A shift toward fiscal and monetary austerity in the United States in 1937 helped prolong the depression. Fiscal tightening helped push Japan back into recession in 1997.” Jared Bernstein argues for more stimulus. Larry Summers, too. Bruce Bartlett, a policy advisor to Ronald Reagan and Jack Kemp, writes, “the important thing is for policy makers to stop obsessing about debt and focus instead on raising aggregate demand.”

(via zeitvox)

So when Mr. Perry presents himself as the candidate who knows how to create jobs, don’t believe him. His prescriptions for job creation would work about as well in practice as his prayer-based attempt to end Texas’s crippling drought.