What if we STRUCTURALLY have more people than there are jobs?

IF wages are to high thats because cost of living is to high.

When you can buy a coke for 5 cents and a car for 2000 dollars, a home to live in for 23,000 dollars

Maybe you will see wages dropping.
 
If there are too many looking for work, will it become that there are 20 applicants when a minimum wage job comes available?

Will we end up employing the huge majority of workers at minimum wage?
 
Quote from gnome:

Industry has always tried to get more "productive"... more product per man-hour of labor...

Machines to make things in great quantities at low cost.

Machines to take the place of many workers.

What is left for displaced workers to do?

And when our economy settles out after this "adjustment", we may find economic activity some 20-40% BELOW the 2007 "borrow and spend" peak.

We may find that there are not enough jobs available, regardless.

What is to be done about the permanently unemployed?
More...

This isn't a new problem my friend. Ever been to a trailer park?
 
Quote from gnome:

Industry has always tried to get more "productive"... more product per man-hour of labor...

Machines to make things in great quantities at low cost.

Machines to take the place of many workers.

What is left for displaced workers to do?

And when our economy settles out after this "adjustment", we may find economic activity some 20-40% BELOW the 2007 "borrow and spend" peak.

We may find that there are not enough jobs available, regardless.

What is to be done about the permanently unemployed?
More...

This question is a non-question. there's nothing different between industry getting more productive, and agriculture getting more productive since 10,000 or more years ago. what will happen with more productivity> a richer nation as a whole. more jobs in the tertiary sector, especially leisure.
 
Quote from trade4succes:

This question is a non-question. there's nothing different between industry getting more productive, and agriculture getting more productive since 10,000 or more years ago. what will happen with more productivity> a richer nation as a whole. more jobs in the tertiary sector, especially leisure.
More...

If there was a place to fade this comment, you could get odds.
 
Government will pick up the slack. Bigger government, higher taxes (just look at Britain).

I am sure the IRS is aware of the wealthiest individuals/entities...that's power, whether good or bad, who knows?
 
Quote from G-Boa:

Government will pick up the slack. Bigger government, higher taxes (just look at Britain).

I am sure the IRS is aware of the wealthiest individuals/entities...that's power, whether good or bad, who knows?
More...

Didn't Margaret Thatcher once make a comment about, "... the problem with Socialism is that the wealthy eventually run out of money..." ??
 
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