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...in response to a question about how we might create more jobs?
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To create more jobs:
I fear the concept of the 40-hour workweek is obsolete. The very concept of work has changed. We are going thru changes which no one completely understands.
How many jobs would a 35-hour workweek create? The numbers tell us that it would create one job for every eight that now exists. However, that is not necessarily so. Many folks are working less hours than 40 hours already and are using PTO or vacation time for reimbursement. Nonetheless, a shorter work week would probably create several million jobs?
Simply passing a law that paid overtime for any work over 35 hours would also create some jobs. Not as many but a substantial amount. However, that is something the country will need to look at in the longer run.
Presently, I think we need to connect workers with employers in such a way that gets a commitment from each of them. Potential employees could register for a new program to work with local employers. If we could get a commitment from employers about how many people they plan on hiring in the next 6 months, then we could direct potential employees directly to those employers. It could be constructed as previously discussed with taxcuts for training these individuals. Unfortunately, some employers would hire these new employees with the new taxcuts and lay off other employees. There would be no net new jobs in that instance. There would have to be a commitment from employers to increase their workers in order to qualify for the tax break.
Basically, workers have been underpaid since the late 1970's. They did not have to ask for pay raises because they had easy credit. When their credit cards maxed out, they were able to get another card with a higher limit to pay it off. When that card maxed out, they were able to get an easy-refinancing of their homes to pay off their credit card debt. It was a cycle that continued until September 2008.
When they woke up after the collapse, they realized they had not had a significant raise in 30 years! But they no longer had access to easy credit, with their cards or mortgages. So they were stuck with no purchasing power. The demand simply wasn't there. Most of the profits from increased productivity went to the very top and they used much of those profits to send jobs overseas. Although many may disagree, it was detrimental to the workers of this country. There is no evidence to suggest otherwise.
There are jobs to be done in this country, especially with infrastructure, if the politics will ever permit it. Many overseas ventures wish to bring their profits back to this country with little or no taxes upon it. Surely we can do better than that? If they want lower taxes, then they should be able to guarantee more jobs for Americans. No jobs, no tax breaks. Simple as that.
I could go on and on...
ken
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