the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
May 6, 2024
Ordinary workers might be excused for thinking that a slowdown in the economy would be a bad thing. After all, it means that jobs are harder to find, especially at wages that can support us and our families.
But the news that only 175,000 jobs were added in April was greeted by the Wall Street Journal with cheers.
The employment report also said that only 5,000 jobs were added in the leisure and hospitality sector, down from 53,000 in March. In addition, stores like Starbucks and McDonald’s have reported slowing sales.
The fast-food industry and government reports are finally recognizing what working people have known for a long time: prices are too high, and workers cannot afford to take their kids to McDonald’s.
But this is welcome news for the Wall Street Journal! They figure that this means that the Federal Reserve will start lowering its interest rates, and businesses can get back to borrowing free money again. They’re also happy that wage growth has continued to slow. That’s also more money in corporations’ pockets.
Bad news for workers is good news for businesses. That’s the capitalist system in a nutshell.