Recession, inequality and capitalism: A "soft landing" for who?
The Socialist Program with Brian Becker
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Unemployment Disciplines the Working Class
There's a memo circulating on the internet now from Janet Yellen, the current secretary of the Treasury. She writes that unemployment is a mechanism for disciplining the workforce. What happens if you demand higher wages and your employer doesn't want to pay them? You're out of a job. And there are lots of desperate unemployed people out there willing to take your job for even less than you're being paid now. In other words, unemployment is the capitalist way to block workers from getting higher wages.
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