Fed Interest Rate and FOMC Announced That They Would Stay at Zero

On unemployment.

The Covid crisis has led to millions out of work - but the situation was none too rosy before, either. Post-crisis recoveries seem increasingly 'jobless', while the overall labour force participation rate keeps falling as people drop out entirely. 

We interview to Liz Pancotti of Employ America for a picture of what's driving US unemployment.

Then we talk to Aaron Benanav about his new book and learn that it's not robots who are stealing jobs, but rather capitalism's own stagnation. Why are both radical Keynesian ideas and UBI proposals no real solution? And, finally, what is the working class to do in a world with depressed demand for labour?

Running order:

• Liz Pancotti - (04:09)
• Aaron Benanav - (53:09)

Readings:

• Automation and the Future of Work, Aaron Benanav, Verso
• Unemployment Benefit Expansions: A Guide for Policy Responses in the Wake of COVID-19, Elizabeth Pancotti, Employ America
• Do not let homeworking become digital piecework for the poor, Sarah O'Connor, FT