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As a well known economic illiterate I am still struggling to get my head around all this. I think I understand the mechanisms involved - mass sackings followed by squeezing the remaining workers more. But does that not lead to the taking out of the domestic market a whole swathe of potential customers? Surely the credit card solution to the threat to domestic demand has now run its course. Though this softening of domestic demand can be compensated for by a rise in overseas customers in China and possibly India. But what will be the political as distinct from the economic impact inside the State? I have always disliked the phrase "labour aristocracy", but putting that aside, one still wonders at the medium to long term impact of the elimination of the relatively well paid American worker. Of course when the American worker has been thoroughly immiserated, she might be prepared to work for Third World wages, especially if the workers in China succeed in pushing up labour costs. That presumably is the capitalist fantasy, however I do not know of any instance where a class has been smashed without considerable resistance. Undoubtedly rocky times are ahead and it is a cruel irony that we have the first Black President presiding over the demise of the American working class. he may be seen in the wikileaks documents by the CIA as a foreign affairs asset, but in domestic terms he is destined to go down as a thorough disaster. comradely Gary ________________________________________________ Send list submissions to: [email protected] Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
