Albert Einstein suggested we employ 9th grade Algebra to resolve the unemployment problem.
If unemployment is X simply shorten the workweek X & raise the minimum wage X. The formerly unemployed are pulled back into the workforce and business has X more customers with money to spend so can afford the X increase in labor costs. Everything equals out; nothing is lost. That’s why they call it an equation!
The American worker today is 20 to 25 times more productive than in the horse and buggy days. Our productivity improvements are now accelerating at a pace unseen in history. Computers and the Internet, big-box retailing & distribution, robotized factories have made millions of jobs obsolete in just a few short years.
Each time in our history when we’ve shortened working hours the Patent Office is hit with a flood of new laborsaving inventions. This should be cause for celebration - it lets us all go home from work earlier and earlier but we have forgotten our own history. We haven’t reduced the workweek in 50 years!
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