Our own big fat Greek Crisis. CNN quotes Mark Zandi as predicting the crisis will lead to layoffs of 900,000 state employees. Washington doesn’t seem all that concerned about the situation. Perhaps they intend to Greek the states:
“Without further aid from the federal government, many states would have to raise taxes or cut spending by more than they would if aid was provided,” Elmendorf said. “Such actions would dampen spending by those government and by households in those states, and more state and private jobs would be lost.”
Not only would state workers be impacted, but government contractors and suppliers would be too, Shure said. If the states curtain their spending, the companies that do business with them will likely downsize too.
Someone has been reading this blog.
Shorter working week soon inevitable, forecasts nef – New Economic Foundation
It probably helps the cause that unemployment will be ten percent plus for the next 10 years, while recessions are coming every six years. But, who are we to argue. As we stated, this crisis is over the terms and conditions of the end of work.
According to nef, there are several forces pushing us towards a shorter working week: lasting damage to the economy caused by the banking crisis, an increasingly divided society with too much over-work alongside too much unemployment, and an urgent need for deep cuts in environmentally damaging over-consumption. These combine with a growing interest in people spending more time producing and delivering a share of their own goods and services – from co-produced care and neighbourhood-based activities, to food, clothing and other necessities.
“So many of us live to work, work to earn, and earn to consume. And our consumption habits are squandering the earth’s natural resources”, says Anna Coote, co-author of the report and Head of Social Policy at nef. “Spending less time in paid work could help us to break this pattern. We’d have more time to be better parents, better citizens, better carers and better neighbours. And we could even become better employees: less stressed, more in control, happier in our jobs and more productive. It is time to break the power of the old industrial clock, take back our lives and work for a sustainable future.”