Global Reality: Surplus of Labor, Scarcity of Paid Work

Charles H Smith publishes a  blog of uncommonly thoughtful and candid analysis -- contrary thinking vis a vis the likelihood of economic "recovery".....

The industries that are increasing productivity do so by eliminating entire industries and entire job categories.

The global economy is facing a structural surplus of labor and a scarcity of paid work.Here is the critical backdrop for the global recession that is unfolding and the stated desire of central banks and states everywhere for "economic growth": most of the so-called "growth" since the 2008 global financial meltdown was funded by sovereign debt and "free money" spun by central banks, not organic growth based on rising earned incomes.

Take away the speculation dependent on "free money" and the global stimulus dependent on massive quantities of fresh debt, and how much "growth" would be left?

What policy makers and pundits dare not admit is that the global economy is entering the "end of paid work" foreseen by Jeremy Rifkin.....     Read the rest at  Of Two Minds