A Manifesto

In the capitalist system, the prime directive enshrined in law is to maximize profit for the shareholders, and not to optimize benefits for all stakeholders, inclusive of workers, customers, communities and our planet.  These are treated as externalities so as to privatize the gains and socialize the losses.

In this system, workers are seen as a cost (a liability) and if the capitalists can automate what workers do, and thus bring the cost of “labour” to zero, they would do that readily to maximize profit gains.  Also having a bumper stock of unemployed people keeps the price of labour low (according to market supply-demand principles), hence the manufacturing of poverty and economic refugees, which can be stopped in a heartbeat if there is the local and global political will to end tribal “wars” and destabilizations within and without.

MMT (Modern Monetary Theory) with the guaranteed job guarantee option, where the government is the employer of last resort, who now sees labour/work as a benefit (not a cost), unlike the private sector that sees them as a cost, creates a bumper stock of employed people that ensures that everyone who wants to work will be given on the job training , skills and benefits that the public sector can absorb in the bad times (recession) and provide for the private sector in the good times. Thus the system can ensure full employment and once there are resources and people available, the government can invest in the people and their skills and by extension their communities by budget deficit spending. (The government has that ability to create liquidity via the central bank through the treasury, if it so wishes, and becomes a source of credit creation that circulates in the economy, provided it pays in the same fiat currency that it produces.) Work that deals with cleaning up of the environment, reforestation, looking after the elderly and sick are jobs that are usually undervalued, but idle labour and resources can be utilized more fully and coherently to fill the needs gaps that are not currently addressed.

Also, by setting the minimum living wage based on the federal job guarantee programme, this becomes the standard by which all consumer prices are set in the public and private sector.  There is no crowding out of the private sector here, but this program provides fertile and healthy grounds for the public and private sector to partner, as public investment in health, education, security and basic infrastructure creates the equitable tide that lifts all boats, from each according to their abilities to each according to their needs.

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