Although 125,000 jobs were lost in June, capitalist politicians expressed optimism because of the 0.2 percent decline in the official unemployment rate, from 9.7 to 9.5 percent. This is largely the result of an increase in the number of workers who gave up looking for a job. If they were included in the official statistic, along with those who have been forced to accept part-time work, the unemployment rate would reach 16.5 percent, exactly the same as it was one year ago.
To make matters worse, the Democrat-controlled Senate refused to pass a measure extending unemployment benefits. While Congress drags its feet, millions are in danger of being evicted, going bankrupt and descending into poverty.
In an economic crisis, workers are thrown out of their jobs in massive numbers as capitalists lose their ability to make a profit off of their labor. A socialist society of, by and for poor and working people will be capable of guaranteeing jobs for all.
