Why the 1% likes high unemployment
Confronting the worst job market in decades, many college graduates who expected to land paid jobs are turning to unpaid internships to try to get a foot in an employer’s door.
People with no jobs are desperate to get them. People with jobs are desperate to keep them. Keeps wages low!
Also, too, servants are cheap:
But Ms. Reyes soon soured on the [intern] experience. She often worked 9 a.m. to 9 p.m., five days a week. “They had me running out to buy them lunch,” she said. “They had me cleaning out the closets, emptying out the past season’s items.”
And what's Obama's solution? Lowered interest rates on Ms. Reyes student loans. Wowsers. Clue stick, asshole: Lowered interest rates don't help when you've got no income.
What we need is a debt jubilee and a jobs guarantee. Or, ya know, JUST GIVE US THE MONEY. It works for banksters, so why not us?
NOTE Link via Atrios, who seems reluctant to draw the obvious conclusion.