The secret to the amazing increases in productivity in the American economy is finally out. Companies in the US are not hiring full-time workers. They are gambling that they can keep their margins high by keeping a vast part of the workforce, perhaps millions of people, unemployed.
Unemployed people, it turns out to no one’s surprise, will work for very little. And, they will work without benefits, without job security, and without complaint.....
The development is a revelation, and a good one, (Emphasis added) for companies, municipalities, and states, all of which are tight on cash and unable to get credit at reasonable rates if at all.
Read the whole thing and feel your blood start to boil.