The first chapter of this very short book shows that labor unions do not know how to raise the standard of living of the average worker and that in their ignorance they both impede the rise in real wages and cause unemployment and/or arbitrary inequalities in wage rates between different occupations.
The goal of the unions is to raise money wage rates, but the only way to do that is either to reduce the supply of labor, which represents unemployment, or increase the overall total spending to employ labor. This requires increasing the quantity of money in the economic system, which serves to raise prices as much as wages, and thus does not serve to raise the average wage earner's standard of living.
The second chapter is a critical commentary on the actions of the California Federation of Teachers in attempting to promote class warfare by means of inciting the members of the so-called 99 percent against the 1 percent. The propaganda employed by the CFT against the 1 percent is shown to be reminiscent of the propaganda employed up to the Krystallnacht, in November of 1938, by the Nazis against the Jews.
The goal of the unions is to raise money wage rates, but the only way to do that is either to reduce the supply of labor, which represents unemployment, or increase the overall total spending to employ labor. This requires increasing the quantity of money in the economic system, which serves to raise prices as much as wages, and thus does not serve to raise the average wage earner's standard of living.
The second chapter is a critical commentary on the actions of the California Federation of Teachers in attempting to promote class warfare by means of inciting the members of the so-called 99 percent against the 1 percent. The propaganda employed by the CFT against the 1 percent is shown to be reminiscent of the propaganda employed up to the Krystallnacht, in November of 1938, by the Nazis against the Jews.
