The substantial reductions in public sector employment over the last decade have exacerbated this problem. Between 1970 and 1999, the labour force grew by 1.87 per cent per annum average, private employment grew by 1.9 per cent per annum, and public sector employment grew by 0.6 per cent per annum. If public sector employment had have matched the labour force growth rate, there would be an unemployment rate of 1.7 per cent now. In the USA, both public and private sector employment grew proportionally with the labour force and they have a lower unemployment rate. CofFEE advocates a return to full employment.
Full employment requires a renewed commitment by the public sector to public job creation.
The private sector will never create enough working hours to absorb the growing labour force. CofFEE advocates the introduction of a Job Guarantee as a means to achieve full employment. You can read about it on our pages. The conference will also discuss why the Job Guarantee is the way forward. The Conference will have financial market experts talking about why the financial markets would not react unfavourably to the Job Guarantee.