There's 10% unemployment. Is that really a legit solution?
Capitalism is built on the idea of everyone 'working' and 'having a job' and theres lots of people like his dad who really want work, and are loyal and hardworking.
But there's not enough jobs to go around and the amount keeps decreasing due to automation.
So what happens next?
I think it was just built on the idea of selling stuff to people and making as many things as you can sellable commodities.
Whether those working are many or few doesn't matter, as long as you get to sell to enough people to make your profit.
In the days of advanced British etc capitalism, the homeless/jobless/disenfranchised living in London etc, were very many.
That you need to pay more people to be able to build a wide market is more of a 20th century addition (Ford and his workers, the New Deal, etc).
Capitalism wouldn't work if everyone who wants a job has one, so I really doubt that. Employees could just demand ever increasing salaries until all profit is gobbled up, and there's nothing the business can do about it because they can't replace them since everyone who wants a job has one.
There are ~5.8 million job openings as of the end of July. The highest level maybe in 15 years [1]. The unemployed worker per job opening ratio is also at the lowest in 15 years [2]. The U6 unemployment rate for people that have some college is 5.x%; the unemployment rate for people with a four year degree is 2.x%. There have been eight million full-time jobs added in just four years.
The challenge, as always, is finding the job you want, at the salary you'll accept, matching skills you possess. I'd argue there are plenty of job openings in technology and sales.
I think that it's reasonable to assume that the average college grad is < 25, so that statistic doesn't necessarily reflect the experience of the recently graduated.
If you take people with high school or higher education who are > 25, there are 5.5 million unemployed. I'd be curious to know what that number changes to if you lower the age to 22 or so.
Also, I think team leads tell themselves they can mold young developers in their image. Not only are you getting a developer at a discount, you're getting a potential clone. What's not to love?
Capitalism is structured so that everyone without substantial capital holdings needs a job. OTOH, its not built on everyone working and having a job, in fact, the desperation that comes with people not having jobs and people currently working being at risk of not having jobs -- and the effect that has on the wages and conditions those employed are willing to accept -- is important to capitalism (though its one of the effects modern mixed economies have attempted to mitigate in moving away from pure capitalism.)