High unemployment is not only bad for the newly unemployed. It also forces down salaries for those still working by increasing competition for jobs. Simple supply and demand.
So all those “demanders”, owners and consumers, will now get to pay less for the labor portion of the production equation.
It is important to remember that a large portion of the populace thought the economy leading to the Great Depression era was just great, the gap between rich and poor, like today was approaching a good monarchy. Excepting the anarchy that punctuated the end to their laissez-faire policies, we might have already completely regressed to a serf type employment arrangement.
The financial problems today are much different then the 1930’s, while the politics are eerily similar. The same people who caused the financial problems are now purposely ignoring real solutions by making the false comparison to the Great Depression.
Politically, then as today, as long as you do not require a salary to live, lower employment costs are a good thing. Your employees work for less money. Little things like eating at a restaurant are cheaper. The only people who need full employment are the ones who must work for a living.
The broader economy is dependent upon the broader politics. Fake change like the last 18 months of financial shenanigans actually makes things worse. Sadly, the worse things get, the more likely positive change.
It’s obviously not bad enough yet, if a minority group in a lame duck Senate can force GM into bankruptcy. Unemployment not only be damned, but be desired. When workers making $40,000 a year can be blamed for managements performance and get away with it, real change is far, far away.