The Master Class wants people competing for the jobs that others already have so that it can make the workplace far more brutal and far less remunerative.
Unemployment insurance came into existence during the Great Depression in part to protect existing workers from losing jobs to the unemployed.
He's right though? High unemployment results in reducing bargaining power for workers, which allows employers to pay less and have fewer worker protections, etc.
Of course his tone is too sage-y, that's true.
