The latest “Summer of Recovery” under Obamanomics is in…
A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics.
The labor force participation rate has been as low as 62.8 percent in six of the last twelve months, but prior to last October had not fallen that low since 1978.
BLS employment statistics are based on the civilian noninstitutional population, which consists of all people 16 or older who were not in the military or an institution such as a prison, mental hospital or nursing home.
In August, the civilian noninstitutional population was 248,229,000 according to BLS. Of that 248,229,000, 155,959,000—or 62.8 percent–participated in the labor force, meaning they either had or job or had actively sought one in the last four weeks. The 92,269,000 who did not participate in the labor force are those in the civilian noninstitutional population who did not have a job and did not actively seek one in the last four weeks. Because they did not seek a job, they did not count as “unemployed.”(CNS)
Remember kiddies, the “unemployment rate” is a lie. It only counts people actively looking.
Also, now Americans are seeing the real cost of ObamaCare health care subsidies. Employer mandates are not much good to working families if no one in the family is working.
The official jobless rate is down to 6.1 percent but real unemployment is closer to 18 percent, because so many prime aged adults are sitting out the party. For example, one in six adult males between the ages of 25 and 54 has no job, and may have simply quit looking thanks to “compassionate” government policies that reward able bodied men and women to sit at home and watch ESPN NFL reruns or The View.
Since 2000, Congress has beefed up the earned income tax credit, and expanded programs providing direct benefits to low and middle income workers, including ObamaCare and Medicaid, food stamps, and rent and mortgage assistance.
Those buy votes but do little to encourage work.
Benefits phase down as family incomes rise, and often tax additional income as much as 50 percent. Consequently, government benefits penalize work and encourage one partner in two adult households to be idle.
Also, those programs offer incentives for single people to work only part-time and contribute to skills shortage.
With millions of young college graduates unable to land a professional job and start a career, the president has implemented irresponsible federal student loan policies. And unscrupulous university presidents exploit young people by peddling graduate programs that promise rewarding careers but only deliver a lifetime of debt.
But hey, work at McDonalds for $15/hr, we promise… 🙂
Student loans take disgruntled college graduates off the streets, lower the official unemployment rate and deliver electoral majorities for Democrats but undermine future growth. Simply, too many folks in their late 20s are stuck in dead end jobs, burdened with crippling debt and unable to buy a home or comfortably start families.
The root cause of the jobs crisis is chronically anemic growth, whose sources candidate Obama promised to address in 2008 but has forgotten.
These include the purposefully undervalued Chinese and Japanese currencies, which cheapen imports, siphon off demand for American-made products and destroy factory jobs; federal restrictions on offshore oil and gas development, which unnecessarily perpetuate U.S. oil imports and finance terrorism; business regulations more burdensome than necessary to accomplish worthy objectives, which create prestigious jobs for political supporters and create monopolies for campaign contributors; and a tax structure ranked one of the worst in the world for encouraging sound business decisions and supporting international competitiveness.
A second term president should be a statesman looking to the long-term security and prosperity of the American people.
Instead, Obama continues to campaign, blames his predecessor and congress for his disappointments, and will leave Americans poorer and less safe in the bargain. (TF)
In other words, NOTHING HAS CHANGED. The Ideological train has not come out of it’s tunnel.
The Agenda is still the Agenda. Regardless.