People Not In Labor Force Soar To Record 91.8 Million; Participation Rate
Plunges To 1978 Levels
Submitted by Tyler Durden on
01/10/2014 08:48 -0500
Curious why despite the
huge miss in payrolls the unemployment rate tumbled from 7.0% to 6.7%? The
reason is because in December the civilian labor force did what it usually does
in the New Normal: it dropped from 155.3 million to 154.9 million, which means
the labor participation rate just dropped to a fresh 35 year low, hitting
levels not seen since 1978, at 62.8% down from 63.0%.
And the piece de resistance:
Americans not in the labor force exploded higher by 535,000 to a new all-time
high 91.8 million.
The jobless, laborless
recovery continues to steam on.
Source: http://www.zerohedge.com/news/2014-01-10/people-not-labor-force-soar-record-918-million-participation-rate-plunges-1978-level
U.S Lost 2 million
Workers in 2013
(Brietbart) The
overall labor force shrunk dramatically last year. In December 2012, 155.4
million workers had a job or were actively looking for one. Last month, though,
154.9 million were in the labor force, a drop of over 500k Americans
http://www.breitbart.com/Big-Government/2014/01/10/US-Lost-2-Million-Workers-in-2013
Comments:
Comments:
The Labor participation
rate has declined from over 67% in 2000 back to the 1978 level a little over
42%. The term “stag-flation” (stagnation
+ inflation) was coined to describe the 1978 recession that preceded Ronald
Reagan’s election in 1980. That
recession was caused by high inflation created by dollar monetizing (printing +
lending) to pay for Lyndon Johnson’s war on poverty and the 10 year Viet Nam
war. It was broken by allowing interest
rates to soar to 18%. The cost of
automobiles doubled in 1978 and gasoline shortages hit the U.S. Also, manufacturers began some serious
off-shoring. Most stay-at-home moms went to work because of rising prices.
The difference in the
1978 recession and the 2008 recession is that the 1978 recession , the U.S. population was 222.59
million in 1978 and now, as we enter 2014, our population is 316.80
million. We have 94.21 million more in
population largely due to our on-going, excessive legal immigration of 1 to 2
million a year since 1989.
We have 91.8 million who
could work, but are not looking and we add those to the 154.9 million who have
jobs or are looking for jobs, we get 246.7 million that should be working from
a population of 316.8 million. That means 70.1 million are not of working age
or are totally disabled.
Also, if 7% of those
154.9 million were on unemployment, that would have been 10.843 million to
subtract from the 154.9 million to get the actual number of jobs held in
2013. That’s a whopping 144.057 million
jobs people had in 2013 to support a population of 316.8 million. That’s 45% of
the population supporting the rest, plus foreign aid. You could argue the point that real
unemployment is now 55%.
The government’s job is
to get us out of bad trade agreements, make the tax and regulatory changes
necessary to allow manufacturing to return to the U.S., allow drilling, mining
and harvesting, cut government spending by $1 trillion a year and stop using
bogus unemployment numbers.
Norb Leahy, Dunwoody GA
Tea Party Leader
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