President
Obama may very well be remembered as the worst jobs President of all time.
According to CNN News, 94 million Americans are not participating in this
country’s labor force. Whether these individuals are making money
by begging on the street, by taking advantage of the welfare system, or by
some other means - this number puts the labor participation rate
at a 38-year low.
CNN
reported that a record 94 million Americans are not currently participating in
the labor force; that’s 261,000 more than the previous month. August marked the
third month in a row that the labor force participation rate has been stuck at
62.6% and according to the Labor Department this number puts us at a 38-year
low.
Last
month the civilian non-institutional population – in other words, people 16 or
older who are not in an institution or the military – rose to 251 million. Of
that number, only 157 million participated in this country’s labor force (this
includes those looking for a job).
The
unemployment rate recently dropped to the lowest percentage since April
2008. Zero Hedge explains why: "because 261,000 Americans
dropped out of the labor force, as a result pushing the total number of US
potential workers who are not in the labor force to a record 94 million, an
increase of 1.8 million in the past year, and a whopping 14.9 million since the
start of the second great depression in December 2007 while only 4 million new jobs
have been created.”
As
America heads into Labor Day weekend, many will see the numbers and believe the
unemployment rate to be improving. But it’s not because people are getting
jobs. As fewer workers choose to enter this country’s workforce and the baby-boomer
generation retires, the number of adults seeking a job diminishes. In other
words, the unemployment seems to improve as the number of Americans who choose
not to be a part of the labor force grows.
No comments:
Post a Comment