Record 87,897,000 Americans Not in the Labor Force
by Wynton Hall
Amid disappointing unemployment numbers that fell 80,000 jobs short of projections, another number is raising eyebrows: the number of Americans not in the labor force has hit a record high 87,897,000.
This figure explains why overall unemployment dropped from 8.3% to 8.2%, as the Department of Labor’s unemployment figure does not include people who have given up hope and are not actively seeking employment.
When the number of individuals who have stopped looking for a job and/or who are working part-time but desire full-time employment is included–a figure known as the “underemployment rate”–real unemployment stands at 19.1%.
If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office—65.7% then vs. 63.8% today down from last month—the U-3 unemployment rate would be 10.9%.
At the rate we’re going in Obama’s God damn America, we will have zero percent unemployment and nobody will actually have a damn job.
And just to point out what a gigantic failure Obama’s boondoggle stimulus was:
Recall that back in 2009, White House economists Jared Bernstein and Christina Romer used their old-fashioned Keynesian model to predict how the $800 billion stimulus would affect employment. According to their model—as displayed in the above chart, updated—unemployment should be around 5.8% today.
In God damn America, lies are explained away with more lies. And abject failure is simply ignored in favor of “blame Bush” and the rhetoric of Marxist class warfare – which of course worked so great for the former USSR.