It’s the case of the disappearing workers. In the worst recovery since the Great Depression, the US has lost one million workers. That’s some record Obama’s got there.
In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren’t working, and they aren’t looking — according to data from Labor’s Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000.
This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records. In the past nine recoveries, the labor force had climbed an average 3.5 million by this point, according to an IBD analysis of the BLS data.
“Given weak job prospects, many would-be workers dropped out of (or never entered) the labor force,” noted Heidi Shierholz of the Economic Policy Institute in her analysis of the BLS jobs report issued last Friday. “That reduces the measured unemployment rate but does not represent real improvement.” (Read More)
The article goes on to note that if these lost workers were counted, the official unemployment rate would be 11%. It also discusses the long term economic consequences of the shrinking labor force. Obama’s going to have to do more than consolidate a few agencies to turn things around. His defeat in November will be a good place to start.
Tags: labor force, obama, recession, recovery, shrinking
We must remember that in Obama’s world of economics, success is measured by the increases in the number of food stamp recipients. It doesn’t matter if sane people can’t understand it.
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Remember, figures don’t lie, but liars can figure. If the unemployment rate was compared to that in the early 90′s using the 90′s calculation formula, the rate would be closer to 20%. But politicians don’t want to tell the truth, so they change the calculations and then use past numbers compared to current numbers that compare more favorably. They do not compare like numbers using like calculations because the comparisons would be devasting to their positions.
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Maybe Veep, Bite Me will surface and declare this “Recovery Winter”. He’d probably announce it on SNL or The Comedy Channel, aka, the LMSM.
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Obama says he’s streamlining!
Yes he is! He’s streamlining jobs, the economy, right to work states, and the constitution!
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[...] 13, 2012 By Lonely Conservative 9 commentsUnder President Obama’s leadership we now have fewer workers and less freedom. The Heritage Foundation released the 2012 Index of Economic Freedom, and the US [...]
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