One of the reasons the unemployment rate isn’t in the double digits is the fact that so many Americans have dropped out of the labor force. In President Obama’s first term, that number has increased by a shocking 8.3 million people. That’s some accomplishment.
The number of Americans age 16 or older who decided not to work or even to seek a job increased by 8,332,000 to a record 88,839,000 in President Barack Obama’s first term, according to the Bureau of Labor Statistics.
At the same time, the number of retired workers collecting Social Security increased by only 4,234,480.
The increase in Americans opting out of the labor force during Obama’s first term resulted in a decrease in the labor force participation rate from 65.7 percent in January 2009, the month Obama was first inaugurated, to 63.6 percent in December 2012, the latest month reported. Before Obama took office, the labor force participation rate had not been as low as 63.6 percent since 1981, the year President Ronald Reagan took over from President Jimmy Carter. (Read More)
No wonder his approval ratings are so historically low.