Despite low (effectively zero) interest rates, Barack Obama has maintained the lowest labor force participation rate in history, for eight straight years! Yeah, that’s not a good thing. As of this week, 95 million working-age, perfectly-healthy Americans have been unemployed for so long that they no longer bother looking and have exhausted all unemployment benefits and opportunities. They’ve given up.
In fake news, the “Official Unemployment Rate” is 4.7%. When measured by the same standard held against Jimmy Carter, the actual unemployment rate is 22.8%.
Barack Obama’s presidency began with a record number of Americans not in the labor force, and it’s ending the same way.
The final jobs report of the Obama presidency, released Friday, shows that the number of Americans not in the labor force has increased by 14,573,000 (18.09 percent) since January 2009, when Obama took office, continuing a long-term trend that began well before Obama was sworn in.
In December[…] a record 95,102,000 Americans were not in the labor force, 47,000 more than in November; and the labor force participation rate was 62.7 percent, a tenth of a point higher than in November.
The participation rate dropped to a 38-year low of 62.4 percent on Obama’s watch, in September 2015.
Think about the significance of that for a minute. Nearly one-third of ALL Americans (1/3 of whom are too young or too old, sick, disabled, etc to work) no longer believe that the American economy has anything to offer them. Idle hands and all that. I expect the follow-on effects of this 9 year malaise to have a terrible cost for American productivity, innovation, and the moral well-being of society. When communities collapse because jobs go away, or are converted to part-time (which is the only sector – service – that actually saw growth under BHO), those communities degenerate into poverty and lawlessness.
All across America, communities are being emptied of citizens who offer or produce value for the community and those small towns are increasingly becoming the last refuge of the hopeless whose idle hands will lead to increased drug & alcohol abuse, property & physical crime, and increasing social unrest.
Nearly one-half of the Americans who could work, can’t or won’t.
If you’d seen the world through my eyes, tempered and colored by my experience growing up, you would be absolutely terrified for the future of this country.