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Record Low Participation
Employers added over 300,000 jobs last month, and our unemployment rate remains at 5.8%. But that fails to tell the whole story.
The broader measure of
unemployment – the U6, which also measure those working part-time who
want full-time jobs and discouraged workers – is actually 11.4%.
The labor force participation rate – that's the number of Americans who have a job or were actively seeking one – remains at a 36-year low.
The current rate of 62.8% matches the rate of labor participation in March 1978.
There are still over 92 million Americans who have dropped out of the labor force.
To put that into context, when Barack Obama became president that number was closer to 80 million.
This means that nearly 12 million more Americans have dropped out of the labor force since January 2009.
The labor participation rate when Obama took office was 65.7%, which
means that if the same number of people were working today, the
unemployment rate would be much higher, closer to 10%.
I'm happy for those who are gaining employment, but we could and
should be doing a lot better. This has been the slowest postwar
recovery and wages have stagnated for many Americans.
Meanwhile, the numbers of those
collecting some form of means-test government benefit continues to
rise. Not to mention the record number of Americans, including
children, in poverty.
And add to that an ever-growing national debt, which has now topped a record $18 trillion.
It's no wonder that almost half of Americans (44%) have no confidence at all in the president when it comes to the economy, according to recent polling. Americans are anxious about the direction of the country and fear for future generations. |
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