Labor Force Participation hits 34-year record low

Labor Force Participation Rate from 2007 (Pelosi/Reid) to 2013
Labor Force Participation Rate from 2007 (Pelosi/Reid) to 2013

Power Line blog reports on a disturbing new white paper about unemployment in America.

Excerpt:

A comprehensive disaster like the Obama administration can’t be summed up in one statistic, but the one that comes closest is labor force participation. The combined effect of many misguided policies–Obamacare, ballooning spending, massive debt, tax increases, subsidizing of inefficient energy, anti-growth regulation, encouragement of food stamp fraud, and many more–has been to drive many millions of Americans out of the labor force. Express Employment Professionals has produced a white paper that illuminates this human tragedy:

The labor force participation rate is currently at a level not seen since the 1970s – 63.4 percent.

While the unemployment rate has steadily decreased from its high of 10.0 percent in October of 2009 to 7.4 percent in July of 2013, the percentage of Americans in the labor force has not risen. It has fallen about 2.7 percentage points since the onset of the latest recession.

This is a tragedy in the making, and its impact on the country has been underestimated. When Americans quit looking for work because they conclude not working beats working, America faces a significant problem.

[…]President Obama’s policies have devastated all age groups, but the most heartbreaking impact is on the young:

Gallup reports that, “The lack of new hiring over the past several years…seems to have disproportionately reduced younger Americans’ ability to obtain full-time jobs.”

According to Gallup’s “Payroll to Population” measure, fewer Millennials were working full time in June of 2013 than in June of 2012, 2011, or 2010.

A recent 2012 Pew Research Center study found that 36 percent of the nation’s Millennials were still living with their parents.

And massive growth in the number of people collecting disability, too:

Fourteen million Americans on disability–that is more than the populations of Wyoming, Vermont, North Dakota, Alaska, South Dakota, Delaware, Rhode Island, Montana, New Hampshire, Maine, Hawaii, Idaho and West Virginia, combined: every man, woman and child in 13 states. The exploding ranks of the “disabled” are due to the absence of jobs in Barack Obama’s economy.

Keep in mind that we are blowing through over a trillion dollars in deficits for EACH of Obama’s 4 years in office. Shouldn’t we be getting a higher level of labor force participation? If you took out a loan to expand your business, you would certainly expect to be able to hire more people and get more sales and make more products, wouldn’t you? But it seems as if we took out a HUGE loan as a nation and we are actually contracting our business.

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