If you believe the Obama administration, or his sycophants in the MSM, the unemployment rate is down because of the President’s exceptional leadership and policies in the face of the racist GOP. This should not come as a surprise, nor should we be surprised that the unemployment rate is really down due to the fact that so many people have dropped out, and given up on trying to find a job. The Federalist has more…
According to new data from the Bureau of Labor Statistics (BLS) released this morning, the U.S. economy last month added 74,000 new payroll jobs, while the unemployment rate fell to 6.7 percent from 7.0 percent. Good news, right? Not really.
Yes, the unemployment rate has fallen significantly from its high of 10 percent in October of 2009. But it turns out the unemployment rate has been falling for a pretty depressing reason: people dropping out of the labor force. Last month, 347,000 workers dropped out, effectively sending the message that it wasn’t even worth looking for work anymore.
Here’s what the unemployment rate would look like if the labor force participation rate — basically the number of people in the economy working or looking for work — had remained constant since June of 2009:
So in other words, Obama’s policies suck so horribly, that he’s contracting the labor force itself. So many people have been unable to find work in Obama’s economy, that the have dropped out entirely. If you are not using unemployment to find a job, you aren’t counted, so the drop is because of dropping out-not getting jobs.
But, the liberals will continue to bleat to the beat drummed by the MSM.