The chart above illustrates recovery rates, in terms of the unemployed, following recessions from 1948 to 2007. As you can see, one line is very different from the others. The 2007 recession line shows that there has been very little improvement in employment recovery when compared to other recession periods in our history.
While it’s true that the unemployment rate has normalized and while it is true that the president can use the unemployment figure to say his policies have worked, it is also true that this is deceptive. The unemployment rate has fallen because a high number of those that lost jobs have been unable to find work and have given up. The unemployment rate counts only those still looking for work. You’ve heard this before but i found the graph compelling. A picture is worth 1000 words.
The high level of unemployment, the extended period of high unemployment, and the fact that we have yet to return to normal levels is disturbing. It explains the high numbers, 45 million Americans, living in poverty. And as The Huffington Post points out, everyday working Americans have suffered a lost decade of “stagnant wages.”
Keynesian economist, media pundits, and progressive politicians are looking for ways to talk up the economy, using the unemployment figure of 4.9%. Although the figure sounds good it doesn’t reflect the unease felt by most Americans. Whether it’s stagnant wages, extremely low return on savings, few opportunities for good paying jobs, the inability to purchase a car or a home, rising prices for food and entertainment, or long-term unemployment and poverty the American people are stuck in a rut. In the small business world this period has meant businesses closing, businesses experiencing lower sales and rising costs, and businesses unable or unwilling (fear of the future) to risk expansion and hiring.
It’s time our government realized that it’s the American people that make our economy grow. We cannot do that with our hands tied behind our backs and our rear ends glued to a chair. High regulatory costs and taxes create that condition. The American people must be set free. We need the freedom to imagine and create then a brighter future…freedom to expand, to strive and produce, and to HIRE. Yes, set us free and we will need workers. That and that alone will bring the number of unemployed Americans down.
Chart source: Zero hedge
All of the “jobs created” as touted by the Obumble admin do not differentiate between part-time and full-time. And, given the requirements for Obumblecare, many employers are hiring more part-timers instead of full-time employees.
And the number of people who have quit looking for work (over 93 million now) are not really accounted for.
Until such time as both of the above items are honestly corrected, any jobs report or unemployment figures announced are bogus from the start.
“And the number of people who have quit looking for work (over 93 million now)”
Insane. What compels you to believe such nonsense? The 93 million number includes disabled, stay at home moms, early retirees, college kids who choose not to work, etc. There are not 93 million Americans who have “quit looking for work.” This has been pointed out over and over.
How is it possible you still believe this?
Hey Chris, we’ve been over this many times before. The rate does NOT count early retirees or any of the others you listed. Here is the definition one more time. I hope you understand it this time so we’re not going over this again in a couple of months.
“The labor force participation rate is the percentage of working-age persons in an economy who:
•Are employed
•Are unemployed but looking for a job
Typically “working-age persons” is defined as people between the ages of 16-64. People in those age groups who are not counted as participating in the labor force are typically students, homemakers, non-civilians, institutionalized people, and persons under the age of 64 who are retired. In the United States the labor force participation rate is usually around 67-68%, but this figure is thought to have declined modestly in recent years.”
http://economics.about.com/od/unemploymentrate/f/labor_force.htm
Source: http://jobenomicsblog.com/tag/bureau-of-labor-statistics/
Expand your news sources . …..
And yes, contrary to what many tell you, the government does keep track of people who give up looking for work. That number is 668,000, way less than the ridiculous 93 million number which is the total number of non-working Americans of working age. This number has also been falling since the recession ended.
http://www.bls.gov/news.release/empsit.t16.htm
Your “668,000” appears to be for a single months decline, not for the total labor force.
“(CNSNews.com) – A record 94,708,000 Americans were not in the labor force in May — 664,000 more than in April — and the labor force participation rate dropped two-tenths of a point to 62.6 percent, near its 38-year low, the Labor Department’s Bureau of Labor Statistics reported on Friday.”
http://cnsnews.com/news/article/susan-jones/
“The 93 million number includes disabled, stay at home moms, early retirees, college kids who choose not to work, etc.”
This figure we are discussing ALWAYS includes those people. Your argument and nasty remark are irrelevant.
The number (93 million) is still very high compared to economies with an average of 3-4% growth. In fact it hasn’t been this bad since Carter was president and imposed similar job killing policies on American business.
Jeremy (Chris) please do some reading. Learn how this stuff works before going off on people. See any of the articles posted below.
January 2014, Daily Mail, “More Americans than ever before are not working with 92 MILLION people out of the workforce” (Source cited Labor Department)
April 2015, CNS News, “Americans Not in Labor Force Exceed 93 Million for First Time; 62.7% Labor Force Participation Matches 37-Year Low” (Source cited – Bureau of Labor Statistics.)
August 2015, TownHall, “Record 93.8 Million Americans Out of the Labor Force” (Source cited – CNS News which cites the Labor Department)
April 2016, Breitbart, “93,482,000 Americans Out of Labor Force in March” (Source cited – Bureau of Labor Statistics)
August 2016, , “94,333,000 Americans Out of the Labor Force in July” (Source cited – Bureau of Labor Statistics.
The situation has improved slightly but that doesn’t change the fact that Keynesian policies are disastrous for the economy and jobs. Nor does it change the fact that a Hillary presidency would bring more of the same!
Good interview with Larry Kudlow on CNBC highlights the differences of Hillary’s and Trump’s tax plans.
Interesting article.
Labor force projections to 2022: the labor force participation rate continues to fall:
“Because of the decreasing labor force participation rate of youths and the prime age group, the overall labor force participation rate is expected to decline. The participation rates of older workers are projected to increase, but remain significantly lower than those of the prime age group. A combination of a slower growth of the civilian noninstitutional population and falling participation rates will lower labor force growth to a projected 0.5 percent annually.
The U.S. civilian labor force—the number of people working or looking for work—has gone through substantial changes in its size and demographic composition over the last half of the 20th century. During the 1970s and 1980s, the labor force grew vigorously as women’s labor force participation rates surged and the baby-boom generation entered the labor market. However, the dynamic demographic, economic, and social forces that once spurred the level, growth, and composition of the labor force have changed and are now damping labor force growth. The labor force participation rate of women, which peaked in 1999, has been on a declining trend. In addition, instead of entering the labor force, baby boomers are retiring in large numbers and exiting the workforce. Once again, the baby-boom generation has become a generator of change, this time in its retirement. Moreover, the jobless recovery of the 2001 recession, coupled with the severe economic impact of the 2007–2009 recession, caused disruptions in the labor market. In the first 12 years of the 21st century, the growth of the population has slowed and labor force participation rates generally have declined. As a result, labor force growth also has slowed. The Bureau of Labor Statistics (BLS) projects that the next 10 years will bring about an aging labor force that is growing slowly, a declining overall labor force participation rate, and more diversity in the racial and ethnic composition of the labor force.”
Continued…
http://www.bls.gov/opub/mlr/2013/article/labor-force-projections-to-2022-the-labor-force-participation-rate-continues-to-fall-1.htm