As Glenn Reynolds has said….and I reiterate on Twitter…. UNEXPECTEDLY!!!!!!
NEW YORK (CNNMoney) — There are far more jobless people in the United States than you might think.
While it’s true that the unemployment rate is falling, that doesn’t include the millions of nonworking adults who aren’t even looking for a job anymore. And hiring isn’t strong enough to keep up with population growth.
“We’ve been getting some job growth and it’s been significant, but it hasn’t yet been strong enough that you start to get people re-engaging in the labor market,” said Keith Hall, a senior research fellow at the Mercatus Center and former commissioner of the Bureau of Labor Statistics.
A person is counted as part of the labor force if they have a job or have looked for one in the last four weeks. Only about 64% of Americans over the age of 16 currently fall into that category, according to the Labor Department. That’s the lowest labor force participation rate since 1984.
It’s a worrisome sign for the economy and partly explains why the unemployment rate has been falling recently. Only people looking for work are considered officially unemployed.
Yesterday I noted, also on Twitter (so you may want to follow me!), that I’ve come to conclude Obama & his economic team must have studied “Applied Theories in Martian Economics” rather than understand what truly drives human economic activity. It isn’t rocket science, but The Most Brilliant President Evah somehow has missed the boat. Class warfare does not employment make.
Kudos to CNN Money for addressing the Elephant In The Room that most of the rest of the MSM has ignored to this point.