This is the 2,000th post I’ve made on this little soapbox. It seems fitting that the subject will be the SCOAMF that currently occupies the White House, as he has been (unfortunately) the #1 topic. Thankfully, there’s only another 10 months or so until someone else is elected to take his place, and (hopefully) lead us away from the economic abyss we’re hurtling toward at breakneck speed.
Anyhoo – Investors Business Daily has some marvelous news about the effectiveness of the Petulant Boy-King’s economic policy prowess (my bold emphasis):
Initial jobless claims unexpectedly jumped by 24,000 last week to 399,000 as more workers lost their jobs, the Labor Department said Thursday. At the same time, the economy continues to lose workers.
In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren’t working, and they aren’t looking — according to data from Labor’s Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000.
This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records. In the past nine recoveries, the labor force had climbed an average 3.5 million by this point, according to an IBD analysis of the BLS data.
“Given weak job prospects, many would-be workers dropped out of (or never entered) the labor force,” noted Heidi Shierholz of the Economic Policy Institute in her analysis of the BLS jobs report issued last Friday. “That reduces the measured unemployment rate but does not represent real improvement.”
According to the BLS, the “labor force participation rate” — the ratio of the number of people either working or looking for work compared with the entire working-age population — is now 64%, down from 65.7% when the recession ended in June 2009. That’s the lowest level since women began entering the workforce in far greater numbers several decades ago.
If you adjust for this drop, the unemployment rate would be close to 11%, instead of the official 8.5%.
Yep, he’s a great one, that Barack Obama (DfOaLG*) – workin’ for the little guy, fighting the 1% so the 99% can have a better life. My guess is those 1,000,000 that dropped out of the labor force didn’t come from the 1%.
Read the rest at Investors Business Daily (H/T Doug Ross @ Journal)
*Descended from Olympus, and Lightworker Geeenius, on the order of Wile E. Coyote
