Labor Force Rate Hits Carter-Era
Low
by John Nolte 6 Sep 2013, 6:16 AM
PDT
Even with job creation expectations
lowered to an unserious 180,000, the Obama Recovery was unable to deliver. With
only a measly 180,000 jobs expected in August, an even measlier 169,000 jobs
were created. What is worse, though, is that the Labor Force Participation Rate
(LFP) continues to artificially lower our nation's unemployment rate, which fell
to 7.3%. Unfortunately, this happened only because the LFP fell to its lowest
level since 1978.
August's LFP was 63.2%. The LFP was 65.7%
when Obama became president:
In July, the Bureau of Labor Statistics
estimated that there were 144,285,000 Americans with jobs. In August, the BLS
estimated there were 144,170,000--a decline of
115,000.
The LFP measures the percentage of
working-age people currently participating in the labor market. This can mean that they are
either employed or actively seeking employment. When the LFP drops, it means
that people have left the labor market. Some retire, some give up looking for
work out of sheer frustration at bot being able to find a
job.
Since the unemployment rate is based only
on those participating in the labor market, if people give up looking for work
and the LFP drops, the unemployment rate drops. In other words, if everyone
looking for a job gave up the search for work and went on welfare, the
unemployment rate would drop to zero.
With our LFP now at Carter-era levels, no one believes this is
due to people retiring. Especially with almost 9 million people on disability
(an all-time record) and food stamp rolls also hitting record
highs.
Jimmy
Carter
Jimmy Carter was the
president of the Jimmy Carter
administration, and is an honorary co-chairman for the Millennium
Promise.
Note: Foundation
to Promote Open Society was a funder for the Millennium Promise, the Common Cause, the Economic Policy Institute, and the Center for American
Progress.
George Soros is the
chairman for the Foundation to Promote Open
Society, the founder & chairman for the Open Society Foundations, and was a
supporter for the Center for American
Progress.
Open
Society Foundations was a funder for the Economic Policy Institute, the Alliance for Justice, the American Constitution Society, and the
Center for American
Progress.
Ray Marshall is a
director at the Economic Policy
Institute, a member of the Council
on Foreign Relations (think tank), and was the secretary at the
U.S. Department of Labor for the
Jimmy Carter administration.
Alexis M. Herman
is a director at the Economic Policy
Institute, and was the secretary at the U.S. Department of Labor for the William J. Clinton
administration.
Robert B. Reich
is a director at the Economic Policy
Institute, a governing board chair for the Common Cause, was the secretary at the
U.S. Department of Labor for the
William J. Clinton administration,
and a member of the Obama-Biden economic
advisory team.
T. Michael Kerr
was the assistant Labor secretary for the William J. Clinton administration, an
assistant to secretary-treasurer for the Service Employees International Union
(SEIU), and is the assistant secretary for administration for the
Barack Obama
administration.
Anna Burger was a
director at the Economic Policy
Institute, and the secretary-treasurer for the Service Employees International Union
(SEIU).
Mary Kay Henry
is a director at the Economic Policy
Institute, and the president of the Service Employees International Union
(SEIU).
Andrew L. Stern
was a director at the Economic Policy
Institute, and the president of the Service Employees International Union
(SEIU).
Judith Scott is
the general counsel for the Service Employees
International Union (SEIU), a director at the Alliance for Justice, and a director at the
American Constitution
Society.
Robert Raben is a
director at the Alliance for
Justice, the president of the Raben Group, and was a director at the
American Constitution
Society.
Raben Group was
the lobby firm for the Service Employees
International Union (SEIU).
Melody C. Barnes
was a principal at the Raben
Group, the EVP for the Center for
American Progress, the director at the Domestic Policy Council for the Barack Obama administration, and is
Barack Obama’s golf
partner.
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