The Obama Employment Catastrophe – Looking at the Real Jobs Numbers
The Republican Study Committee released this chart today on the catastrophic jobs numbers
Democrats said their costly plan ($1.2 trillion, including interest) would “save or create” up to 4 million jobs and bring the unemployment rate down to about 6% today. The unemployment rate has not fallen below 8% at any point in the last 36 months. Furthermore, the official unemployment rate does not actually count unemployed people who have given up looking for work.
The above chart shows the “labor force participation rate.” This statistic represents the share of working-age Americans who are either employed or unemployed but looking for work. It is not a pretty picture. Only 63.7% of working-age Americans are currently in the workforce – the lowest in almost 29 years!
To put it another way, 36.3% of working-age Americans do not have a job and are not even looking.
After 3 years of failure, it’s time to try something that will work. Let’s ramp up energy production. Let’s cut away government red tape that slows down job creation. And let’s design new tax code that is simpler, flatter, and fairer. Let’s pass the Jobs Through Growth Act, and create jobs by growing the economy – not the government.
And don’t forget… Barack Obama is the worst jobs president since the Great Depression.
No wonder the White House insists that workers dropping out of the work force is an “economnic positive.”
Glenn Reynolds added: “I think it’s smart of them to focus on total-employment numbers, rather than the headline “unemployment” rate. But I’m predicting little interest in these numbers from the mainstream press, who seem uninterested in anything that doesn’t fit the Obama-recovery narrative.”
UPDATE: The CBO creported today that the U.S. has seen the longest period of high unemployment since the Great Depression under the leadership of Barack Obama.