An Interesting Question on Unemployment
Now, in May… This is what I was talking about. In May we were told that 88 million Americans were no longer in the labor force. The labor force participation rate is the number that keeps shrinking, which is what keeps the unemployment percentage low.
I remember getting into arguments with people who tried to tell me that the labor force participation rate had nothing to do with the unemployment rate. I said, “You can’t possibly be right.” It was a long, drawn-out discussion of the number of jobs that no longer exist in the country, and that number is down. Since Obama took office, the government has just reduced the labor force participation rate by over two million. They just said that there are two million fewer jobs to be had.
And I would say, “Well, okay, if the universe of jobs has shrunk and you’re comparing the people seeking jobs, you’re obviously gonna have a smaller unemployment percentage,” which is why I have accused the regime of monkeying around with the numbers.