We Are Living in a Dying Country
It’s a real shame since we could be so great.
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Folks, I don’t know how else to categorize this. We are living in a dying country. I don’t know how else to categorize what’s happening — 88,000 new jobs. The unemployment rate, because of a terrible statistic, is down to 7.6%. The number of people in this country who are not working is shameful. Ninety million Americans are no longer in the workforce. Ninety million. People not in the labor force grew by 663,000, and now 90 million. That’s the labor force participation rate. This is 1979 levels. The only difference is that we don’t have an election around the corner to fix it like we did in 1979. We had that election last November, and we blew it.
In addition to payrolls only adding 88,000 jobs, an additional 81,800 went on disability in March. We’re now up to 8.8 million Americans on disability. We had nearly as many people go on disability in March as people who found jobs. I think it’s official. We have a dying country. There is literally no way that our entitlement programs and our safety net and our absorption of immigrants, legal or otherwise, can be supported this way. This simply cannot be sustained. I don’t know how else to describe this. The unemployment rate of 7.6% is ridiculous.
The U-6 unemployment rate is still around 15%. That is the unemployment rate you get if you add people who are out of work and looking for a job and people who are out of work and have given up looking. Those people have been out of work for a long time. They’ve had 99 weeks of unemployment benefits, and they’ve given up looking, so they’re not counted in the reported unemployment percentage of 7.6%. If they were counted, the number would be 15%. And if there were not the demographic weighting — the 7.6% number is arrived at by estimating certain factors as being in existence or being true based on demographics. There are assumptions made about employment, unemployment in the Hispanic community, with women, black community so forth.