Filed under: Capitalism, Democrat Corruption, Economy, Freedom, Liberalism, Politics, Progressivism | Tags: 90 Million Not In The Labor Market, September Jobs Report, Worst Since The 1970s
We had to wait three weeks for the September jobs report because of Obama’s government shutdown, and it’s dismal enough that they should have waited longer. It’s bad news all the way down. The number that stands out is the 136,000 Americans in September, (following the 516,000 in August) who joined the ranks of those “not in the labor market.” The participation rate of the labor force remains at the lowest level since the 1970s at 63.2%.
The U.S now has 90.6 million men and women over the age of 16, and not institutionalized, not working. That is 10 million more unemployed than when President Obama first took office, and in the fourth year of the “recovery.”
There are some explanations — about six million baby boomers have turned 65 since 2008. Young people are staying in school longer— trends that go with a bearish job market. But even among those in their prime working years 25-64, the number not working has increased by about 1.8 million since 2008, in addition to the 11.3 million officially unemployed. Payrolls rose 148,000 in September, but that doesn’t really cover the number of people just entering the workforce.
Obama has an answer: he’s going to create jobs with education, infrastructure and research.
Democrats have excuses. They always have excuses. The Keynesian idea is to blame it on “fiscal drag” caused by the sequester’s budget cuts (they really hate those budget cuts), and the government shutdown. But the September numbers came before the shutdown. Public employment rose in August and September by 54,000, but that doesn’t help the economy for taxpayers have to pay the inflated salaries and benefits.
Private businesses and business associations, and individual businessmen have been telling the administration for over four years that over-regulation, high taxes, and uncertainty about what government is going to do next are a real problem. Layer the thousands of pages of new regulations from ObamaCare and the catastrophic rollout — why would any sane businessman take big risks right now? Why would they hire more workers or expand their business. They are hunkered down trying not to get noticed by this lawless government.
The economy is not recovering, and nobody in charge seems to have noticed, nor cares, nor has the slightest idea of what to do about it.