Friday, January 13, 2012

Disappearing Workers

The above graph really makes clear just how historically bad the Obama years have been for American workers (would be workers anyway).  John Merline of Investor's Business Daily explains how:

In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren't working, and they aren't looking — according to data from Labor's Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000.

This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records. In the past nine recoveries, the labor force had climbed an average 3.5 million by this point, according to an IBD analysis of the BLS data.
He further notes that, when one adjusts for this drop, the unemployment rate jumps to near 11%  from the official 8.5%.

I read this and I am reminded of certain attacks leveled against Reagan during his presidency.  Reagan's critics sought to dismiss the success of his economic policies by claiming that anyone could give the illusion of national prosperity, if they spent 100s of billions of dollars in deficit spending.  It has taken more than twenty-five years, but Obama has proven those critics wrong. And he has been wasting trillions of dollars we do not have, not just billions.  Yes, we have been brought to the point where I can say "just billions."   (Hat tip to Instapundit for the link).

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