Truth Behind Labor Force Participation and Unemployment Rates
This weekend, President Obama once again used
his weekly radio address to engage in double speak and deny all accountability
for his failed economy. First he claims economic success by proclaiming: “By almost every measure, our economy is better off than it was
five years ago.” But in his next breath, he is blaming Republicans and other factors for his failed economy and seeking
even more deficit spending for Big Government Programs: “Republicans in Congress have blocked every serious idea to
strengthen the middle class. Lifting the minimum wage, fair pay, and student
Five and a half years in to Barack Obama’s
presidency, the number of Americans participating in the labor force has hit a record low!
Labor Force Participation Rate in the last 25
The Obama Administration and the lapdog media
have been claiming the decrease and record low labor force participation is due
to baby boomers retiring:
Dean Baker, Co-Director of the Center for Economic and Policy Research,told PBS’s Judy Woodruff that contrary to those who spin the falling labor force participation rate as mainly coming from retiring Baby Boomers, young workers are dropping out by the millions.
“…it is easy to see the big falloff in labor force participation is among prime age workers, 25-to-54-years-olds. That is down by four full percentage points. That is equivalent to five million people in their prime ages. They are not retiring at age 50.”
ELDERLY FORCED TO CONTINUE WORKING
Baby Boomers are retiring you say? Actually it
is the exact opposite! Due to poor economic conditions suffered under the Obama
presidency, American seniors are finding themselves working longer and longer. The labor force participation
rate for Americans aged 65 & older has gone from 13.2% in 2002 to a
whopping 18.5% in 2012. A 40% increase.
For seniors aged 75 to 79, labor force participation has increased 54%‼
YOUTH UNABLE TO FIND WORK
So where is the decline in
labor participation coming from? It’s coming directly out of the employment
opportunities of our youngest and most productive part of the workforce.
The labor force participation
rate in June 2014 for Americans aged 16 to 24 hit a record low of 54.9%. This
is the lowest level recorded since 1982, when the Bureau of Labor Statistics
(BLS) started tracking such data. This equates to 6 million Americans aged 16
to 24 being dropped from the labor force! The Unemployment rate for this age
group is a staggering 16.3%‼! No wonder President Obama and Democrats demanded
young American’s have their student loans forgiven and be included on their
parents plans until age 26. It’s because they have burdened them with massive
debt and stripped away nearly all opportunities to obtain a stable career.