President Obama may very well be remembered as the worst jobs President of all time. According to CNN News, 94 million Americans are not participating in this country’s labor force. Whether these individuals are making money by begging on the street, by taking advantage of the welfare system, or by some other means – this number puts the labor participation rate at a 38-year low.
CNN reported that a record 94 million Americans are not currently participating in the labor force; that’s 261,000 more than the previous month. August marked the third month in a row that the labor force participation rate has been stuck at 62.6% and according to the Labor Department this number puts us at a 38-year low.
Last month the civilian non-institutional population – in other words, people 16 or older who are not in an institution or the military – rose to 251 million. Of that number, only 157 million participated in this country’s labor force (this includes those looking for a job).
The unemployment rate recently dropped to the lowest percentage since April 2008. Zero Hedge explains why: “because 261,000 Americans dropped out of the labor force, as a result pushing the total number of US potential workers who are not in the labor force to a record 94 million, an increase of 1.8 million in the past year, and a whopping 14.9 million since the start of the second great depression in December 2007 while only 4 million new jobs have been created.”
As America heads into Labor Day weekend, many will see the numbers and believe the unemployment rate to be improving. But it’s not because people are getting jobs. As fewer workers choose to enter this country’s workforce and the baby-boomer generation retires, the number of adults seeking a job diminishes. In other words, the unemployment seems to improve as the number of Americans who choose not to be a part of the labor force grows.