RSS661,000 Quit Labor Force … Umemployment Would Be 10.4%
J.J. Jackson | January 10, 2010
The Obama/Reid/Pelosi Plan for keeping unemployment down is not quite what many Americans had in mind when they voted over the past couple years without actually understanding who they were voting for. Ever since liberal Democrats took control of the House and Senate in 2007 following the 2006 elections the economy has been heading south thanks to all sorts of bad legislation either passed or being proposed. Plus there was the collapse of the housing market which finally fell under the weight of unrealistic demands by the federal government for businesses to make risky loans to people who should not be able to get a loan for a large fry at McDonalds much less a house. Deficits have also ballooned ever since the far liberal Democrats took control from the slightly less liberal Republicans. Then along came President Obama and well, things have gotten much worse.
There has been everything from ballots to the banks and automobile companies to first time home buyer credits to cash for clunkers. The money keeps getting spent and the left keeps telling us how they are creating jobs. And while people look at the stable unemployment rate as an indication that things are ready to turn around the facts are that the unemployment rate is only stable because the workforce is shrinking. In December alone that decrease was 661,000!
So the only reason that the “unemployment rate” is not increasing is because the “unemployed” are dropping out of the work force and are thus no longer counted in the statistic.
At the same time nearly one fifth (17.3% in December) of the American population are counted among those who want work but have given up or who are not working as many hours as they would like to.
Keep thinking things are getting better if you like. About the only thing right now that would be a boost in the arm to America is the hope that come November many of those causing the current problems will not be in Washington come January 2011.
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