Go Ahead, Make …
Quote from the piece coming up: “But Austan Goolsbee, a University of Chicago economics professor and former chairman of the Council of Economic Advisers, reminded on Twitter that with baby boomers hitting retiring age, it is expected that the labor force participation rate will keep hitting record lows for the next 12 years, at least.” HAH! – To quote Congressman Joe Wilson, “You lie!”
People who retire are by definition not in the “labor force”. The labor force may shrink with the retirement of the baby boomers but that will have NO EFFECT on the “participation rate”. Just more lies from Obama, Inc. Working age Americans are the workforce. Any examination of their employment shows that they are not working in record numbers. And how about The Hill digging around for an excuse from other sources and throwing it in there. Soooooo biased.
Every statistic related to the economy, GDP, labor, employment, and immigration rates is a Big Fat Lie. When Disney can blithely replace Americans with visa monkeys in its IT department through blatant abuse and misdirection using visas, and further, do it without any legal or business consequences, it’s fair to state that all employment growth is illegal/legal immigrants, and aliens.
Of course, the Center for Immigration Studies has dug down deep into the phony-baloney numbers and determined that all employment growth under Obama is due to the deliberate shedding of Americans and their replacement with foreign nationals. Acquaintances, peers, friends and family confirm this to me anecdotally. That’s Americans screwing Americans.
Turns out Joe Wilson was right all along…
So – Who is not in the labor force? From the Bureau of Labor Statistics website…
“Persons not in the labor force are those who are not classified as employed or unemployed during the survey reference week. Labor force measures are based on the civilian noninstitutional population 16 years of age and over. (Excluded are persons under 16 years of age, all persons confined to institutions such as nursing homes and prisons, and persons on active duty in the Armed Forces.) The labor force is made up of the employed and the unemployed. The remainder – those who have no job and are not looking for one – are counted as “not in the labor force.” Many who are not in the labor force are going to school or are retired. Family responsibilities keep others out of the labor force.”
I was doing the arithmetic, 2015 – 38 is 1977. Let’s see, who was President of the United States at that time. Well, surprise, surprise, surprise, it was Jimmy Carter, the peanut guy. At this rate by the time January 20, 2017 comes around, the unemployment rate will be 0% and no one will be working. Kinda “Maoish” if you ask me.
And with that, on now then, to Rick Moran and his “Little To Cheer About In June Jobs Report”..
Rick Moran, journalist investigator par excellence…
The U.S. economy added 223,000 jobs in June, and the “official” unemployment rate dropped from 5.5% to 5.3%.
But the labor force participation rate dropped to a 38-year low, and there were 60,000 fewer jobs created in April and May after adjustments. It’s absolutely amazing that four years after the supposed “recovery” began, more people have stopped looking for work than ever.
The number of people in the labor force fell by 432,000, a reason for the lower jobless rate, while 56,000 fewer people were employed, sending the participation rate down to 62.6 percent, the lowest level since 1977.
But Austan Goolsbee, a University of Chicago economics professor and former chairman of the Council of Economic Advisers, reminded on Twitter that with baby boomers hitting retiring age, it is expected that the labor force participation rate will keep hitting record lows for the next 12 years, at least.
Meanwhile, the number of unemployed fell by 375,000.
Jobs growth was centered in the service sector — retailers added 33,000 jobs, the healthcare sector tacked on 40,000 while leisure and hospitality jobs increased by 22,000.
Manufacturing only added 4,000 while construction employment was unchanged in June.
Wages, another closely watched indication of the economy’s growth, were flat last month.
We are becoming a nation of sales clerks, waitresses, maids, and bellboys. Real job growth is being strangled by government red tape and regulations. And the assault continues on the coal industry.
We are trading high-wage industrial jobs for low-wage services employment, which is hollowing out the middle class and putting downward pressure on wages in other sectors. It is the absolute worst of all possible worlds.
And no one in government appears to care very much.
