Obama’s America – 86 Million Jobless – Who Is paying America’s Bills?

CNN – 86 million invisible unemployed
USA Today – Americans leaving the workforce
CNNMoney said “There are far more jobless people in the United States than you might think. While the unemployment rate is falling, that doesn’t include the millions of nonworking adults who aren’t even looking for a job anymore. And hiring isn’t strong enough to keep up with population growth. {More young people are entering the workforce than the total number of new jobs being offered!}

As a result, the labor force is now at its smallest size since the 1980s when compared to the broader working age population. “We’ve been getting some job growth but it hasn’t yet been strong enough that you start to get people reengaging in the labor market,” said Keith Hall, a senior research fellow at the Mercatus Center and former commissioner of the Bureau of Labor Statistics.

A person is counted as part of the labor force if they have a job or have looked for one in the last four weeks. Only about 64% of Americans over the age of 16 currently fall into that category, according to the Labor Department. That’s the lowest labor force participation rate since 1984.

It’s a worrisome sign for the economy and partly explains why the unemployment rate has been falling recently. Only people looking for work are considered officially unemployed.

The unofficially unemployed Last year there were 86 million people who didn’t have a job and weren’t consistently looking for one, according to Labor Department data.

Young people between 16 and 24 make up 20% percent of the 86 million unemployed. More than 50% of this group don’t have a college degree and more than 66% are white.

Only 45.4% of Americans had jobs in 2010, the lowest rate since 1983. Last year, just 66.8% of men had jobs, the lowest on record. You do the math. If only 45.4% of Americans are working, that really means that 54.6% are jobless!

John Goodman, president of the conservative National Center for Policy Analysis said “No matter how wealthy you are, you have a problem [when] half the population is not working and depending on those who are [working], Every where you look, we’ve overpromised.”

Economist Eileen Applebaum of the liberal Center for Economics and Policy Research says the real problem is a lack of jobs. Another 25 million people would work in a healthy economy.

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One response to “Obama’s America – 86 Million Jobless – Who Is paying America’s Bills?

  1. obama is lying then about the lower unemployment rates so ya’all would vote him in the office again. once he get on 2nd term he can do anything he want because he doesn’t need to please u to run for another term anymore. this is catastrophic

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