Shots Across the Bow

A Reality Based Blog

 

How to Reduce Unemployment Without Even Trying

Reduce the workforce.

All day today I heard the news trumpeting that the unemployment rate fell to a new low and that the recovery must be really getting underway, just in time for Obama's re-election.

Well, not so much. It turns out that the reason the unemployment rate went down is not because more people are working, but because the BLS, Bureau of Labor Statistics removed just over one million people from the workforce!
A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%. Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, that's not a typo: 1.2 million people dropped out of the labor force in one month!


Charts:
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This is just sad. Fewer people with jobs, but in order to re-elect a President, we are being told that unemployment is actually going down.

Even sadder is the number of people who will buy into the lie because they desperately want to believe it.
Posted by Rich
Politics • (0) CommentsPermalink


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