Nearly 1 Million Workers Vanished Under Obama

Discussion in 'Politics' started by Stephanie, Jan 12, 2012.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    By JOHN MERLINE, INVESTOR'S BUSINESS DAILY
    Posted 04:29 PM ET



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    Initial jobless claims unexpectedly jumped by 24,000 last week to 399,000 as more workers lost their jobs, the Labor Department said Thursday. At the same time, the economy continues to lose workers.

    In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren't working, and they aren't looking — according to data from Labor's Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000.

    This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records. In the past nine recoveries, the labor force had climbed an average 3.5 million by this point, according to an IBD analysis of the BLS data.

    "Given weak job prospects, many would-be workers dropped out of (or never entered) the labor force," noted Heidi Shierholz of the Economic Policy Institute in her analysis of the BLS jobs report issued last Friday. "That reduces the measured unemployment rate but does not represent real improvement."

    According to the BLS, the "labor force participation rate" — the ratio of the number of people either working or looking for work compared with the entire working-age population — is now 64%, down from 65.7% when the recession ended in June 2009. That's the lowest level since women began entering the workforce in far greater numbers several decades ago.

    If you adjust for this drop, the unemployment rate would be close to 11%, instead of the official 8.5%.

    Long-Term Economic Impact

    read it all here..
    Unprecedented, Tepid Recovery Under Obama Begs Question: Where Did All The Workers Go? - Investors.com
     
  2. Matthew
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    Matthew Blue dog all the way!

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    Presided over the worst economy of the past 70 years. Yeah, something to be real proud of.
     
  3. uscitizen
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    uscitizen Senior Member

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    he reminds me of Bush.
     
  4. Matthew
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    Matthew Blue dog all the way!

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    At least 90 percent of the time Bush had a unemployment rate below 6 percent...
    At least throughout 90 percent of his 8 years in office the housing market was going strong.
    Obama has just spent, spent and deepen the economic mess this countries in.

    Yes, in a lot of ways he is a lot like Bush.
     
  5. francoHFW
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    francoHFW Platinum Member

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    That is terminally dumb. Thanks for the Depression and screwing up the recovery. The do nothing, no compromise Pubs are going to get their just reward, dupes.
     
    Last edited: Jan 12, 2012
  6. Dr Grump
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    Dr Grump Gold Member

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    Bush created the problem. Obama has tried to deal with it.....Not always in a good way, but try he has.
     

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