I never have understood what there is so much attention paid to the labor participation rate. In my eyes, the lower the labor participation rate the better off we are as a society. First, if someone is content living on welfare, then great for them. Truth is, if that is all it takes to keep them happy I am more than happy to pay a little bit to keep them the hell out of my way. Seriously, I sure don't want them working for me. I don't even want them working around me. They will lay out of work half the time, show up late the rest of the time, and leave early all the time. And when they are at work, well I am going to probably end up climbing up their back as I blow past them.
Second, I am not going to sexist here and say that a woman needs to stay home with her kids. But I am going to say that someone should. I was raised in a one income family. And I raised my kids with a stay at home Mom. No amount of money is worth leaving your kids in the hands of daycare, babysitters, nannies, or even an au pair. My son and his wife are attempting to have their first child. They both have graduate degrees and earn over six figures. One of them is going to stay home when that child is born. It might be him, it might be her. I kind of hope it is him because I know he will be a great father. Plus, "Pops" will be around pretty frequently.
Third, at least two percentage points of that low participation rate can be blamed on video games. Countless studies have shown that young males, 18-25, would rather live in Mom and Dad's basement and play video games all day than work. Great for them. Again, keep them out of my way. I mean are these really the people you want making your sandwich at Subway?