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November 9, 2013
'Where have all the workers gone?'
Another Friday and another mixed "jobs report": "On Friday, the Labor Department reported that 720,000 Americans left the labor force. This exodus pushed the labor force participation rate down to 62.8%, the lowest level since 1978. One out of three adults in neither working nor actively looking for work." At the same time, the "official" rate went up to 7.3% and 204,000 new jobs were created. Let's be honest and cheer any kind of jobs growth. We are happy that "better than expected" jobs were created. Let's remember that these are fellow Americans not statistics. However, this month's report suffers from the same disease as the ones before: 1) Where have all the workers gone? What are these people doing to make a living? 2) The economy is not creating enough jobs. We still have "growth" on the 5th anniversary of "the 2009 stimulus." 3) Higher premiums and policy cancellations due to ObamaCare will not help job creation either. Employers...(Read Full Post)