The Real Unemployment Rate
May 08, 2012
After April’s jobs report, we learned that the labor force participation rate was the lowest it’s been in thirty years with the economy adding a measly 115,000 jobs. The Washington Examiner points out that in April 1984, the most severe recession since World War 11, the U.S. jobless rate fell to 7.7% and the economy added 363,000 jobs. The Gross Domestic Product grew at an annual rate of 7.4%! This booming recovery helped President Reagan win reelection with a 49 state landslide. President Obama is in a similar situation, except he’s desperately trying to sell us on his economic record that is proving to be more like Europe than a recovery.
As Europe endures a terrible economy from their bloated public sector, Lou Dobbs from Fox News reminds us that we are not exactly that far away from their situation. He also breaks down the fact that the only reason the unemployment rate is in decline is because the amount of individuals participating in the labor pool is at a thirty-year low. Watch the video below to see his breakdown:
Debt to GDP Ratio: U.S. 101%, France 86%, Italy 120%, Greece 165%.
GDP Growth: U.S. 1.7%, France 1.7%, Italy .5%, Greece 7%.
Retirement age: U.S. 65 years, France 59 years, Italy 60 years, Greece 61 years.
Labor force participation rate: U.S. 63.6%, France 72%, Italy 75%, Greece 71%.
Just to put that in perspective, our economic growth, debt, and retirement age is not very far behind European countries and they have more people working than we do! Our labor force has shrunk so much that if it were the same size it was when Obama took office; unemployment would be at 10.9%.
None of this should come as a surprise as Obama is growing the public sector while refusing to put forth any plan that reforms our entitlement retirement programs. He is also refusing to implement policies that grow the private sector. If you don’t believe Obama is turning our country into a European style economy, then you can at least agree with the fact that he isn’t doing anything to steer us away from it. We shouldn’t settle for Europe; remember that in November.
- Polling Samples Won’t Reflect Voter Turnout
- The Final Jobs Report
- Foreign Policy Spin
- Corrected Jobless Numbers Mean More Bad News for President
- Libya Security Denied While Chevy Volt Funds Approved
- Job Numbers Still Troubling
- Should You Watch This Week’s VP Debate?
- Does A Higher Stock Market Equal A Strong Economy?
- Quantitative Easing Adversely Affects The Poor
- Obama’s Lazy and Timid Foreign Policy