With another 350,000 leaving the work force, the useless figure called the unemployment rate ticked down again in November 2012 to 7.7%. Previous months, however, were also revised downward, and we can expect the same for the current month. Problems?
For instance, labor force participation fell sharply. Indeed, the sole reason for a decline in the unemployment rate was a drop of 350,000 in the number of people in the labor force.
So, why even pay attention to the Unemployment Rate. There is only one graph that really matters and shows a much more true picture of the Employment situation in the U.S. — The Labor Force Participation Rate:
Compliments of the Obama Stimulus, Auto Bailout, Recovery Summer, TARP, Cash For Clunkers, EPA, High Gas Prices and every other constraint the Obama Administration has put on our economy, the Labor Force Participation rate has fallen off the cliff and continues to decline:
Obama’s Labor Force Participation Rate is the lowest since Jimmy Carter’s 63% rates — another complete failure as a jobs president.
Yes, I would gladly go back to the Clinton Era 67% Employment Rates, 18% of GDP Spending Rates, and his reduction to 15% in the Capital Gains Tax Rate… …and if we didn’t increase to Clinton’s 39% Income Tax Rate, his figures would be even better!