AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
How could that be?
Simple - the participation rate.
Bureau of Labor Statistics Data
The workforce participation rate is a full 2 percentage points lower then when Obama took over - and even the most optimistic Liberal think tanks say that at MOST, half of those left the work force due to retirement (and even those that retired - it is impossible to know how many of those did so prematurely because they could not find full time employment).
That leaves at least 1% of the 'civilian noninstitutional population' since Obama took over that want full time employment - but because they are so discouraged they have given up looking.
Employment Situation Summary Table A. Household data, seasonally adjusted
A little quick math will tell you that there are actually 2.433 million more unemployed Americans then the government is currently listing because they do not count discouraged workers as unemployed - even though these workers (theoretically) want full time jobs just as much as those that are officially unemployed.
Last edited by DA60; 08-05-12 at 04:20 PM.
Liberals - Punish the Successful, Reward the Unsuccessful
Liberals - Tax, Borrow, Spend, and Give Free Stuff
Obama's legacy - National Debt / Credit Downgrade / Obamacare Failure / Economic Failure / Foreign Policy Failure / Liar of the Year Award / The Rise of ISIS