A screaming comes across the sky.
It has happened before, but there is nothing to compare it to now.Pynchon - Gravity's Rainbow
Labor force participation did hit its lowest point in decades during the recession. This is a problem, because it showed that the labor market was even crappier than what the unemployment rate suggested, because that only counts people out of a job and still looking for work. An unprecedented number of people simply gave up looking, because they couldn't find anything. However, labor participation usually hovers around 65%. There are a lot of adults who have no reason or ability to work. That shouldn't surprise us.
"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith
I was ordered by the transplant center to not work there for a while.
I still have restrictions. Like not lifting more than 20 lbs.
That number is going to grow as 1.) America ages 2.) older business owners opt to retire rather than fight government anymore and 3.) goverment makes more people eligible for disability and other benefits.
A MAJOR cause of unemployment and people just dropping out are senior aged business owners who see the President cursing and targeting them every day, are under constant and increasing threats and demands from government regulators at all levels, and decide to just shut it all down - thus everyone loses their job. The owner then retires, reduces his expenses - spending less - and that lower level of spending still hits other businesses in terms of lost income and lost jobs.
Every week I see more small businesses - the kind that employ 3, 8, 15, 20 employees closed down. 100% of large businesses have except the utility company. It has become a snowballing effect. I do know small business owners - all older - who mean it when they said they will just close shop and retire if Obama wins. They are tired of fighting it all and always being called greedy and evil. If they reduce their personal expenditures, they have enough to very comfortably retire on. All their employees then lose everything, nearly all go on goverment assistance, and every business that owner and those employees bought from takes that hit too.
I believe that is exactly what will happen on an rapidly escalating level - and that is what companies and business owners - large and small - are increasingly sounding the panic alarm about.
If Obama would be sooooo good for the economy, why are business owners and managers so adament against his re-election as a strong economy would benefit them most of all?