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Our current labor force participation rate is higher than it was at any time prior to 1978. Were things terrible during the mid 20th century?
Our per work out productivity rate is higher today than it has ever been. As we produce more per work hour, then we either need shorter work hours, or fewer workers, or both.
It's only natural that as we become a richer society, we will have fewer workers working at any one point in time. We simply don't need as many workers.
Sorry, I just don't see what the issue is. The work force participation rate has been dropping since the year 2000, so it's not an Obama problem, or even a Bush issue, it dates back to Clinton. I don't think that it is a political or an economic issue it all, it's just a natural occurance based upon socio-technological-demograpic factors more than anything else.
And yes, the higher than normal unemployment rate does factor into it.
I often use the term "Great Bush Recession" just to take a little jab at those who like to blame the recession on Obama. I am actually not an Obama supporter, didn't vote for him either time, and wouldn't vote for him today, but it disgusts me when people blame ever little thing that happens in the world, including the recession that started 14 months before he took office, on him. I believe it has to do more with racism than anything else. Sorry, probably shouldn't have used that term with you.
Enough of the armchair economics. Please read the words of basically any expert on the matter before talking about this again. The decline of the labor force participation right is not a product of technology or demographics, but a product of the weak economy. It is just a fact. You don't have to accept that, but it is true all the same.