What we are experiencing is an unprecedented phenomenon in America. Almost 89 million people have left the labor force.
The Bureau of Labor Statistics released jobs numbers for January Friday showing that non-farm payroll employment increased by 157,000 and the unemployment rate rose to 7.9 percent. Lost in these headline numbers was another rise in the number of people not in the labor force. This number now stands at a staggering 89 million, up from 80.5 million when President Obama took office. This means that there are currently 8.5 million more Americans not in the labor force than just four years ago.
Forget all the other numbers. This continued explosion of people not in the labor force should be tremendously concerning as it represents an obstacle for the government to ever balance the budget without drastically raising taxes on those still working.
Instead of prioritizing a solution to our economic problem, the President and Senate dwell on political issues such as ‘immigration’, and ‘Gun Control’ which may be important but doesn’t represent an existential threat to America.
America’s unsustainable spending and deficit is continuing unaddressed and unabated by the President, the Senate and the media. The lack of discourse is surreal. The President is in a state of denial when he says “We have no spending problem”. If this was true how does he explain almost $17 trillion dollars in debt which is estimated to exceed $20 trillion dollars in the next four years? The House and Senate just approved a continuance of the ‘Debt Ceiling’ until mid may 2013. In that short time our debt will increase by almost another half trillion dollars.
Instead of finding a solution to bring American’s back into the work force, the President’s solution is to expand welfare and dependency. No one is asking who will pay for all of this with less workers in America each year.