Even More on Unemployment!!

It's fun--in a dreary sort of way--to read interpretations of the Obama Depression.

Since Barack Obama took office, the civilian non-institutional population has increased by 8.7 million, and yet only 437,000 people have been added to the civilian labor force — i.e. those working or seeking work. That’s an awful absorption rate of new population into the workforce of just 5 percent.

This has helped to keep the unemployment rate misleadingly low at its current 7.8 percent level. If the labor force participation rate had held steady since 2009, the jobless rate today would be more like 11 percent.

We've heard all the excuses--like "retirements".  BS.

...While Baby Boomers retiring would be expected to lower the labor force participation rate, the population of those 65 years and older has only increased by about 4.4 million since Obama took office. So, a retirement boom alone cannot account for the anomaly.

So where are the missing labor force participants?

...one must observe the declining labor force participation particularly amongst those with some college and with college degrees, a population that grew by 9.4 million since Dec. 2008.

Since that time, the participation rate of college graduates has dropped significantly — from 77.6 percent to about 75.9 percent today. That accounts for about 1.1 million graduates who should have entered the labor force, but didn’t.

Another 1.7 million with some college or an associate’s degree should have also entered the labor force, but are nowhere to be found as the participation rate there dropped from 71.9 percent to 68.8 percent.

And there are the 2 million or so who have simply given up looking.