By Bill Wilson — Once again, the civilian labor force participation rate has declined, from 64 percent to 63.7 percent in a single month. Since January 2009, it has declined from 65.7 percent, resulting in approximately 4.7 million people no longer being counted towards the unemployment rate. If they were included, the real rate of unemployed working age adults would be 11.01 percent, and the underemployed would be 17.6 percent.
Overall, that includes the 12.7 million people that BLS says are actually unemployed, and then 4.7 million who have given up looking for work, plus another 10.5 million who can’t find full-time work. All together, there’s 28 million working age adults who simply cannot find work in the Obama economy.
It is hard to separate the continued obfuscation of this harsh reality by the government from the fact that we are now in an election year.
Bill Wilson is the President of Americans for Limited Government.