According to the Bureau of Labor Statistics (BLS), there are 93.4 Million Americans NOT EVEN PARTICIPATING IN THE LABOR FORCE!
That’s freaking brutal man. While the 93.4MM figure is slightly lower than it was last month (whoopdee-fucking-doo), the number is higher than it was at this point last year. Also, the number Americans out of the labor force has been increasing steadily year after year throughout the Obama administration.
Let’s take a quick step back though and break a couple things down for y’all:
The labor force is the pool of people that are used to calculate the unemployment rate. Since the Great Recession, more and more people have exited the labor force. The unemployment rate has steadily decreased over the past couple years, and this development has been touted repeatedly by the Obama Administration as an exemplification of his policies’ success. Except here’s the thing: the unemployment rate is one of the most empty and easily-manipulated labor statistics. In order to be considered “unemployed”, you have to have been either recently let go or still actively trying to seek a job. But throughout this “recovery”, more and more people have just given up on even fucking trying to get a job. This is the direct reason why the unemployment rate has dipped so significantly. It’s not a product of our economy or the labor market actually improving. It’s just a sign of more people giving up all hope and not even trying (OVER 93 MILLION AMERICANS).
As we mentioned, the labor force participation rate increased slightly increased this month vs last month. Annnnnnnnd just like magic, the unemployment rate ticked up from 4.9% to 5.0% this month vs last month.
All cynicism aside, this is a good thing. We want more people in the labor force actually trying to get work instead of relying on social welfare to get by. With this empty and shallow unemployment stat so freaking low, any bit of an increase may suggest Americans are concentrating more on trying to get a job again.
Just remember that while this “lowest unemployment rate in 10 years” may seem sexy and real, it’s not. Our country is still suffering economically and our government should be acting accordingly. We have a long way to go
And you know it boy.