The Washington Post listed the five worst things about the recent federal jobs report. They are all pretty bad, but let’s focus on #2
2) The unemployment rate dropped for the worst reason.Unemployment dropped to 7.3 percent in August. Huzzah? Sorry, but no.
There are two reasons the unemployment rate dropped. One is that people get jobs. Huzzah! The other is that people stop looking for jobs, and so they’re no longer counted as technically unemployed. That’s what happened here. The number show 312,000 people dropping out of the labor force. That’ll be revised, but if the truth is anywhere close, it’s horrible.
What Ezra Klein, the author of the article, doesn’t mention, is that this is the norm for the so-called “Obama recovery.” Every time our Dear Leader pivots to place his “laser like” focus on the economy, less Americans have jobs.
Either Barack Obama really isn’t that interested in creating a regulatory environment conductive to economic growth or he is massively incompetent and utterly unqualified for the office he currently holds.
Just how is that hopey-changey thing workin’ for ya?