President Obama told a crowd in Indiana this week that by “almost every economic measure, America is better off than when I came here at the beginning of my presidency.” One of the economic measures that didn’t make the cut in Obama’s self-congratulatory statement, however, is the most important one: labor force participation — all those people not working — which has just reached a devastating new high of 94,708,000.
In May, the economy added a six-year low of only 38,000 jobs (experts predicted we’d add 160,000), while those who gave up searching for jobs soared by 664,000. The result is a drop in the unemployment rate to 4.7 percent (it’s high under Obama was 10 percent) — something the president will undoubtedly tout, while the truth is our economy is tanking.
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