Not since 1981 has the national labor participation rate been this low. Tyler Durden at ZeroHedge put up this graph:
Despite a few upticks, there has been a steady plummeting of the labor participation rate, to a 30 year low of 64.3%. The Obama administration has done nothing to reverse this trend. This is the key indicator of economic health, because this indicates the number of people working in the economy. No matter how the Administration spins it, they are failing to provide jobs for Americans. The number of people not working is at an all time record high as well. I don't think the economy will turn around until Obama is no longer the President. His administration presents too much of a risk of uncertainty to business. Have overseas profits? Don't repatriate with high marginal tax rates. Want to hire more workers? Will you get a nasty surprise that your health plan doesn't qualify or maybe there is a minimum wage hike around the corner. In a politically incorrect industry, like oil or gas exploration? Are you up for regulatory crucifixion?
The list goes on, but the uncertainty of future hostility and regulatory change are the main reasons we claim that the administration is engaging in a #WarOnJobs.
Even DailyKos is publishing this graph and bemoaning the jobs picture. Will wonders never cease?