More people have left the workforce than got a new job during the recovery—by a factor of nearly three.
This is a must read article in todays Wall Street Journal, I urge everyone to read this piece it gives real clarity to a crisis that is being ignored by the Media, President Obama and the Congress. If I was the President I would seek out highly successful people like Mr. Zuckerman or Mayor Bloomberg and ask their opinions as to how to create more jobs. We have a crisis on our hands that is only going to get worse.
I am providing 2 links to the article; if you are not a paid subscriber of WSJ.com I urge you to try their 2 week free option just to read this piece.
The 7.6% unemployment figure so common in headlines these days is utterly misleading. An estimated 22 million Americans are unemployed or underemployed; they are virtually invisible and mostly excluded from unemployment calculations that garner headlines.
That brings us to a stunning fact about the jobless recovery: The measure of those adults who can work and have jobs, known as the civilian workforce-participation rate, is currently 63.5%—a drop of 2.2% since the recession ended. Such a decline amid a supposedly expanding economy has never happened after previous recessions. Another statistic that underscores why this is such a dysfunctional labor market is that the number of people leaving the workforce during this economic recovery has actually outpaced the number of people finding a new job by a factor of nearly three.