The number of Americans Not In The Labor Force has increased to over 93 million:
The June Jobs Report is out today and Federal Reserve Vice Chairman Stanley Fischer must be thrilled! Americans NOT in the Labor Force jumped by 640,000 to a whopping 93.6 million. Remember, according to Fischer, America is near full employment. So, Americans NOT in the labor force keeps rising as a percent of the potential labor force (NOT in labor force + labor force) and is above 37%.
Labor force participation fell to 1977 levels.
1977. The “Malaise Days” of a failed President. The only things that got us out of that predicament were the election of Ronald Reagan and the appointment of Paul Volcker as Chariman of the Federal Reserve.
But today, there is no Reagan on the horizon who can inspire the American people. The closest thing we have is the exclamation point on Jeb(!). Too bad the last thing this country needs is a third member of the Bush Crime Family in the White House.
idiots PhD economists who are running the Fed don’t understand why a reduction in the money supply is exactly what is needed the way Volcker did.
Almost 94 million people not in the labor force (i.e., not working but also not counted as unemployed). Over 46 million people on food stamps.
Enjoy the holiday.