The administration was pleased to announce that the unemployment rate is now down to 6.2% from 6.7%. This proves that the economic recovery is well on the way to working . . . or does it? The unemployment rate used by the administration is but one measure of our workforce. Out of all eligible members of the US workforce the actual participation rate is 62%. Literally this means that a little over 6 of every 10 eligible potential workers are actually working or actively seeking work. Almost 4 out of every ten are not If you add the unemployed to the non-participating you come up with a staggering 92 million Americans that are unemployed. The actual unemployment rate currently is closer to 12%! This isn’t even calculating the number of people that are under-employed such as highly degreed professionals in their 50s and 60s that can’t find a job outside of being a burger jockey. Throw these into the figures and we are now looking at over 40% un/under-employed. This should be heartbreaking to anyone reading this.
If you go to the Bureau of Labor Statistics they actually break down all these numbers for you. It paints a pretty dim picture of the actual state of our country. Almost 1 million eligible workers have just plain given up even looking for a job after multiple years of searching have left them devoid of hope. They survive on government handouts and off-the-grid money-making such as garage sales to keep surviving.
The real strength of the United States has been a strong and productive middle-class. But the past decade has seen the power of this middle-class eroded by several things. Overseas production of real goods is, perhaps, number one on the list. You see; it is the factory worker, the construction worker, the plumber, the baker, even the candlestick maker that supported America’s lifestyle. These operations employed the vast majority of Americans. When local production halted then we were left as a nation of rampant consumers whose sole purpose became the acquisition of material things produced elsewhere. But we can not support ourselves if all we do is buy. Eventually the buyers run out of money, then the lower paid sales force loses their jobs. Now we are a nation intent on buying survival items. This is having a profound effect on the sales of durable goods. So now the bigger corporations are beginning to feel the pinch as demand for their products drop. They may pay for an hour’s work in Vietnam with a cup of rice, but they still need to buy the rice. The ability of the USG to support the needy is putting a bigger and bigger demand on the middle- and upper-classes; the middle-class is all but destroyed now and the upper-class cannot bear the weight of taking care of the other 98% of Americans.
Some of these figures can be accounted for by the mass retirement of baby-boomers but the sad fact is that nothing but abrogation of responsibility on the part of our government and big business hold the ‘bag’ for the following factual numbers:
- 92 million Americans out of work.
- 10.1 million people the administration admits are officially unemployed.
- 6 million who want a job but haven’t found one yet.
- 2.5 million who didn’t bother to search.
- 1.5 million that didn’t look for work because of this reason or that.
- 900,000 that gave up entirely.
Obama’s unemployment claims are as empty as his recovery methods.