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Obama’s Employment Numbers Now Worse than Carter’s
Posted By Daniel Greenfield On September 11, 2013 @ 9:58 am In The Point | 10 Comments
Obama has finally managed to bottom out Carter in both economics and foreign policy. That’s quite an achievement.
The Bureau of Labor Statistics’ Friday job numbers show the nation’s “labor force participation rate” — i.e., the percentage of Americans over 16 who have jobs, or are looking for one — dipped to 63.2 percent.
That beats the sad record of 63.4 percent set in 1978, a harbinger of the Carter-era stagflation and malaise to come.
Yes, the unemployment rate last month ticked down a tenth of a point, to 7.3 percent. But that’s only slightly better than the 7.8 percent rate that prevailed when Obama first took office in 2009. And much of that gain is the result of workers simply giving up altogether on finding jobs: The BLS reports that a record 90 million Americans eligible for work are sitting on the sidelines. These workers don’t count as “unemployed,” hence the lower unemployment rate.
Maybe it’s time for Obama to step down and hand the job back to Carter. At least we know that he probably can’t do any worse.
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