Obamanomics: Workforce Smallest Since Reagan; Men Have Lowest Employment Rate On Record

Hope and change.

Only 45.4% of Americans had jobs in 2010, the lowest rate since 1983 and down from a peak of 49.3% in 2000. Last year, just 66.8% of men had jobs, the lowest on record.

The bad economy, an aging population and a plateau in women working are contributing to changes that pose serious challenges for financing the nation’s social programs.

This is bad. Get me a Bipartisan Commission, stat!

“What’s wrong with the economy may be speeding up trends that are already happening,” says Marc Goldwein, policy director of the Committee for a Responsible Federal Budget, a non-partisan group favoring smaller deficits. For example, job troubles appear to have slowed a trend of people working later in life, putting more pressure on Social Security, he says.

Another change: the bulk of those not working has shifted from children to adults.

In 2000, the nation had roughly the same number of children and non-working adults. Since then, the population of non-working adults has grown 27 million while the nation added just 3 million children under 18.

What's surprising is that the media reported this. At least USAToday did.

posted by Ace at 05:34 PM

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