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May 10, 2012
Bangor Daily News: "Jobs report shows effects of the incredible shrinking U.S. labor force"
This was from last week's Washington Post, apparently, but I didn't hear of it being reported there. (But then, maybe that Pethokoukis piece I linked yesterday actually referenced it by link.)
By Brad Plumer, The Washington Post Posted May 05, 2012, at 5:39 a.m.
And there's your spin. Yes, the labor force is shrinking, and has been for a while, but not this rapidly. Watch it drop precipitously under Obama:
That year 2000 peak was also a short-term one, which occurred during Clinton's boom years. So to say it's been "declining" since then is misleading. Yes, we're down from the Boom Year peak, of course. A return to normalcy.
But the real serious fall occurs under Obama's watch.
And further-- if Baby Boomers are retiring early (which the Post says is one of the other reasons, apart from economic malaise, the labor force participation rate is declining), that should open up positions for younger workers.
But it's not. Even with so many fewer workers seeking jobs, the official unemployment rate is still higher than 8%. And the true unemployment rate is anywhere from 11% to 17%, depending on how you count it.
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