“If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle class families who are suffering through the worst economic recovery since the Great Depression. After 43 straight months of unemployment above 8%, it is clear that President Obama just hasn’t lived up to his promises and his policies haven’t worked. We aren’t better off than they were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.” – Mitt Romney
The Department of Labor’s August jobs report shows that 96,000 jobs were added to the economy while 368,000 Americans gave up looking for work — the only reason why the unemployment rate dipped from 8.3% to 8.1%. In other words, they gave up “Hope” of finding a job. In addition, previous months’ job creation totals were also revised down. If they had stayed in the workforce, the unemployment rate would have increased to 8.4%
We are now at the lowest percentage of participation in the workforce by job-aged people in this country since 1981. If the workforce participation rate were the same today as it was the day President Obama took office, unemployment would be at 11.4%. That’s based upon the same metrics as the 8.1% figure, not the REAL (U-6) unemployment rate which measures people out of work, those who have given up and those who are underemployed. That number continues to hover in the 15% range. (Again, if the participation rate were the same as Jan. 2009, the U-6 number would be close to 20%.) That is unacceptable.
President Obama said in his speech last night that this election is a choice between two paths. We’re currently on his path and 62.8% of the country thinks that America is on the wrong track.