Friday, December 7, 2012

We Are Seeing The Distruction Of The Workforce

Once again the rate of unemployment fell.  This time by two-tenths of a percent to 7.7%.  Sounds pretty good. Doesn't it?

But, the cost of that better-than-expected unemployment rate was very high.  For every worker who found a job last month, 3.9 just gave up looking for work.  In fact, more than 1/2 million workers stopped hunting for work of any kind. 

This has been the case, all along, since the unemployment rate started falling in 2010 from a high of 10.2%.  On average, for every person who does find a job, at least 2.4 gave up looking.   This is not a recovery.  This is a month-by-month destruction of our workforce.  It is why the average family's income in America fell by more than $4000 a year.  People are losing good jobs; only to find and take lower paying positions. It is why the number of people on food stamps has risen 57% in the last 3-1/2 years or why the number of those in poverty and in low income jobs has doubled under Obama. 

--- CNBC: Morici: Unemployment Rate Falls: More Quit Looking:

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