You know what would really help our economy?

A time machine. See with a time machine we could all go back to 1979. Why 1979? Well Chris Wysocki figures that today’s “bright” economic news, unemployment hit 7.5%, would really be good news, if this was 1979.

Good news America! The unemployment rate has dropped again! It’s now at 7.5%, and employers are adding more jobs than ever!

U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated. The job increases helped reduce the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.

The government revised up its estimate of job gains in February and March by a combined 114,000. It now says employers added 332,000 jobs in February and 138,000 in March. The economy has created an average of 208,000 jobs a month from November through April — above the 138,000 added in the previous six months.

Alas every silver lining has a cloud. Or 2.

First, the workforce participation rate remains stubbornly stuck at 63.3%, the lowest it’s been since 1979. Because once you’ve given up, you’ve given up. And your president has likewise given up on you.

Second, and perhaps more ominously, ObamaCare is pushing more and more people into part-time work.

Many part-timers are facing a double whammy from President Obama’s Affordable Care Act. The law requires large employers offering health insurance to include part-time employees working 30 hours a week or more. But rather than provide healthcare to more workers, a growing number of employers are cutting back employee hours instead.

See! Even good news is bad news in Obamaland. So, would we REALLY be better to go back to 1979? Well, in 1979, Carter was president, and things were not great at all. But there was no Obamacare looming over us, and do you recall what happened the very next year? Yep, Reagan was elected! Also, there was no MSNBS, no reality TV, of course there was no internet, and no blogs, so, what would I be doing with my time?

 

People Not In Labor Force Soar By 663,000 To 90 Million, Labor Force Participation Rate At 1979 Levels

People Not In Labor Force Soar By 663,000 To 90 Million, Labor Force Participation Rate At 1979 Levels – Zero Hedge

Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work .The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS did its census recast of the labor numbers. And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% – the lowest since 1979! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is “improving.”

People not in labor force:

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Labor participation rate:

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Are Obama voters stupid?

Let me put it this way. They KNEW about the high unemployment numbers, especially among minorities, and young voters, yet, they voted for Obama anyway. I would say that is, if not stupid, at least unwise

Obama supporters continue to suffer the most in the latest jobs report. Blacks, Hispanics and young adults suffer the most under this administration.

The national unemployment rate is 7.8% (not counting the millions who dropped out of the market.)

The Herald Online reported:

• The overall unemployment rate for 18-29 year olds for December 2012 is 11.5 percent (NSA).
• The unemployment rate for 18-29 year old African-Americans for December 2012 is22.1 percent (NSA); the unemployment rate for 18-29 year old Hispanics for December 2012 is 12.2 percent (NSA); and the unemployment rate for 18–29 year old women for December 2012 is 10.4 percent (NSA).
• The declining labor force participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.
• If the labor force participation rate were factored into the 18-29 unemployment calculations, the actual Millennial unemployment rate would rise to 16.3 percent (NSA).

Simply unbelievable