Published: Nov 10, 2012 06:00 PM
Modified: Nov 10, 2012 03:07 PM
Fewer job hunters
When President Obama took office, the official unemployment rate was about 7.8 percent, the same as now. So at least unemployment hasnt gotten any worse, right?
Wrong! What happened is that the labor participation rate (LPI) dropped. The LPI is the percentage of civilian noninstitutional population (basically, working-age people) who are in the labor force, i.e., either working or looking for work. It is down, because so many Americans gave up looking for work.
If the same percentage of working-age Americans were still in the labor force now as there were when Obama took office, the official unemployment rate would be calculated as 10.7 percent rather than 7.8 percent.
Thats right: 10.7 percent unemployment, after more than three years of so-called recovery. (And here in North Carolina its even worse.)
The difference is the more than 5 million additional Americans who gave up looking for work.
It is unbelievable to me that Obama was actually running ads boasting of his record of job creation. Does he really think that American voters are that gullible?Dave Burton Cary
All rights reserved. This copyrighted material may not be published, broadcast or redistributed in any manner.