By the Left Coast Rebel
From Investor's Business Daily this morning:
Initial jobless claims unexpectedly jumped by 24,000 last week to 399,000 as more workers lost their jobs, the Labor Department said Thursday. At the same time, the economy continues to lose workers.
In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren't working, and they aren't looking — according to data from Labor's Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000.
This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records. In the past nine recoveries, the labor force had climbed an average 3.5 million by this point, according to an IBD analysis of the BLS data.
This is what happens when the economic system of the world's brightest experiment of freedom becomes a petry dish for every failed economic idea of the past century.
You can't have your
cake socialist, top-down command-and-control, bailout economy and eat it, too.
Related: At Cato: "Obama's New New Deal at a Dead End"