by Michael Snyder, The Economic Collapse Blog:
Did you know that the number of Americans that are out of work right now is far higher than it was at any point during the Great Recession? I know that sounds crazy, but I will prove it to you in this article. A whopping 111 million Americans do not have a job, and we are spending more than a trillion dollars a year on the social safety net that supports them. Of course we cannot afford to do this, because the national debt has already reached 39 trillion dollars and it is growing at an astounding rate. If we do not fix our economy, disaster is inevitable.
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The bureaucrats in Washington keep telling us that the unemployment rate is low even though there are vast numbers of adults all around us that are not working.
The way that they are able to do this is by dumping almost everyone that is not working into a category known as “not in labor force”.
This allows them to keep the official rate of unemployment suppressed even as the labor force participation rate hits an insanely low level…
On the surface, a June drop in the unemployment rate helped provide some upside to what was an otherwise downbeat jobs report — but it was for all the wrong reasons.
That’s because the decline in the jobless level to 4.2%, the lowest in a year, came largely from an exodus of workers from the labor force, according to the Bureau of Labor Statistics data Thursday.
In fact, the measure of the working-age population either employed or looking for a job slid to 61.5%, the lowest since March 2021. Excluding the Covid-era jobs market, it was the lowest labor force participation rate in exactly 50 years.
Today, there are just over 7 million Americans that are officially unemployed.
That doesn’t sound bad at all.
But they rarely mention those that are considered to be not in the labor force. This is how the Federal Reserve defines that category…
Persons who are neither employed nor unemployed are not in the labor force. This category includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work.
As you can see from the chart below, the number of people that they have been dumping into that category has grown dramatically since 1990.
Right now, there are 104 million Americans that do not have a job that are considered to be not in the labor force…
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