Unemployment would be 11.2 percent if labor force same as when Obama took office

Last Friday’s jobs report does not tell the whole unemployment story, according to American Enterprise Institute blogger and CNBC contributor James Pethokoukis.

He writes, “If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.”

Had the participation rate remained the same as the previous month, Pethokoukis points out, “the unemployment rate would be 8.4 percent” — higher than the 8.1 percent in the August report.

Those who have returned to work amidst the meager recovery are often only finding jobs that are part-time and pay less than what they formerly earned.

“The broader U-6 unemployment rate, which includes part-time workers who want full-time work, is at 14.7 percent.”

Today, one in two are considered low income or below the poverty line, according to the Census Bureau, sparking fears of a shrinking middle class.

Record numbers of Americans receive food stamps and Social Security disability insurance, instead of seeking jobs that seem to be non-existent.

Via: The Daily Caller

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