By Larry Johnson
Like the Titanic as it settled beneath the waves, the U.S. economy is underwater and headed for the bottom again. The jobs report today was not just “bad,” it was alarming. Unlike previous reports, the media, both written and electronic, have caught on and realize that sunny praise sung by the White House about a supposed one-tenth of a percent decline in jobless numbers is total bullshit.
The only good news for Obama is that we may actually be nearing the bottom of the 2008 Depression and the housing market may be on the cusp of turning around. But that ain’t happening in a dramatic fashion in the next five months. The numbers in the latest Bureau of Labor Statistics tells a grim story:
The civilian non-institutional population grew by 180,000 people in the last month. The term–civilian non-institutional population–refers to “persons 16 years of age and older residing in the 50 States and the District of Columbia who are not inmates of institutions (for example, penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces.”
So you would expect the civilian labor force to increase. Right? I mean, with population growth that “180,000″ number comes primarily from new 16 year olds entering the potential labor pool.
Wrong. The civilian labor force declined 342,000 since March 2012. Got that? Although Barack Obama is jumping around in his cheerleader outfit touting the news that 115,000 jobs were created in April, more than THREE TIMES that number left the labor force. Is that because they won the lottery? Is that because they earned so much money on lucrative business deals that a mass of folks decided to retire? WRONG!
No amount of lipstick will turn this pig of an economy into a bathing beauty. Since last April (2011), the number of people “no longer in the labor force” has increased by almost 2.7 million. Obama likes to thump his chest while claiming speciously that his Administration has created 4.4 million jobs in the last three years. Well Bucko, 2/3rds of that number has left the labor force in just one year. That’s not a record to run on.
What do you folks think?