310,000 Left Workforce in November

Don’t buy the rate drop to 8.6%.

Don’t get excited about the 120,000 jobs gained.

All that mat­ters is this fig­ure, and it’s jaw-dropping.

The unem­ploy­ment rate, derived from a sep­a­rate sur­vey of house­holds, was fore­cast to hold at 9 per­cent, accord­ing to the sur­vey median. The decrease in the job­less rate reflected a 278,000 gain in employ­ment at the same time 315,000 Amer­i­cans left the labor force.

The labor par­tic­i­pa­tion rate declined to 64 per­cent from 64.2 percent.

Econ­o­mists call that num­ber “Dis­cour­aged Work­ers,” and it’s not some­thing to celebrate.

Jim Pethok­oukis of the Amer­i­can Enter­prise Insti­tute on Twit­ter fig­ures that we’ve so increased the num­ber of dis­cour­aged work­ers and shrank our labor force so much, that if Obama had the same num­ber of peo­ple work­ing now as he had labor force when he came into office, Unem­ploy­ment would be 11%.

This Pres­i­dent and his eco­nomic gurus have so screwed up our econ­omy, is it any won­der why peo­ple have thrown their hands up in dis­gust and given up look­ing?  It means any­thing some­one like Scott Walker does here in Wis­con­sin to make it ready for job growth is going to stall not for what Walker is doing, but because “Team Obama” is so hap­less, they can’t fig­ure out which of their “cures” is the one which poi­sons the U.S. econ­omy and which one kills it.

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