Over the past several years, almost the entire decline in the unemployment rate can be accounted for by people “leaving the workforce”. The “unemployment rate” has not been going down because people are actually getting jobs. Rather, the “unemployment rate” has been going down because the government has been pretending that millions upon millions of American workers simply do not want jobs anymore. This is extremely misleading.
We are being told that 162,000 jobs were created in July. Okay, so that is just barely enough to keep up with population growth, and most of the jobs that were created last month were part-time jobs.
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