Economists may not agree on much, but we all agree that economic output is a function of capital and labor.
Ask a Keynesian, a Marxist, an Austrian, a monetarist, or any
economist, and they’ll all agree that living standards are determined by
the quality and quantity of these two factors of production.
So it should be very worrisome that there has been a big drop in the share of the population that is employed. Here’s a chart produced from Bureau of Labor Statistics data, showing labor force participation during the 21st Century.
There was a big drop during the recession. That’s the usual pattern, and it definitely isn’t something that can be blamed on President Obama since the downturn began before he took office.
Read more: http://finance.townhall.com/columnists/danieljmitchell/2013/01/17/obamas-dismal-record-on-jobs-explained-with-common-sense-n1491110
So it should be very worrisome that there has been a big drop in the share of the population that is employed. Here’s a chart produced from Bureau of Labor Statistics data, showing labor force participation during the 21st Century.
There was a big drop during the recession. That’s the usual pattern, and it definitely isn’t something that can be blamed on President Obama since the downturn began before he took office.
Read more: http://finance.townhall.com/columnists/danieljmitchell/2013/01/17/obamas-dismal-record-on-jobs-explained-with-common-sense-n1491110
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