December 02 2022
Biden Is Failing
The jobs data released Friday shows that over 500,000 Americans left the labor force in the past year.
Our Take:
-The labor force participation rate has still not recovered to pre-pandemic levels. Biden is failing to get the economy back on track.
-Americans entered the labor force under President Trump. The rate of women in the labor force, for example, consistently rose under Trump pre-pandemic.
-Democrats' excessive welfare policies incentivize many people to avoid work and instead cash government checks.
The Background:
Bureau of Labor Statistics data shows that between November 2021 and November 2022, 506,000 Americans dropped out of the labor force.
Rick Santelli on CNBC summed up Friday's job report showing a labor force participation rate of 62.1 percent by stating, "The labor force participation rate is moving in the wrong direction. This is not good."
The labor force participation rate declined for three straight months. In November, alone, a whopping 186,000 people left the labor force.