As the Obama administration and its surrogates crow about a drop in the national unemployment rate measured in the fractions of a percentage point, critics such as myself have been quick to point out that any progress in the unemployment rate is due more to a shrinking labor force than economic growth.
Now the Republican Study Committee has released this chart showing the collapse in the labor participation rate (the number of working-age Americans participating in the labor market) down to a thirty-year low:
There is no more fundamental economic indicator than the number of working-age Americans with jobs. Per these numbers, a much smaller percentage of working-age Americans have jobs than before Obama was elected. But the unemployment rate goes down because many of these workers have been out of work for so long they’ve given up working.
What this chart tells us is that Obama’s economic policies do not work.