Good News on the Unemployment Rate?

Big news came out today – a drop in the unemployment rate.  Sort of.

The government has been playing games with the unemployment numbers and mysteriously dropped 1.2 million people from the labor force participation rate.  The unemployment rate is a measure of how many people in the potential labor force are employed.  If there the same number of unemployed but fewer people in the potential labor market, the unemployment rate as a percent of the total drops.  By the government’s new calculations, the labor force participation rate is at a new 30-year low.

So what’s the real unemployment rate?  No idea.

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About Mystic Cowgirl

I worked overseas in the aid game for longer than I'd like to admit and learned several important things: 1) Third World countries aren't poor because America is rich. They're impoverished due to socialist governments that provide neither rule of law nor basic infrastructures; 2) These socialist governments redistribute wealth from taxpayers to the government workers. There's no benefit to the poor or downtrodden, and certainly not to the general welfare in terms of infrastructure improvements. 3) America is moving toward the Third World model. Rule of law has been subverted because equality under the law is disappearing as special interests carve out exemptions to regulations and special favors under the law. The redistribution of wealth to government began decades ago -- total compensation for government employees now outpaces salaries in the private sector.
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