Have you heard about the great economic news? I mean, this is the most amazing — I’m sorry, folks, I’m going to have to come up with some new descriptors, new descriptives, because I’m running out of them. Most amazing, incredible, unbelievable, stunning, you name it. The US labor force shrunk by more than 800,000 people in April. For those of you in Rio Linda, that means 800,000 people stopped looking for work or quit working. The labor force participation rate declined or decreased to 62%. That is the lowest it has been since 1978. What that means is only 62% of Americans of working age have job.
The number of Americans not working, but eating and watching television, probably driving and making cell phone calls, 92,594,000. So 92,594,000 Americans are not working. They’re all eating. “Mr. Limbaugh, what’s the big deal about that? We’re a compassionate country. When people don’t have jobs they should be able to eat.” It used to not be that way Mr. New Castrati. You used to have to work to eat. There’s nothing good here, folks.
But despite all of this, the unemployment rate has plunged from 6.7 to 6.3%. That just doesn’t make any sense. Well, it does, if you know how they calculate the number. They simply don’t count the number of people who have given up trying to find a job. It’s that simple. If you’ve been out of work for four years or longer and you’ve given up looking, you don’t get counted as unemployed. So I don’t know what number, but a large percentage of the 92,594,000 Americans not working is not counted in the unemployment rate.
But despite all this, let me review this now. The US labor force shrank by more than 800,000 in April. The labor force participation rate decreased to 62%. That’s the lowest it’s been since 1978. That means 62% of the people working age have a job. The rest don’t, 92.5 million Americans not working. And the regime claims that 280,000 jobs were created in April, and that the unemployment rate has fallen from 6.7 to 6.3%. Never mind that we were told just yesterday that the new unemployment claims have gone up three weeks in a row and economic growth is one-tenth of 1%.