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.
- Quotes of the day Allahpundit 4 hours ago
- On notice: Mitch McConnell is ready to “crush” the Tea Party Jazz Shaw 6 hours ago
- Noonan on latest ObamaCare delay: Is there even an ObamaCare law anymore? Erika Johnsen 7 hours ago
- Video: Gates sees defense cuts as showing a lack of seriousness by US Jazz Shaw 9 hours ago
- CPAC: Fred Thompson and Persecuted Ed Morrissey 10 hours ago
- WH: Hey, Obama golfing in Key Largo during this crisis is the same as if he were in DC, only warmer Jazz Shaw 12 hours ago