In response to:

Obama’s Dismal Record on Jobs, Explained with Common Sense

johnm h Wrote: Jan 17, 2013 11:49 AM
You are exactly right on all points. I wonder if the Republican leadership even understands how a credit based money supply works. They should be going after Bernanke even more than they go after Obama because ultimately all that money base must be shrunk before any growth can occur without inflation and spiking interest rates.

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.