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

Pistol Wrote: Jan 17, 2013 3:28 AM
Behavior that is rewarded increases, behavior that is punished decreases. Its the carrot and the whip, and its known and used in their personal life by every one. But our political elite has convinced a voting majority of the public this simple fact doesn't apply to government actions. And so we get stupid non-functional law on top of counter-productive unintended consequences capped by unsustainable spending and enforcement costs. It is not going to last. The piper always gets paid, one way or the other.

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.