In response to:

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

Stuart95 Wrote: Jan 17, 2013 10:30 AM
It's hard to prove economic theories - there are simply too many variables. For instance, Hurricane Katrina had an effect on the economy, and that effect makes it difficult to figure out how Bush's policies affected the economy. And some people refuse to consider economic evidence when it conflicts with their emotions. For instance, the effect of rising minimum wage on minority youth unemployment is clear to everyone but those who will not see. But eventually the correlation between poor policy and the economy becomes hard to ignore. I hope the R's figure out how to use Mitchell's and others' data before the 2014 elections to cast doubt on central planning of the economy, and swing the political and policy pendulum back toward reality.
Kibitzer Wrote: Jan 17, 2013 6:55 PM
There is an old joke about economists that goes something like, ask 12 enonomists for their opinion on an economic issue and you will get at least 13 different answers because at least one of them cannot make up his (her) mind.

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.