Last Friday’s jobs report was dismal. The labor force participation rate, that is, the percentage of the total population that is either working or actively seeking employment, dropped to 63.3%. That’s the lowest rate since May of 1979.
A couple weeks ago, this column analyzed the inflation rate reported by the Bureau of Labor Statistics (BLS), and concluded that you should rely on your common sense when the government reports questionable statistics.
I just got back from Edmonton, Alberta (that's in Canada for those who are geographically challenged) doing our famous He-Said-She-Said act with Donna Brazile. We were speaking to western state (in the U.S.) and western provincial (in Canada) legislators.
President Obama's attempt to spin the latest discouraging unemployment numbers as "a step in the right direction" is like telling passengers aboard the Titanic to ignore the sinking vessel and listen to the live music.
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