As we approach Summer of Recovery 3 (TM) the song and dance team in Babylon on the Potomac are frantically assuring us that we are getting better in every day in every way, hoping that we won’t notice the stench of decay and corruption becoming ever more nauseating. Bill over at Apocalypse Cometh details the numbers:
“More workers joined the federal government’s disability program in March than got new jobs, according to two new government reports, a clear indicator of how bleak the nation’s jobs picture is after three full years of economic recovery.”
In addition, while hiring has been very weak during the recovery, the number of people who have dropped out of the labor force entirely has exploded by 7.3 million since June 2009, an IBD analysis of BLS data show. Some aged into retirement, but most either signed up for disability, stayed in school, moved back in with parents, or just quit looking for a job. The participation in the labor force [is now 63.8%, down from 65.7% in June 2009] as a percentage is the lowest it’s been in the history of this country.
The number of people with jobs is still nearly 5 million below its pre-recession peak.
The number of long-term unemployed — those out of work 27 weeks or more — is still 5.4 million — almost 1 million higher than when the recovery began, and almost twice the level it ever reached prior to Obama’s recovery.”
That’s the gist of it. There are a few more nuggets in there, and the kicker at the end, which will likely surprise you, it did me.