Labor Participation in the U.S. Reflects Serious Flaws in Obama’s Plan
(Washington D.C.) – A recent analysis by the American Enterprise Institute shows that many in the U.S. are still struggling to find full-time jobs that offer strong prospects for growth going forward – even as leaders in Washington tout a low unemployment rate and make little effort to promote economic opportunity. While unemployment has been on a downward trend for many workers this “˜progress’ is due in part to individuals abandoning their job searches altogether. With fewer Americans working or seeking work, a declining unemployment rate is paired with the lowest participation rate – which accounts for the percentage of the population that is employed or currently looking for employment — since the 70’s at 62.6 percent.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“The economy has been in what Washington calls a “˜recovery’ for over 6 years now. Yet the economic indicators that matter for many families – wages, student debt, and cost of living – continue to disappoint. The fact is the growth in government spending and regulation isn’t making families better off; it’s keeping real economic opportunity from taking hold. While our elected officials pat themselves on the back for a lower unemployment rate, the millions of workers who have lost hope and given up looking tell a different story. Hispanics, in particular, are suffering with a higher unemployment rate than the national average as well.
Policies of greater regulation, higher taxes, and more government just don’t work. Private business and hard-pressed workers are being forced to pay for this agenda, ultimately jeopardizing job creation, expansion, and wage increases. The “˜Washington knows best’ approach will just continue to cripple entrepreneurship and hurt those most in need. We need a change in direction that will revitalize our economy by giving entrepreneurs the freedom to innovate and grow. Americans need to have confidence in their country and the market in order to participate and contribute.”