From CNS News.
In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.
By November, according to data BLS released today, the total number of people employed had climbed to143,262,000, an overall increase of 847,000 in the six months since June.
In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.
How is it possible that the unemployment rate is going down? It’s simple. The government is borrowing over $1 trillion dollars a year from unborn and born children, and they are using that money to reduce the unemployment rate.
That explains part of the drop in unemployment, but there’s more.
As for that big “drop” in the unemployment rate, all of it was due to the fact that 540,000 Americans are no longer looking for work. They either dropped out, took early disability or retired. Since the start of 2009, 9.7 million Americans have fallen into this category.
All told, more than 24 million Americans who want jobs don’t have them, driving the labor force participation rate to 63.6%, just above August’s 31-year low of 63.5%. This is the worst labor market in a recovery ever.
And it may get worse. The quarterly Wells Fargo/Gallup small-business survey found that 21% plan to cut jobs over the next six months — a surge from 10% last June and a record high.
IBD’s own research shows that small businesses account for nearly 80% of all new job creation in America. A small-business slump means no jobs. It’s that simple.
Business are already being regulated to death by Obamacare, and all this deficit spending means borrowing that has to be paid back with inflation or higher taxes. Why on Earth would anyone try to hire people now? This economy is a wreck.