Politics

Obama Legacy: Record 95 Million Out of Labor Force

Economy shows signs of new life post-election but workforce slide continues

President Obama is on course to end his presidency with a near-historic number of Americans out of the workforce.

The labor force participation rate decreased in November from 62.8 percent to 62.7 percent, according to the latest government jobs report, released Friday. While the rate is not quite as bad as the 62.5 percent low reached in October 2015, it’s a far cry from the 65.7 percent rate Obama inherited upon entering office in 2009. The overall number of Americans outside the workforce has also reached 95,055,000, surpassing the previous record of 94,708,000 in May 2016.

“There’s no answer to it. He just says, ‘Well, I’m going to negotiate a better deal.’ Well, how — what — how exactly are you going to negotiate that? What magic wand do you have?”

And while the November jobs report did indicate a slight drop in real unemployment rate, the number of Americans who are only marginally attached to the labor force and do not work full-time increased from 1.7 million to 1.93 million, suggesting even more Americans are close to abandoning the labor market entirely.

Moreover, even though 178,000 new jobs were added, the number fell just short of economists’ expectations. Experts interviewed by Bloomberg News said they expected at least 180,000 jobs to be created. And even though employment was up in November, wages were down, as average hourly earnings declined by 3 cents to $25.89.

While the Obama administration will no doubt do its best to spin November’s jobs report as some kind of proof of Obama’s presidential economic prowess, the truth is that it stands as yet another testament to the president’s failure.

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Under Obama’s regime of repressive regulations and burdensome taxes, small businesses have disappeared faster than the jobs they once supplied. Companies large enough to survive the Obama regime have done so largely by offshoring as many jobs and as much money as possible.

Clearly the economy that President-Elect Donald Trump will inherit when he takes office will not be surging. But Trump will also be taking over an economy ready to burst free of the chains of a broken tax system and oppressive regulation.

Fresh from saving over 1,100 U.S. jobs at Carrier from going to Mexico, Trump has vowed to lower taxes and cut regulations in order to encourage new U.S. business to thrive and those companies that already are thriving to keep jobs and production in the country.

He also promised that companies that do continue to move jobs overseas will face consequences. “Companies are not going to leave the United States anymore without consequences,” said Trump. “It’s not going to happen.”

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Of course, the White House did its best to downplay Trump’s accomplishment — hardly surprising, given Obama’s own terrible economic legacy. Indeed, Trump’s Carrier deal must have been incredibly embarrassing for Obama, especially considering the way he dismissed Trump’s abilities during the campaign.

“When somebody says, like [Trump], that he’s going to bring all these jobs back, well how exactly are you going to do that? What are you going to do?” he dismissively told a former Carrier employee during a town hall.

“There’s no answer to it. He just says, ‘Well, I’m going to negotiate a better deal.’ Well, how — what — how exactly are you going to negotiate that? What magic wand do you have? And usually, the answer is he doesn’t have an answer,” the president proclaimed.

That “magic wand” is called a telephone. Trump picked his up, used it, and now over 1,100 Americans get to celebrate Christmas this year knowing their futures are secure.

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