The press keeps touting the U3 unemployment rate of 7.5% and claims things are turning around. Never mind we've had less jobs in the US since Oba Mao (in deference to our Chinese friends who gave him that endearing nickname) took office and many have given up looking for work and are ,therefore, no longer counted as unemployed. I think the official economic term for those individuals is 'screwed'. Here are some real numbers to digest.
First, the overall employment participation (civilian, of course, since this is the only sector which creates wealth). Oba Mao has completely undone the gains created by Reagan:
http://research.stlouisfed.org/fred2/series/EMRATIO
Now the situation with our youth. In 2004, we were ranked 14th and we moved down to 19th in 2009 and now 18th. What leadership by the man who refuses to sleep to get our economy back online. Please, get some rest and work on your golf game.
http://www.oecd-ilibrary.org/employment/youth-unemployment-rate_20752342-table2
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