The unemployment rate declined from 7.0% to 6.7% in December, while total nonfarm payroll employment edged up (+74,000)….
However, 347,000 Americans gave up and stopped trying to find work in this December of the fifth year of President Barack Obama’s failed recovery. Had they kept looking, December’s unemployment would have remained at 7%. Had the labor force participation rate—which includes those looking for work and still unemployed, mind you—matched December 2012’s rate of 63.6% instead of last December’s 62.8%, December’s unemployment figure would have been 7.7%.
Instead, nearly 2 million Americans have been pushed out of our labor force by Obama’s failed economics.
That’s the last year. The graph below, from The Federalist, illustrates the failure over the last five years:
The red line in this graph starts in June 2009, the month in which the Panic of 2008 officially ended, and the present “recovery” began.