While everyone is focusing on the high unemployment rate, most observers of the job market are forgetting about the employment rate. The Weekly Standard points out an astounding statistic about the employment-population ratio since Obama took office:
For 280 consecutive months before President Obama took office — a span of more than 23 years — the portion of Americans who were employed always exceeded 60.0 percent (according to official tallies from the Bureau of Labor Statistics). In marked contrast, last Friday’s jobs numbers show that, under Obama, the portion of Americans who are employed has remained below 60.0 percent for 40 consecutive months.
In other words, when Obama took office, America had a streak going of 280 straight months in which at least 60.0 percent of Americans were employed. Under Obama, that streak was broken and a new one has begun: 40 straight months in which fewer than 60.0 percent of Americans are employed.
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