Last week in Elkhart, Indiana, President Obama defended his economic record saying “the notion that somehow America is in decline is just not born out by the facts.”
“By almost every economic measure,” he declared, “America is better off than when I came here at the beginning of my presidency.”
Hillary Clinton has dutifully praised Obama’s economic policies as well saying she doesn’t “think he doesn’t get the credit he deserves for having fought for a recovery that is taking hold.”
With that in mind, we’d like to give him some credit … for setting records in abysmal labor force participation rates.
Via CNS News:
A record 94,708,000 Americans were not in the labor force in May — 664,000 more than in April — and the labor force participation rate dropped two-tenths of a point to 62.6 percent, near its 38-year low, the Labor Department’s Bureau of Labor Statistics reported on Friday.
When President Obama took office in January 2009, 80,529,000 Americans were not participating in the labor force; since then, 14,179,000 Americans have left the workforce — some of them retiring and some just quitting because they can’t find work.
But the labor force participation rate has deteriorated over Obama’s two terms.
When Obama took office in January 2009, shortly before the recession hit, the labor force participation rate was 65.7 percent. The following month, it reached an Obama-era high of 65.8 percent, and then it began its seven-year downward spiral, hitting 62.4 percent in September 2015, its lowest point since 1977.
There’s your credit Mr. President: Labor force participation (or lack thereof) setting records. Welfare recipients at all-time highs. Manufacturing jobs leaving at a record pace.
Republican National Committee Chairman Reince Priebus said “This devastating jobs report showing the weakest hiring in five years is the latest indication we need to move away from the failed Obama policies Hillary Clinton is promising to continue.”
“By running on four more years of Obamanomics,” Priebus claimed, “Hillary Clinton is guaranteeing that struggling Americans will never get ahead.”
He added, “Donald Trump is a successful businessman who knows what it takes to create jobs and get our economy back on track.”