This morning's job report was notable mainly for the number of Americans who have simply given up any hope of employment and have exited from the workforce. Another half a million Americans quit looking for work in March. The percentage of American adults that now make any effort at all to find work is at the lowest point since 1979 (when Jimmy Carter was president).
If more people continue to quit looking for work, the unemployment rate will continue to fall. Eventually, if everyone out of work just gives up looking, America's unemployment rate can fall to zero. That seems to be the only way to get the unemployment rate down in the new Obama world.
In a culture that is becoming increasingly a "where's mine?" culture, it is hard to see how the American economy that we used to know (in the bad old days) is ever going to return.
How many private sector jobs were created in March? A laughable 85,000. That's almost a rounding error to the Reagan era 1.2 million jobs that were created in September of 1982.
Watching the pundits was interesting this morning? They seemed puzzled. Was it the sequester, they pondered? They ignored the implementation of Obamacare, the $ 600 billion tax increase imposed at the beginning of 2013, the ceaseless barrage of new regulations designed mainly to strangle American business and the continued war against free enterprise that is waged daily by the White House.
The American culture is changing. We are becoming more like Greece every day in every way. There is a sense of entitlement in the air and in every part of life. McDonald employees in NYC demanding a 107 percent immediate wage increase in the midst of a sea of unemployed Americans is a great example of the modern cultural disconnect.
The idea that you have to work and save to provide for yourself is so Reagan-like. Why do that when government can generously provide everything?
Well now we know one thing that the government cannot provide -- private sectors jobs. Stay tuned. There is more coming. Wait until you experience the implementation of Obamacare. You haven't seen anything yet. You might read up on pre-1990 Soviet Russia to get a good glimpse of where we are headed.
