Stats Show 1 in 5 Families Were Completely Jobless in 2014.
The American labor force by almost any measure is in crises, and unless you’re collecting a pay-stub from either the federal, state or local governments or a welfare check, that news should come as no surprise to the average private sector wage earner. In that almost 20% of American families (approximately 1 in 5), in 2014 according to the Bureau of Labor Statistics did not work.
That stark reality combined with the fact that America’s labor force is in historic decline with a participation rate that has fallen to 62.7%, the lowest since the late 1970’s when another progressive Democrat was in office.
And while it’s not exactly clear how the Bureau of Labor Statistics calculates its numbers in regards to the labor participation rate vs. unemployment, one thing is clear that the 20% number when the participation rate is factored into the equation may actually be considerably higher.
Families in which no one held jobs could have been either unemployed or not in the labor force. The Bureau of Labor Statistics designates a person as unemployed if they did not have a job but were actively seeking one, and designates someone as not in the labor force, if they did not have a job and were not actively seeking one.
Sounds confusing? Only if you’re attempting to get a factual handle on the true state of the economy. Consider this; while the unemployment rate “officially” in the United States remains unchanged at 5 ½ % the labor department however no longer counts those unemployed who no longer qualify for benefits, they magically disappear from the labor force, yet they suddenly reappear in this labor report.
What seems evident is that the American worker is in trouble, and whether 20% of American families or 1 in 5 couldn’t find jobs in 2014, or that only 62% of eligible workers are in the labor force, or that the 5 ½% employment rate is a lot closer to perhaps 11%...America is in decline.