The LFPR is defined as the percentage of working age persons (16-64 years old) who are employed or unemployed and looking for a job. Students, retirees, homemakers and other people who have willingly made the choice to remain unemployed are not included in this population so the LFPR is a measurement of how many working age people are active in the job market.
The inconvenient truth that Leftists don’t want to acknowledge is that the LFPR is now the lowest it has been since the late 1970’s:
Leftists will still spin this decline in the LFPR as a wonderful thing because many people have been freed from working unfulfilling jobs that they required in order to pay for health insurance. Now these people can quit their jobs, pick up cheap subsidized health insurance plans and pursue their ambitions as an artist, author or dog whisperer. Leftists call this phenomenon ‘job lock’ and they’re really excited about what Obamacare has meant to these people.
But here’s the problem – What does ‘subsidized’ mean when we talk about all these fantastic subsidized health insurance plans? It means people can purchase a health care plan on the Obamacare exchange and receive a tax credit to help offset the cost of these new plans.
But where does this tax credit come from? Do we hire more pickers for the money tree growing in the back of the Capital? No, it comes from the rest of us suckers who still have to work and purchase health care plans at higher prices. Our higher insurance premiums and ever increasing tax dollars are now being used to free people to pursue their dreams. How wonderful! Just like the Founders envisioned!
“I know I’m not alone in thinking that it was totally worth seizing a seventh of the U.S. economy, polarizing Washington, throwing millions of Americans’ lives into turmoil, and forcing millions of others to pay more in premiums and deductibles while spending $1.2 trillion just so we could liberate the Job-Locked Poets!”
Here’s the sad truth that the Left can’t explain away with Jay Carney spin – The promises of ‘shovel ready jobs’ and ‘recovery summers’ haven’t materialized and Obamanomics has caused the US to have fewer people in the workforce.
This is the new normal under Obamanomics and unless we reverse course soon, we may not be able to avert disaster. Fewer people working (and paying taxes) will leave the Left with but one source to fund their ever expanding entitlement spending and that is you, the hard working, middle class tax payer. Stay healthy my friend, for the Government needs you to help fund the growing entitlement society.
I leave you with a final quote from Margaret Thatcher, The Iron Lady, who said it best:
“Socialist governments traditionally do make a financial mess. They always run out of other people’s money.”
“Socialism started by saying it was going to tax the rich, very rapidly it was taxing the middle income groups. Now, it’s taxing people quite highly with incomes way below average and pensioners with incomes way below average. You look at the figure on the beginning of a pay slip, sometimes it can look quite high, look along the slip to the other end, and see how many deductions you’ve had off, those deductions have increased enormously under Socialism.”
“Public expenditure, which they always boast about, is financed out of the pay packet in our pockets. People are saying that they really think too much is being taken out of the pay packet for someone to spend on their behalf, and they’d rather be left with more, and it’s now well-known that Socialist Governments put up taxes and Conservative Governments take them down. It’s part of our fundamental belief giving the people more choice to spend their own money in their own way.”