Responding to a brutal economic report this past week, syndicated columnist George Will blasted President Obama’s economic policies by pointing out that the labor participation rate has dropped to such low levels under this administration, the real unemployment rate would be very near 10%.
Will explained, “If the workforce participation rate today were as high as it was on the day Barack Obama was inaugurated, the unemployment rate in this country would be 9.7 percent, we wouldn’t be complaining about the bad recovery because we wouldn’t call it a recovery.”
The participation rate is at a 36-year low, with over 93 million Americans left out of the work force. Yet, the Labor Department is touting a stable unemployment rate of 5.5%. Nearly 300,000 more Americans dropped out of the labor force between February and March alone, and the unemployment rate stayed the same.
Will also took a jab at the administration’s propensity for blaming winter weather on the economic slowdown.
“For the second year in a row,” he explained, “They’ve blamed poor quarterly growth on insufficient global warming.”
Will went on to compare Obamanomics to Reaganomics:
“During the Reagan recovery there were 23 months of job creation over 300,000. Reagan had a month of job creation of 1 million and this was at a time when there were 75 million fewer Americans.”
The March jobs report showed that 126,000 jobs were created with an economic growth rate of about 2%.
“That’s a disaster,” Will said.
Watch Will’s assessment of the economy under Obama below…
It’s time to tell your liberal friends that 5.5% is not the true unemployment rate under Obama. As Will explains it is more like 9.7%.