100 Million Americans Not Working As Workforce Shrinks

Is America hard at work? Or hardly working? I ask this because 430,000 Americans of working age (16 and older) dropped out of the workforce in June. --Over the last year, only 1.3 million of working age have entered the workforce, even as the population of this same demographic increased by more than 2.8 million. Just over 1 million members of this group found jobs. That's right — of the new additions to the working age population, less than four in 10 found jobs. The newspapers touted the reduction in the unemployment rate to 5.3% as a cause for celebration. Yet for every three Americans added to the working age population (16 and older), only around one new job (1.07) has been created under Obama. At this pace, America will soon officially have a zero unemployment rate — but only be because no one will be looking for work.

Read more at Investor's Business Daily
(Hat tip: KimR)