Telling Truth to Tax Reformers
Unfortunately, the employment crisis President Trump evoked in his speech to Congress is not fake news; it’s very real. But there is a way to avoid all the old fights and turn it around.
Mass joblessness exists notwithstanding low official U.S. unemployment. The President told Congress an under-recognized truth when he said, “Ninety-four million Americans are out of the labor force.”
That alarmist-sounding number comes from the latest Bureau of Labor Statistics employment report. But the full picture is even worse. Add the 7.6 million officially unemployed to the 94 million defined as out of the workforce, and you arrive at an appalling fact: Over 100 million working age Americans -- 40% of the civilian adult population of 254 million -- don’t work. Of those who do, many work part-time or seasonally. Only about half of working-age Americans have full-time jobs. [ Link to full article.]