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The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.
The disability ranks have outpaced job growth throughout President Obama’s recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits.
In other words, the number of new disability enrollees has climbed 19% faster than the number of jobs created during the sluggish recovery.
Those climbing aboard the disability gravy train aren’t the only ones not working who aren’t counted in the official unemployment rate.
In addition, while hiring has been very weak during the recovery, the number of people who have dropped out of the labor force entirely has exploded by 7.3 million since June 2009, an [Investors Business Daily] analysis of [Bureau of Labor Statistics] data show[s]. Some aged into retirement, but most either signed up for disability, stayed in school, moved back in with parents, or just quit looking for a job.
As a result, the “labor force participation rate” — the number of people who have jobs or are actively looking for one compared with the entire working-age population — is now 63.8%, down from 65.7% in June 2009. This participation rate is at the lowest levels in 30 years. In previous recoveries, the participation rate has almost always risen, not fallen.
That’s because this is not a recovery, but a lull between the Great Recession and the full-scale depression that will ensue if Obama holds onto power for another term.
The number of long-term unemployed — those out of work 27 weeks or more — is still 5.4 million — almost 1 million higher than when the recovery began, and almost twice the level it ever reached prior to Obama’s recovery.
Fortunately for the disabled of all abilities, the money comes in anyway. For now.
What a great deal socialism is. True there aren’t many jobs, but you don’t need one when the government will pay you just to be dependent.
The problem comes when our rulers inevitably run out of other people’s money and everything collapses. That’s when the useless eaters go to the labor camps. But it’s not as if DEAD END signs haven’t been posted all along Easy Street. Freeloaders will be able to look back through the barbed wire and console themselves that it was fun while it lasted.
The road to utter ruin.
On tips from Shawn, SR, Eric, and Bob Roberts.