On the recordJuly 8, 2014
Mr. Speaker, numbers don't lie, but viewed in isolation, they can obscure the truth. Last week offered some encouraging news: 288,000 new jobs and an unemployment rate, by one measure, of 6.1 percent, which is the lowest rate achieved during Mr. Obama's administration. There is tremendous human cost associated with half a decade of unemployment above--often, well above--6 percent, but this is an improvement. Our celebration, though, should be tempered by the truths obscured by this statistic. The truth is: more than 92 million adults above age 16 are not in the labor force. The truth is: if the labor force were at pre-recession levels, the unemployment rate would be 11.1 percent. The truth is: the labor force participation rate has not been this low since 1978. Mr. Speaker, some predicted President Obama would be the second coming of Jimmy Carter. Nearly 6 years in, that is looking like a best- case scenario. ____________________
