John Cornyn: “I thank the majority leader for his courtesy. Labor Force Participation Rate Earlier this month, we received another big…”

“I thank the majority leader for his courtesy. Labor Force Participation Rate Earlier this month, we received another big job report and along with it a serious disappointment. The numbers speak for themselves. In August, a remarkable 368,000 Americans left the workforce. They gave up, bringing the labor force participation rate, as it is known, to its lowest level in more than three decades. Fewer people are looking for work in America than at any time in the last 30 years. That is a national tragedy. The unemployment rate stayed above 8 percent only because they quit counting the people who have given up. But it had been above 8 percent for the 43rd straight month. If, in fact, the same number of people who were looking for work in January of 2009 are still looking for work today, the unemployment rate would be over 11 percent. That was the date President Obama took office, January 20, 2009. So if the same number were looking today as were looking for work then, it would be over 11 percent, to show you how those numbers don't reveal the true pain and the sacrifice of American citizens who are looking for work. I don't know of anyone who could look at the August job report or the June or July job numbers and feel good about the economy.…”