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Americans Giving Up The Job Search

The latest jobs report from the  U.S. Bureau of Labor Statistics  provides little encouragement for Americans desperate for work.

As a result of the dismal record of job creation over the past six years, a product of policies including the world’s highest corporate tax rate, the additional expenses brought on by Obamacare, slowdowns in military contracting and other government employment, unnecessarily high energy prices, and the overall uncertainty brought about by a generally anti-business environment, and a variety of other factors, more Americans are out of the labor force than at any time since 1978.

The Center for Economic and Policy Research  notes that that “the decline in labor force participation has been striking.” 92,269,000 Americans 16 and older aren’t participating in the labor market.

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The Heritage Foundation’s recent report indicates that  “over 6.9 million fewer Americans are working or looking for work. This drop in labor force participation accounts for virtually the entire reduction of the unemployment rate since 2009…Demographics changes—such as retiring baby boomers—explain less than one-quarter of the decrease in labor force participation. More people collecting disability benefits and more people studying in school account for the rest of the drop. Both factors reflect the difficulty of finding work. Fully 6 percent of U.S. adults are on Disability Insurance.Job creation fell sharply after the recession began and has not recovered. The government’s response has been largely ineffective.6Instead of voting for vast subsidies and public works programs, Congress should reduce the tax and regulatory burdens on businesses.”

A MSN Money analysis   provides worrisome news for the group that should now be a key component of the work force—millennials. “Millennials are giving up. This generation, also known as Generation Y, was born between 1977 and 1994, and is having a serious problem finding work. They aren’t getting the jobs that have come back in the recovery. As a result, 36% of them still live with their parents, they aren’t working and they’re feeling pretty miserable about the whole thing. Their parents can’t be too thrilled, either.”