There is an economic measurement phenomenon developing which has the potential — in a bass ackwards way — to help Obama’s re-election prospects.
The jobs situation is so bad and so lacking in hope that more and more people simply are dropping out of the workforce, which has the effect of dropping the “unemployment rate.” I have posted about this phenomenon after the release of unemployment numbers in January and February.
Today, numbers were released showing another small drop in the “unemployment rate” to 8.9%. Once again, this gain reflects a large number of people who have dropped out of the workforce.
Jay Cost at The Weekly Standard has an interesting take on the effect of unemployment on the upcoming election, and includes this chart showing the precipitous drop in the percentage of people participating in the workforce:
We need to start focusing on this number, and the real unemployment rate (including people who have given up looking).
We face the real prospect of Obama being reelected by spinning worse as better, and less as more.
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