Sen. John Thune (R-SD) says the unemployment rate would be about ten percent if so many Americans hadn't given up looking for jobs.
In a Senate speech on Wednesday, Sen. Thune refuted a recent claim by Pres. Obama that, "By almost every measure, we are better off than when I took office." After citing declining household income and rising prices, Thune explained how the current unemployment rate is misleading:
"In 2009, president's advisors predicted the unemployment rate would fall below six percent in 2012. Two years later, unemployment still hasn't fallen below six percent.
"And, the only reason the unemployment rate is as low as it is, is because so many Americans have given up looking for work and dropped out of the labor force altogether. If the labor force participation rate were as high today as it was when the president took office, our unemployment rate would be about ten percent."
Today, CNSNews.com reported that 11.4 million Americans have left the workforce since President Obama took office in January 2009, according to data released today from the Bureau of Labor Statistics (BLS).
A quick scan of the news also appears to contradict the president's claim:
- Average Price of Electricity Climbs to All-Time Record
- Price Index for Meats, Poultry, Fish & Eggs Rockets to All-Time High
- Obama's Balloon: Federal Student Loan Debt Up 517% in 5 Years
- Debt Up $6.666 Trillion Under Obama
- Major Regulations 153% Higher in First Five Years Under Obama
- Youth Misery Index Hits All-Time High Under Obama, Many Millennials Would Recall
- Bauer on Obama's Record: More Babies Aborted Than Jobs Created
- U.S. Debt Up $1,608,304 for Each Baby Born the Year Obama Took Office