- The “official” unemployment rate of 5.9 percent is phony. The real rate remains at 12.4 percent, just 1.1 points below the 21st century high-water mark of 13.5 (reached in 2009, 2010, 2011, and 2013).
- The real unemployment rate is disguised by the continued decline of the labor-force participation rate — a decline that has accelerated since the onset of Obamanomics. The decline is concentrated among younger workers, and has probably been helped along by Obamacare. (See the final paragraph of the post.)