# The Obama Effect: Disguised Unemployment

Updated here.

Two takeaways:

• The “official” unemployment rate of 5.6 percent is phony. The real rate is 12 percent, just 1.5 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 declining the labor-force participation rate, which 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.)