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Labor force participation rate, welcome back to 1978

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By Doug Powers  •  January 10, 2014 11:58 AM

**Written by Doug Powers

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Image source: Florida Pundit

Put on some bell bottoms, crank up a Bee Gees album and pop open a can of Billy Beer, because we’re back in 1978.

The White House will be spin the unemployment rate drop to 6.7 percent as great news, but a good deal of the drop is due to the fact that another 374,000 people dropped out of the labor force in December. The labor force participation rate is back to 1978 levels (graph via Zero Hedge):

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The way the government calculates jobless numbers, the only way to get the unemployment rate to zero percent would be for every single working American to quit his or her job and never look for another.

Ed Morrissey at Hot Air has a good roundup of the latest numbers here.

Harry Reid admits what an economic disaster they’ve been:

**Written by Doug Powers

Twitter @ThePowersThatBe

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