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The August jobs report revealed today that the national unemployment rate dropped to 8.1 percent because another 368,000 Americans decided to stop looking for work. The labor participation rate fell to 65.3 percent, its lowest level in more than 30 years.
A drop in the unemployment rate is usually good news, but certainly not today. This report shows thousands of Americans are so discouraged by the Obama economy that they have given up on their job searches and are no longer looking for work.
Under President Obama’s economic policies the American Dream is in jeopardy. It’s clear the failed stimulus plan, Obamacare’s government takeover of healthcare, and massive increases in the national debt continue to take a toll on our economy. It will take a change in leadership to put us back on the path to a growing, vibrant economy.