Record 94,708,000 Americans Not in Labor Force; Participation Rate Drops in May
(CNSNews.com) - A record 94,708,000 Americans were not in the labor force in May -- 664,000 more than in April -- and the labor force participation rate dropped two-tenths of a point to 62.6 percent, near its 38-year low, the Labor Department's Bureau of Labor Statistics reported on Friday.
When President Obama took office in January 2009, 80,529,000 Americans were not participating in the labor force; since then, 14,179,000 Americans have left the workforce -- some of them retiring and some just quitting because they can't find work.
DYI Comments: How long will the stock market remain elevated with this massive disconnect between valuations and the real economy is anyone's guess. As I've stated many times before the Fed's have NOT repealed the business cycle. When the next recession arrives stocks will come back down to earth by shedding 45% to 60% from peak to trough. This will be a "run of the mill" decline due to valuation being stretched to the heavens. Only to be out done by Roaring 20's market top in 1929 and The Great Insanity top in the year 2000!
Better values are ahead!
The Great Wait Continues...
DYI
Venezuelan President Is Chased by Angry Protesters
CARACAS, Venezuela — President Nicolás Maduro was chased at a routine political event by a crowd of angry protesters banging on pots and yelling that they were hungry, just days after thousands of Venezuelans took to the streets to call for his ouster, local news media reported on Saturday.
DYI Comments: So much for the socialist utopia a country with oil reserves cannot even feed their own people. Low oil prices are not the cause of their despair but total and complete mismanagement of the economy. Large portions of the economy are owned by the government as exampled by their grocery stores. No profit incentive ensures shortages and high prices. Anyone who advocates for socialism has to be out of their mind.
How many failed countries that follow the path of socialism does it take before this economic system is placed into the junkyard of failed ideas?
DYI
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