(Article by Martin Armstrong republished from ArmstrongEconomics.com)
American men have been leaving the workforce. American men with only a high school degree between 25 and 54 had a workforce participation rate of 95.7% in 1960, which has fallen to 81.6% in 2024. They cannot compete with people who are willing to accept lower pay for the same positions. Even men with a bachelor’s degree in the same age range experienced a decline in workforce participation from 95.8% in 1860 to 84.8% this year. The study concluded that workforce participation rates among all prime-age men in America plummeted 8 percentage points in 64 years.
“While labor force participation among these groups has roughly returned to pre-pandemic levels, the rate in 2024 remains at or near historical lows relative to other peaks in the business cycle,” Camarota explained. Over 300,000 Americans have left the workforce in the past year alone, while 637,000 migrants took their place.
Three in every 19 people living in the US were not born in the US as our foreign-born population surpassed 51.6 million. Biden has made it easier for migrants to fast-track their way to immigration status. The problem becomes that immigrants are being prioritized over natural-born citizens in the name of diversity but the truth of the matter is companies are able to pay them less.
Another aspect of the skewed jobs data is the growing public sector. The public sector has been multiplying under Biden and has been increasing at the fastest pace in 34 years. These public sector positions are now on the taxpayers’ payroll. The public sector produces absolutely nothing and will not add to GDP growth. The private sector rose by 4.3% in 2022 before slowing to 2.3% in 2023. These government positions are incorporated in the monthly jobs report as if they were actually contributing to the economy. Government hiring rose a full percentage point from 2022 to 2023 by 2.7%, marking the highest annual increase since 1990. Biden has plans to continue bulking up government agencies, especially as they aim to hunt down citizens for taxes and create social programs to support the increasing number of Americans who are falling beneath the poverty line as well as the 8 million illegal migrants.
Biden has been campaigning on his strong job growth. Well, he highlights the fact that the workforce rapidly grew after lockdown measures were lifted. Federal agencies are not including this information in their data – American workers are being replenished by immigrants and the government is steadily expanding.
Read more at: ArmstrongEconomics.com
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