Senator Jeff Sessions (R. – Ala.) is frustrated with the latest job report, saying more people are leaving the workforce than joining it:
Today’s jobs report underscores a deeper problem facing our economy: a large and growing block of people who are chronically jobless and completely outside the workforce. In December, the economy added only 74,000 jobs – not nearly enough to keep up with population growth –and 347,000 left the workforce. That means for every one job added, nearly 5 people left the workforce entirely. There are now nearly 92 million Americans outside the workforce, resulting in the lowest participation rate in 36 years.
This chart illustrates the December report, and includes figures on those who are unemployed yet still looking for work, and those who’ve given up searching.
Hernando de Soto takes up the question that, more than any other, is central to one of the most crucial problems the world faces today: Why do some countries succeed at capitalism while others fail?