The Bureau Labor Statistics (BLS) states clearly that 95 Million people in the US are not in the labor force! Those who are quite alarmed by this shocking number include: Chief Economist Dan North, CNBC financial reporter Rick Santelli and Peter Boockvar, Chief analyst of the Lindsey Group. Echoing these paragons of credibility is President Trump claiming the official BLS 4.1% unemployment is a bunch of BS, as the real number is closer to 40% with 95 Million available to work. Even a 2017 article by Tim Worstall of the respectable Forbes magazine wrote tongue in cheek that Trump is correct and there are indeed 96 Million unemployed in the US – if you could pay them enough money to do something, no matter how minimal. With such logic by allegedly well-educated experts, we would state they are all incorrect as the real number of unemployed should be 172 Million when including every age bracket from birth. After all, if there are 327 Million citizens out there, why not simply subtract the 155 million currently employed to reveal the real number of 172 Million lazy souls from nursing homes down to infants at home nursing? With so many people choosing leisure it’s doubtful that a Malthusian famine is on the horizon. The truth is: 45 Million are retired, 16 Million disabled, 13 Million are family caretakers, almost 16 Million are in college or job training, 2 Million in prison and 2 Million over 84 years old. Don’t forget about those 78 Million children on the playgrounds and gambling in school locker rooms. The reality is there are less than 7 Million unemployed adults and 5 Million who want a job but have given up looking according to the BLS. Historically this is an extremely tight labor market as the working age population is growing at 0.5% a year while the 65 and older bracket is expanding twice as fast.
There are a record number of unfilled jobs awaiting the dwindling number of unemployed that want to work or have the skills to provide the talent required. Even with a record number of seniors delaying retirement, there remains a lack of youthful entrants waiting in the wings to take their place.