Labor Force Participation Rate Drops To 63.9%, Lowest Since January 1984

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Fri, 08/05/2011 - 09:01 | 1526383 franzpick
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Well I want to see the taxpayer participation rate.

Fri, 08/05/2011 - 09:06 | 1526411 Esso
Esso's picture

Why, that's 100% or die.*


*Excludes .gov officials

Fri, 08/05/2011 - 09:15 | 1526451 Pay Day Today
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Also excludes big oil. Ironic that your avatar is Esso.

Fri, 08/05/2011 - 09:15 | 1526460 Crisismode
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The number is meaningless.


It will be revised DOWN big-time next month.

Fri, 08/05/2011 - 09:37 | 1526540 Captain Willard
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Exxon actually pays one of the highest tax rates in the SP 500. You can look it up.


GE is another story.........    :)

Fri, 08/05/2011 - 10:07 | 1526633 Esso
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FWIW, it goes back to an old screen name from years ago that everybody abbreviated as S.O. My disdain for energy companies makes the irony even sweeter, PDT.

Fri, 08/05/2011 - 10:27 | 1526713 Pay Day Today
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thanks for setting me straight on Exxon, dudes. Still, I have some suspicions :)

Fri, 08/05/2011 - 11:13 | 1526889 Bolweevil
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The goog says $21.6B in taxes 2010 from XOM, can't find a number (lazy) in subsidies paid to them (approximately 25% of all .gov subsidies go to oil and gas).

Fri, 08/05/2011 - 09:52 | 1526584 Esso
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Ha! Look at that. Turbo Tax Tungsten Timmy junked me!

Fri, 08/05/2011 - 09:11 | 1526441 Dr. Richard Head
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Would I count as negative one in that regard since I don't withhold any Federal Income tax from my check and file for every goddamned extension that is possible? How about me drawing out payments for any money "owed" to these fucks at $40 a month when they finally send me the bill?  I'm still Dick Trickling in 2009's payments as we speak. 

I will drag my feet slowly as it relates to tax payer particiaption.  If Timmah can do it, so can Dr. Dick Head.  Extend and pretend - it's the Amerikan way.

Fri, 08/05/2011 - 09:36 | 1526539 Yes_Questions
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Especially with regards to Federal Income Tax.  People tend to think of all taxes being created equal and that is simply not the case.  For those of us W-4'ers, fewer every day, the "Correct Federal Income Tax" withheld from our pay should always be zero.  This tax is a direct consequence of the FED's existence and activity and is wholly intended to keep working people from forming enough capital to breath life into an entrepreneurial livelihood.  The federal income tax on working people must be understood more widely as the freedom/wealth destroying tool it was always intended to be. 

Fri, 08/05/2011 - 11:00 | 1526834 tarsubil
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Are there any resources for how to do this safely? I'd like to try it out.

Fri, 08/05/2011 - 09:19 | 1526470 Dangertime
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But you can still vote other people's tax money to yourself, even if you don't have any skin in the game.

Isn't democracy great?

Fri, 08/05/2011 - 09:12 | 1526389 Cvillian
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Green poots. Perhaps some intervention to weaken the $ versus CNY/RMB may help our manufacturing job losses (a la PTJ's claim)? 


26, not 16 years. 

Fri, 08/05/2011 - 09:03 | 1526390 Caviar Emptor
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The unbearable lightness of employment


The unbelievable stupidity of building an economic growth model based on outsourcing.


Thank you, 1980s. 

Fri, 08/05/2011 - 09:10 | 1526422 AccreditedEYE
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So, so true. You cannot have the levels of growth and prosperity that we used to have in this country without a middle class. Much as they keep trying to engineer some "financial fix" while at the same time spouting that "the middle class needs to become more skilled", the market keeps slamming them back down again.

Fri, 08/05/2011 - 09:17 | 1526455 Pay Day Today
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Do you really need a middle class to create wealth when you can electronically print it instead?

Fri, 08/05/2011 - 09:30 | 1526510 AccreditedEYE
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I'm speaking about REAL wealth, not the monopoly kind that the market has become so addicted to.  

Fri, 08/05/2011 - 09:56 | 1526596 Pay Day Today
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I know, I know, I meant to use the <sarcasm> tags...

Fri, 08/05/2011 - 09:11 | 1526434 Debt-Penitent
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I voted for Perot, just to watch the drama unfold.  The show would have been worth it.

Fri, 08/05/2011 - 09:11 | 1526436 GeneMarchbanks
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Kundera references will not get you green Mr Emptor. Reading is not an activity most Americans enjoy as is clearly demonstrated in the Borders shut downs.

Outsourcing to humans is so yesterday...

Fri, 08/05/2011 - 09:23 | 1526483 SRV - ES339
SRV - ES339's picture

Great (simple) point we should all remember CE... the blind greed at the top (starting with Reagan's first term) killed the goose that laid the golden eggs... now they want the peasants to pay the bills! 

Do they teach Aesop at MIT or Harvard?

Fri, 08/05/2011 - 09:39 | 1526544 midtowng
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It's an easy way to cut the unemployment rate - stop counting the unemployed.

Fri, 08/05/2011 - 10:23 | 1526690 ElvisDog
ElvisDog's picture

Bingo. You've got a future in the Obama administration my boy. Just like deficit spending adds to GDP. Setting the labor participation rate lower reduces unemployment.

Fri, 08/05/2011 - 09:00 | 1526393 malikai
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It would be awesome to do a multi-axis with labor participation and M3.

Fri, 08/05/2011 - 09:18 | 1526461 Pay Day Today
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U-6 should appear as well.

Fri, 08/05/2011 - 09:18 | 1526464 Dr. Richard Head
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That chart would truly encapsulate the reality behind the cause and effect of the decimation of the middle and poor class. 

Fri, 08/05/2011 - 09:03 | 1526397 Robslob
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Zero by corporations is all you need to know...

Fri, 08/05/2011 - 09:13 | 1526445 scatterbrains
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The real growth is in the unreported numbers of craigslist/ebay flippers of broken shit, scavengers, parts car sellers, dope pushers, metal scrappers, gas siphoners etc.... those industries are going gangbusters.



Fri, 08/05/2011 - 09:20 | 1526474 Pay Day Today
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Yes, welcome to the real growth economy. The de-industrialising scavenger one. You've seen it in documentaries on the developing world before. Now see it in a neighbourhood you live in.

Fri, 08/05/2011 - 09:21 | 1526478 Crisismode
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Salvage is the TRUE growth occupation.


Within a few years, the American landfills will become the single largest source of mining activity.

Fri, 08/05/2011 - 09:04 | 1526399 Archimedes
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This really should be the only chart you need to see. Talk about Base Jumping! And with Robots replacing human slaves in China the future does not look bright for the US worker.


Fri, 08/05/2011 - 09:04 | 1526400 Cdad
Cdad's picture

Ah, the '80s.  What a time in America.  Crappy cars, no jobs, lousy metal garage band music...but the hair...the big hair.  

Give me a job not later revised away [how sweet would it be to be on the right side of the particiapation rate?]...and big hair on all the chicks.

Fri, 08/05/2011 - 09:09 | 1526428 Caviar Emptor
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The "Service Economy", The "New Paradigm", Outsourcing eveything to China, Shop till ya drop.

Reagan/Tatcherism: oustource 

Fri, 08/05/2011 - 09:16 | 1526452 GeneMarchbanks
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In other words: a spiritual and aesthetic vacuum; the beginning of the end. Like hopelessness and despair had a lust child. There is direct link here from:  'lousy metal garage band music...but the hair...the big hair.' To what we have now. Which is Lady Gaga.

Fri, 08/05/2011 - 09:14 | 1526454 gordengeko
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"... and big hair on all the chicks."

...and bushes.  er second thought, nevermind.

Fri, 08/05/2011 - 09:05 | 1526403 Paul Thomason
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Looks like a nice Neil Diamond Topping Pattern.

Fri, 08/05/2011 - 09:31 | 1526514 Dr. Richard Head
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To the tune of Cracklin’ Rosie –


Labor force participation

We’re gonna print ‘till there ain’t no more ta go

Toner is low

Ben, don’t’cha know

I’ll have no job by the time he's finished yeah

Fri, 08/05/2011 - 09:05 | 1526408 curbyourrisk
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The probably told the bean counters what the end result was.....they are now trying to figure out exactly what they ahve to show ino order to get the math right.  This could take a while.

Fri, 08/05/2011 - 09:06 | 1526413 Dr. Richard Head
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The new job in Amerika has become one receiving SNAP, Unemployment Insurance, and eating of iPods.  One can plainly see that government can create jobs - for JP Morgan. The processing of 45.8 million in food stamps is mother fucking hard work. 

Fri, 08/05/2011 - 09:32 | 1526520 Forward History
Forward History's picture

But I love those cute little SNAP commercials on the radio. Makes me feel warm and fuzzy and lets me know the government is like a big, friendly buddy always looking out for me.

Fri, 08/05/2011 - 09:06 | 1526414 Bolweevil
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La madre de todos cabezas y brazos.

Fri, 08/05/2011 - 09:27 | 1526502 Crisismode
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El padre de todos los pendejos.

Fri, 08/05/2011 - 09:15 | 1526416 Mercury
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Those pulling the wagon vs.

Those in the wagon.

** Hey, this chart looks like......a rainbow!

Fri, 08/05/2011 - 09:07 | 1526419 bania
bania's picture



An out-of-work broker asked a friend who owned a circus for work. His friend said the circus gorilla had recently died, and if the broker wanted to get into the gorilla's skin, swing around, growl, and amuse the children, he could have the job. Things went well until one day the rope the “gorilla” was swinging on snapped and catapulted him into the lions cage. The lion let out a roar, which the “gorilla” answered with a timid yelp. The lion roared louder, and the “gorilla” lost his nerve and started screaming for help. The lion came closer and whispered “Shut up, you damned fool, you're not the only broker out of a job.”

Fri, 08/05/2011 - 09:08 | 1526420 FunkyMonkeyBoy
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1984 is appropriate in more ways than one.

Fri, 08/05/2011 - 09:09 | 1526424 Steelpulse
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Tyler, I think you meant the lowest participation rate in 26 years...

Fri, 08/05/2011 - 09:09 | 1526425 orca
orca's picture

Actually, 1984 is a 26-year low

Fri, 08/05/2011 - 10:29 | 1526721 mnevins2
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Yeah, I was thinking of commenting on the need to add another 10+ years, but was simply too overwhelmed with my flashbacks from that period - with still another year to go until my MBA was obtained and I could make a second attempt to find a job.  Lots of similarities between the early 80's and today regarding employment.

Fortunately, though, we have Mr. "Hope and Change" at the helm - versus the EVIL Reagan.  I'm much more confident with the former than the latter, right?

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