What comes to mind when you think of Labor Day? The unofficial end of summer? The beginning of football season? A nice weekend with family and friends, capped by a day off of work on Monday?
Labor Day has been a national holiday since 1894, honoring the American labor movement and the contributions of American workers in making our country the greatest the world has ever known. Coincidentally, the Bureau of Labor Statistics this week released their monthly jobs report, giving us a glimpse into the health of the American workforce as we head into Labor Day weekend.
The findings were…
While the national unemployment rate fell to 5.1%, that number is grossly misleading, as it only includes unemployed Americans actively looking for work. In reality, a record 94 million Americans have fallen out of the nation’s workforce, including over 56 million women. Put another way, fully 37.4 percent of workforce-eligible Americans have stopped looking for jobs altogether.
This is perhaps the single greatest human tragedy in the United States today. Almost a third of all Americans have become so disgruntled with the country’s relentlessly sluggish job market that they have given up hope on finding work at all. This is as depressing for affected families as it is financially unsustainable for our country.
Businesses, for their part, remain reluctant to hire, given the ever-increasing headwinds they face from the federal government. Whether due to overregulation, prohibitive taxation, or a myriad of other barriers to entry, American businesses have never felt so helpless to alleviate the country’s jobs crisis.
This can change, and for the well-being of the 94 million Americans who have lost hope, it must. Nobody really cares about interest rates and other impersonal data; they care about being able to provide for their families. Now more than ever, the government must get out of the way and let American enterprise, ingenuity, and hard work reign supreme.
As you enjoy your Labor Day weekend, keep the 94 million jobless Americans in your thoughts. And as always, feel free to continue the discussion on Facebook.