American working people have slogged through three crushing recessions, a worsening inequality that resulted in lower standard of living, and a grotesque pandemic that has exposed glaring inadequacies of our economic model.
Biden’s “recovery” is merely a reflection of the economic malaise of the last few years with significant losses during the pandemic. It is part of the “recovery” of the business cycle which is a historical component of our economic model.
The Bureau of Labor Statistics reported this month by the Current Population Survey that the February unemployment rate U-3 was 3.85 percent. That is an impressive number if you also believe in unicorns. The most controversial number is one of the subsets in the “marginally attached” group. It consists of those persons not in the labor force who want and are available for work, and who have looked for a job sometime in the prior 12 months. However, they were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.in Oct. 2012 that the BLS changed the way it counted “discouraged” persons.
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