Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Eighty-Eight Million American Adults Not Working

Details

  • Description

    Former Deputy Secretary of Labor Steven Law on the state of employment.

  • Duration 5:16
  • Date

Clips

Also in this playlist...

Economy

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

-- a staggering number for you here it is right now more than 88 million American adults -- classified as not in the workforce that is a record high it's 880004191000.

To be precise.

Joining the company is Stephen law he's the former deputy secretary.

My but he's the president and Republican fundraising American crossroads state and that is a huge number.

Festival about a couple questions number one who are these people -- 88 million -- They're mostly older people -- people who are little bit that tangentially connected to the workforce and they've been out there in the workforce for a long time and they're just getting discouraged they've given up.

Just this last month 342000.

More people joined the ranks.

Of those who decided that there's not enough jobs in the economy.

To keep on fighting keep on trying to look for jobs this is a record high 880004191000.

People never seen this fall right -- -- right exactly is that the primary reason.

Why the unemployment rate has come down -- very much so because the unemployment rate is based on the labor participation rate the number of people -- percentage in the economy and that number.

Is lower than it's been any time since 1981 which you remember was a deep trough.

Have a recession in this country I'm trying to find out who these people -- Who what you said that that all the people don't know that yet -- the question what are they doing.

They're not all the lay before us an outlook and the problem in the late before what are they do it.

Well -- they might have been a two income household -- -- they're going back relying on the single income because they simply can't find anything out there.

As some people say that there are these people are just retiring but I don't know anybody out there who thinks they can afford to retire but these are people are making very very tough.

Economic choices between not terribly good -- outcomes just because they simply can't find out about.

If people I know that to the number of people on Social Security disability and has gone up on belief on well more than three million people and I last three years is that part of the equation well some may be going to that -- some maybe going to single income households.

Some may be younger people they're college graduates -- an estimate 42%.

Of college graduates now living back at home with -- family because they can't find a job it's people who are checking out of the labor market.

Because the labor market looks a lot more like a managed recession and it looks like any kind of real -- -- some economists who we've been speaking teacher -- markets now who suggest that at the beginning of the year when the economy is adding something like 250000.

Payrolls each month.

That that was too high considering the pace of the economy.

So having said that looking at where we are now that's faded considerably.

Just doesn't look good it's incredibly discouraging.

Now as I said it looks a lot more like a manage recessions in the labor market.

That looks like a real recovery.

And it's inching the Wall Street Journal had a very interesting table where they compared -- recoveries of this president compared to past presidents.

If you look at the growth of of income since the point of the recession Clinton had a five point 5% jobs recovery.

Reagan three point 6% even the bush 43 who president -- Milan based had a one point one point 1% recovery this president has seen.

Employment drop off.

Three point 6% since the start of this recession.

All right would you just hold on with this for -- -- is that right after a second statement -- this week.

Fox News actor Sean Hannity set the record straight on the so called Occupy Wall Street movement this week on his show.

-- is a highlight of his interview with wanna -- protest -- of this.

Find a job get to work stop whining stop complaining stop blaming -- -- your.

Out of that like everybody else in America and get to work on -- -- -- I will go towards about this I've Norma Verity of show the next day you know I offered to give him a child.

He wouldn't take one Alyssa pays between eighty and a 100000 dollars a year human.

I swear.

That's reality that's that's right.

The pay wasn't high enough of pathetic example I'm alive gonna be pejorative it back to me as an example of an entitlement generation comment from you Steve -- and -- to -- -- through and I mean they're all sorts of people checking out for different reasons and there's some people you're right we just have an entitlement mentality and they want to be a certain level that they feel like.

The country -- the economy owes them and those jobs aren't there and are not willing to work the last 29 years old he would not go out a way to busboy dishwasher construction what he would not do it he wanted a job.

The pay between -- beyond the thousand dollars yet he wouldn't take anything let's get -- -- -- to -- -- -- Up paying your day is good old fashioned hard work starting from square -- in taking baby steps.

-- I wonder if part of the problem is the availability of student loans -- talk so much.

About this you mean that -- Are available they're too available and so students are finding it.

Older students college age students are finding it almost too easy to get all of this money to pay for education so good so you want to -- index at a very low interest rates -- -- -- -- -- get -- members and they don't have.

They're own sense of fiscal responsibility and understanding credit and the responsibly an obligation as a -- That we'll find out often few years' time tough love but they're also people who are really suffering -- -- upper at the upper level of H people who we're hoping to to work a lot later and they just can't find jobs and checking out so it's.

Lot of differ reasons why people are not than labor economy the month and we know.

Is this president's policies and operatives in the kind of growth that are getting in Italy picture of misery -- all we appreciate you being with us -- thank you thank you so -- --

Load More