Except that didn't actually happen
. It's an artifact of the end-of-year change in population statistics. Instead of increasing by 1.2 million people, the size of the population not in the labor force actually shrunk by 75,000.
FWIW, "zerohedge" is not a particularly reliable source. They certainly misfired badly on this one....
All that said, there's a reason I put "cautious" in the title of the thread. We have actually had pretty decent job growth lately. Unfortunately, "pretty decent" isn't enough to climb back out of the hole that the jobs data fell into in 2008.
It being an election year, people are bound to ask the question "are we better off than we were four years ago?" The answer is obviously yes
. Four years ago, the country looked like it was teetering on the abyss -- the financial system was collapsing, major employers like GM were facing oblivion, and the economy was hemorrhaging nearly 5 million jobs during 2008. Today, while the economy isn't exactly rosy, we've pulled back from the brink, and the economy gained back 2 million jobs last year.
That's pretty good news.
But merely being better off than we were four
years ago isn't enough. I'd like to see the country better off than it was twelve
years ago. Now that
would be worth celebrating.