Labor Day should be spent at leisure among family and friends, with beer and charcoaled beef and the humble rewards of all those other Mondays on the job, so we will be brief.
The newsmakers usually take the day off as well, although this year President Obama seems to have bungled the Syrian snafu into the holiday’s conversation, but the absence of breaking news offers a chance to apprise the realities behind the obscuring headlines. This being Labor Day, it’s worth noting that there’s a lot less labor going on lately than is needed. America’s labor force participation rate, which is the percentage of Americans who will be back on a job or our looking for one Tuesday morning, is at the lowest level in 34 years.
Somehow this appalling statistic is largely overlooked, partly because it allows the media to trumpet a somewhat less dire unemployment that doesn’t include the drop-outs from the economy, partly because the media seems reluctant to start a conversation about how to improve the economy. One might conclude that higher taxes, more regulation, subsidizing inefficient energy while impeding the more efficient sources, subsidizing indolence while disparaging entrepreneurial zeal, and the rest of the current economic program aren’t working, and so long as the administration is offering only more of the same it is best to find distractions.
Distractions can be delightful, and we hope our loyal readers will find many of them today, but come Tuesday it will be time to start setting things right.
— Bud Norman