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Title: Blog by Novelist William S. Frankl, MD

The Economy Continues to Limp Along

The Obama Administration has been touting the economic recovery. Really?? Yesterday it was reported that the U.S. economy added only 74,000 jobs in December, well shy of estimates and dinging hopes of a widespread jobs recovery.

The headline unemployment rate fell to 6.7%, the lowest level in five years. But the rate fell primarily because hundreds of thousands of people left the workforce unable to find jobs, according to figures released Friday by the U.S. Department of Labor.

With 347,000 dropping out of the workforce, the labor force participation rate, which measures people actively looking for work, fell to 62.8%, a four-decade low.

Economists had predicted 196,000 new jobs last month and that the unemployment rate would
remain unchanged at 7%.

There are now 92 million Americans living wholly or partly on the federal dole. There will be an even larger number quite soon as the ineffective, pathetic efforts of the Obama administration fail, for the 5th year in a row, to improve the economy and the jobs market.

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