Speaking at a news briefing this Friday, President Barack Obama first compared the struggling economy to his pathetic workout regiment and then blamed the declining labor-force participation rate on retiring seniors.
He basically wanted us to believe that fewer people are participating in the labor force because all the seniors are retiring.
Fed Chair Janet Yellen would disagree.
“I think a significant number of individuals still are not seeking work because they perceive a lack of good opportunities, and a stronger economy would draw some of them back into the labor force,” she reportedly said last summer, according to CBS News.
Simply put, a significant number of spoiled and entitled Americans would rather sit on their asses and collect government freebies than settle for a less-than-stellar job.
Cue Robert E. Hall, an American economist and Robert and Carole McNeil Senior Fellow at Stanford University’s Hoover Institution, who wrote the following in 2014 on behalf of the National Bureau of Economic Research (H/T Economist Daniel Mitchell):
Labor-force participation fell substantially after the  crisis, contributing 2.5 percentage points to the shortfall in output. The decline showed no sign of reverting as of 2013.
… [A]n important part may be related to the large growth in beneficiaries of disability and food-stamp programs. Bulges in their enrollments appear to be highly persistent. Both programs place high taxes on earnings and so discourage labor-force participation among beneficiaries. The bulge in program dependence … may impede output and employment growth for some years into the future.
Maybe I should have done the same thing and also collected benefits? Instead I spent a decade working crappy restaurant jobs and low-pay writing gigs — until at last in 2014 I got hired by Downtrend as a political commentator.
From there, I soon got hired by the Conservative Tribune and the Federalist Papers Project, and now I earn more than enough money to pay my bills, make investments and live comfortably.
Struggling for ten years to achieve success … what a fanciful thought, right?
But no, instead of disincentivizing laziness, let us instead follow Obama’s failed plan and keep handing out more freebies to those who refuse to take responsibility and work hard.
Like legendary scientist Albert Einstein never said, “The definition of sanity is doing the same thing over and over again, but expecting different results.”