Obama white house council of economic advisers lies about labor force participation, Blame older workers, More younger workers not participating, White Americans decimated by Obama policies

The lies emanating from the Obama White House are on a scale unimaginable by George Orwell when he wrote “1984.”

The White House recently, when reporting on a BLS employment release, quoted a July 2014 report from the White House Council of Economic Advisers.

From their site:

“The Council of Economic Advisers, an agency within the Executive Office of the President, is charged with offering the President objective economic advice on the formulation of both domestic and international economic policy. The Council bases its recommendations and analysis on economic research and empirical evidence, using the best data available to support the President in setting our nation’s economic policy.

The Council is currently comprised of a Chairman and two Members. The Chairman is Jason Furman. The Council’s members are Betsey Stevenson and Maurice Obstfeld. The Council is supported by a staff of professional senior economists, staff economists and research assistants, as well as a statistical office.”

“Jason Furman was confirmed by the Senate on August 1, 2013 as the 28th Chairman of the Council of Economic Advisers. In this role, he serves as President Obama’s Chief Economist and a Member of the Cabinet. Furman has served the President since the beginning of the Administration, previously holding the position of Principal Deputy Director of the National Economic Council and Assistant to the President. Immediately prior to the Administration, Furman was Economic Policy Director for the President’s campaign in 2008 and a member of the Presidential Transition Team.”

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From  “The Labor Force Participation Rate since 2007” July 2014.

“Summary of the Main Results

Since the final quarter of 2007, the labor force participation rate has fallen from 65.9 percent to
62.8 percent in the second quarter of 2014, a decline of 3.1 percentage points. In this report, the
Council of Economic Advisers estimates that this 3.1 percentage point decline can be attributed
to three main sources:

About half of the decline (1.6 percentage point) is due to the aging of the population.
Because older individuals participate in the labor force at lower rates than younger
workers, the aging of the population exerts downward pressure on the overall labor force
participation rate. While older workers today are participating in the labor force at higher
rates than older workers of previous generations, there is still a very large drop-off in
participation when workers enter their early 60s.”

“In the last few years the aging of the population has been an increasingly important source of
the decline in the participation rate. From the beginning of 2011 to the second quarter of 2014,
the participation rate fell by 1.4 percentage points. Around 70 percent of that decline (1.0
percentage point) can be directly attributed to the aging of the population and increased
retirements.”
“The Aging of the Workforce

The largest single factor in the decline of the participation rate since the end of 2007 is the aging
of the workforce—something that was predicted well before the Great Recession. Every year
since 2000, the Economic Report of the President has mentioned the post-2008 decline in the
labor force participation rate as a factor slowing growth of potential real GDP. In 2004, the first
year in which their ten-year forecast included the 2007-2013 period, CBO predicted that
participation would fall by 1 percentage point between 2007 and 2013 due to aging. Also, in 2006
researchers from the Federal Reserve predicted, based solely on aging and other trends, that the
participation rate would fall to 63.3 percent in 2013—the exact value to which it fell (Aaronson
et al. 2006).”

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Compare the above to the following.

From Market Watch March 5, 2015.

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