Forget the 7.8% unemployment thing, this is the real jobs picture

by Ryan Streeter on October 8, 2012. Follow Ryan on Twitter.

I just saw this on Mankiw’s blog from last Friday.

That little blip at the end is basically the “good news” that Obama’s team is pushing these days.

Obama can blame that roller-coaster-like-drop on Bush all he wants, but the post-2010 bumping-along of that little blue line is his to own. Forget the BLS’s latest 7.8 percent unemployment. This is the real jobs situation in America right now. A much smaller percentage of able-bodied people are working…period. You can’t gloss over it. Biden will try on Thursday. Obama will keep trying on the stump and in upcoming debates. But this is the reality out of which millions of Americans would like to escape…now.