” A phenomena of the Obama economy is that labor force participation rates have been declining. In October 2013, a staggering 1 million people dropped out of the labor force. according to the St. Louis Federal Reserve data (above). It wasn’t due to the government shutdown, because they were still counted as employed in the data. The St. Louis Federal Reserve seems totally stumped at the what is happening in the U.S. economy.
Has it occurred to the brilliant “economists” at the St. Louis Federal Reserve that key provisions of Obama Care went into effect October 1? Have they considered the impact of Obama Care and zero percent interest rates on working and saving behavior?
Several theories abound, anything from a rise in stay at home mothers (reverse feminism), more students staying in school, and other hypothesis. However, what no one at the Federal Reserve wants to admit is this: John Galtism is alive and well in the U.S. economy. They are measuring the John Galt effect.
John Galt was a figure in the Ayn Rand’s book Atlas Shrugged who represented the social protest against socialism. It is a failure to participate in a regime that requires one to work for the betterment of others over the betterment of self. The only way to protest Obama Care is to minimize one’s participation in the economy that is so ordered. In the absence of sane policy responses, such as repealing the monstrosity known as Obama Care, the only recourse is to withdraw from the economy.
It isn’t a strike as such. It is simply a failure to comply, or a failure to launch. Even the website for Obama Care doesn’t want to participate. Why are we, as a nation, engaged in this madness? “