What was that Lucrum was saying about google? : )Quote from Tsing Tao:
Romney would not be counted because people who retire are not counted in the LFPR. Only people between he ages of 16-64 who want to work. Here, just for you:
http://economics.about.com/od/unemploymentrate/f/labor_force.htm
The labor force participation rate is the percentage of working-age persons in an economy who:
Are employed
Are unemployed but looking for a job
Typically "working-age persons" is defined as people between the ages of 16-64. People in those age groups who are not counted as participating in the labor force are typically students, homemakers, and persons under the age of 64 who are retired.
What else ya got?
Fair enough. I'll assume the blogger's chart uses the same definition of LFPR that your site does. And what about students, are they in or out? We know that they are unemployed (after graduation) at nearly three times the general rate (young people in general). What about productivity gains (they're quite good in the US)? The last question goes back to the statement I've made earlier, the US economy, on the face of it, excepting the harm to individual lives for a moment, does not need everyone working, not in a basics sense. We are a net food exporter. We are (now) a fuel exporter.
[The point of the latter is this, we appear to be accomplishing the dream of the early 20th century, an automated economy where robots largely do the "needful but irksome drudgery". The distribution is terrible, of course.]