The labor participation rate declined 4% right around the time Obama came into office. It was made easy to qualify for disability so many did. Or those who were out of work for a year or more were claimed to have given up (though nobody ever asked them if they had) and thus both sets of people were not counted as officially unemployed......even though many wanted to work and were fully capable of working. To actually count all these people would have DOUBLED the unemployment rate the government had to report. Now we all know, that cant be permitted - not with Obama in the White House.
The reason you are not seeing inflation is the real unemployment rate is higher than whats been reported. President Trump has done a magnificent job, but there is still further to go to repair all the damage from the Great Recession - made far worse by 8 years of Obamas Leftist policies.
“The reason you are not seeing inflation is the real unemployment rate is higher than whats been reported.”
That is part of it, the other part is that inflation is higher than what is being reported. We need at least two different inflation calculations, one being the increase for those who have a very comfortable income and spend much of it on things which are not necessary, that inflation rate would be low. The other should be for those who have to watch every penny and hope they can cover necessities, that rate would be far higher.