President Obama hailed the unemployment rate drop today, despite the simultaneous drop in the labor force, as he declared the Congress does not have the "option" of rejecting his proposals.
"The unemployment rate ticked down again," Obama said during a speech at Washington-Lee High School in Arlington, Va. "There's still a lot of folks out of work, which means we've got to do more," he acknowledged. The unemployment rate fell in April from 8.2 percent to 8.1 percent.
Indeed, there are more people out of work -- as a percentage of the economy -- than at any point since 1981. "[T]he reason why the unemployment dropped to 8.1 percent is that the labor force participation rate just dipped to a new 30 year low of 64.3 percent," according to Zerohedge's coverage of the new labor statistics report.
"For comparison purposes, the economy added 480,000 jobs back in April 1984, during the Reagan recovery," AEI's James Pethokoukis noted today.
Obama maintains that his policies are still right. "My message to Congress will be that just saying no to ideas that will create new jobs is not an option," Obama said. "Congress must also do it's part. Right now, that means preventing the interest rates on federal student loans from doubling."