America's low labor participation rate 'a social and economic disaster,' experts warn

Economists are sounding the alarm over millions of would-be workers refusing to return

Breck Dumas / FOXBusiness

 

 By now it's common knowledge that the U.S. saw an unprecedented drop in labor participation at the onset of the COVID-19 pandemic in 2020 as health concerns, lockdowns and stimulus payments caused tens of millions to abandon or forfeit their jobs.

But three years later, millions still haven't returned – including many who quit in the middle of their prime working years – and some economists are sounding the alarm that so many capable, would-be earners remain out of the workforce.

When the Labor Department reported last month that unemployment dropped to 3.4% in January, the lowest level in more than 50 years, not all experts were celebrating.

Dr. Samuel Gregg, a distinguished fellow at the American Institute for Economic Research, tweeted, "THIS is the employment number that should concern Americans: our abysmal labor participation rate. Some Americans have...Read more, see tweet and video here.