While it is one thing for a lot of Americans to be out of work, it is another issue when most of the people unemployed are not even looking for a job. In result, Christopher Whalen, executive vice president of Carrington Holding Co. , noted that this reaffirms the housing market is not recovering as well as some would like. Per Zero Hedge:
The fact that a lot of smart people can somehow convince themselves that the economy is improving when the evidence says otherwise tells us a lot about the state of the American political economy. After decades of living beyond our means and justifying same with artful lies, we are descending into a sort of Orwellian malaise, where the rules of Newspeak are observed strictly but without thought. Just as liberals are better than conservatives at marketing their ideas to voters, the economists have evolved the pretense of knowledge about the economy into an art form.