Participants dropping out at astounding rate

Mish at Global Economic Analysis says it loud and clear as well as Mike Kimel and Ken Houghton here at Angry Bear:

I will stick with what I have said on many occasions “People are dropping out of the labor force at an astounding, almost unbelievable rate, holding the unemployment rate artificially low.”

The reason is not a recount based on the 2010 census, nor is it purely demographics, nor is it Obamanomics. The reason is severe and sustained fundamental economic weakness, coupled with existing purposely-distorted definitions of what constitutes “unemployment”.