This Labor Day, remember Abraham Lincoln and the importance of work

Sadly, as people celebrate Labor Day this year, perhaps what’s most notable is the historically low labor participation rate. There is a yawning gap between the jobs available and those with a desire to fill them.

As the Wall Street Journal reported last month, “While the U.S. economy in July had recouped the 22 million jobs it lost at the start of the COVID-19 pandemic, the labor force remains smaller than it was in the beginning of 2020.” According to the latest Department of Labor figures, the labor force participation rate, or the share of the population 16 years and older working or seeking work, fell to 62.1% in July, which is more than a point below what it was in February 2020.