See http://en.wikipedia.org/wiki/Dead_cat_bounce : an ugly notion that “even a dead cat will bounce if it falls from great height.”

It’s also a striking metaphor for America’s stagnant job market.  The number of Americans employed in the workforce has dropped by a tenth-of-a-point per month since February.

According to the Bureau of Labor and Statistics, in February,  58.6{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222} of working-age Americans were working.

That number has dropped to 58.4{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222} as of April  – only two-tenths of a percent away from the WORST figures yet measured during the Obama presidency,  and the WORST sustained figures since 1981!

The real question is: how far will it continue to drop?  Because we know this has a powerful impact on the re-election hopes of President Obama – or any incumbent president for that matter (President Obama: “America is Back!” Guess Again: More than 40{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222} of Americans Aren’t Working).

Think about it: Ronald Reagan won a second term with 59.8{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222} of Americans working (this is a lowball figure – the numbers jumped a full point over the previous year). Bush 41 won a third Reagan term with 62.7{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222},  Bill Clinton won with 63.5{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222} and Bush 43 won with 62.3{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222}.

On the other hand, Carter lost when only 59{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222} of Americans were working and Bush 41 lost his re-election bid to Bill Clinton when the percentage of American workers actually working was 61.2{09f965da52dc6ab4c1643a77bd40d1f729d807040cd8db540234bb981a782222}.

Let’s see if I’ve got this right: Obama’s economy is WORSE THAN JIMMY CARTER’S.  And, it’s been worse than Carter’s since September of 2009.

Wow.