In a grim report detailing America’s severe economic decline, the Associated Press brushes off two crucial factors: Mass immigration and Obamacare’s grip on employers.

Pay is sluggish. Many part-timers can’t find full-time work. And a diminished share of Americans either have a job or are looking for one.

Yet in the face of global and demographic shifts, this may be what a nearly healthy U.S. job market now looks like.

An aging population is sending an outsize proportion of Americans into retirement. Many younger adults, bruised by the Great Recession, are postponing work to remain in school to try to become more marketable. Global competition and the increasing automation of many jobs are holding down pay.

“Global competition,” that is, bringing the globe’s population into the U.S. to fight Americans for jobs.

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