I understand this completely, however, I heard one economist say that MOST of these labor force dropouts, would have happened anyways, no matter the state of the economy or the president, because it was a large group of aging baby boomers dropping off the rolls.
The Baby Boom of 1946 to 1964 have just started retirement age, the big wave is yet to come.
However, retirement age boomers I know aren't retiring because they've had their 401K plans decimated over the past four years and they're afraid Social Security won't last, so they continue to work.
These are all in the private sector, obviously. Public sector has ludicrously plush pensions on top of double dipping and deliberately padded last year earnings to elevate those plush pensions even further away from anything approaching reality, speaking of bankrupt.
It can't end well. It may hold together for years, but there is a reckoning coming.