Rush Limbaugh

When the people looking for work stop looking, they're no longer counted as unemployed. So the number automatically goes down, not when people find jobs, but when people stop looking.

Amazing! The Unemployment Rate Falls Before Another Election
RUSH: The unemployment rate that's reported consists of two things: People unemployed and people looking for work.

Amazing! The Unemployment Rate Falls Before Another Election

October 03, 2014

Windows Media

RUSH: First off, the jobs news. Isn't it amazing? Just prior to the 2012 election, for the year or two years leading up to the 2012 election, the Drive-Bys repeatedly reported a statistic. The statistic was that no president had ever been reelected if the unemployment rate was 8% or higher on Election Day. In fact, the month before the election.
Well, it was obvious what was gonna happen, and I so stated that miraculously, the unemployment rate would end up, the last report before the election, November 12, would have it below 8.0%. And it did, 7.9. It was a magic thing. The last jobs report before the 2012 election came in at 7.9% unemployment, and on cue, the Drive-Bys went banshee. They went bonkers with happiness and glee.
They said, "Okay, we've taken care of that stat. So Obama's no longer a prisoner to that stat. We've got an unemployment rate that came in under 8%." The way they did it was to massage the numbers. The unemployment rate came down because more people stopped looking for work. It had nothing to do with how many people found jobs. It was the universe of jobs fell because of people leaving the labor force.

So the percentage of people out of work also fell since the overall number was smaller. Well, we have an election coming up in November. Isn't it amazing? Two years later, and look at this. The unemployment number is at 5.9%! It's such a beautiful thing. It's under 6%. This is as low as it has been since Obama's first year in office. Isn't this amazing? Why, it was just yesterday that Obama was out talking to some college students and telling everybody how great the economy is.
"Even though you don't understand it, even though you don't feel it, don't doubt me, the economy is roaring back," and he alluded to all the new jobs that were being created. Lo and behold, the next day -- dadelut dadelut dadelut dadelut -- we have unemployment at 5.9%. And that's what the low-information voter is gonna see. The low-information voter is not going to know that the labor force participation rate is now at a 36-year low.
Yes, 92.6 million Americans are not working. A increasing percentage of those 92.6 million are not even looking for jobs anymore. That's why the unemployment rate is falling. The real unemployment rate's around 11% or 12%, but the one that gets reported is 5.9%. Now, two things in addition to the labor force participation rate. Well, one additional thing. Four out of the five top job additions in September were low- or minimum-wage jobs.
Four of five top job additions in September low- or minimum wage, and 80% of the jobs that were reported created are either minimum wage or barely above it. There were no career jobs created. Again the rate fell, the unemployment rate fell because an increasing number of people have stopped looking. The unemployment rate that's reported consists of two things: People unemployed and people looking for work.

However, when the people looking for work stop looking, they're no longer counted as unemployed. So the number automatically goes down, not when people find jobs, but when people stop looking. It's just the way the number is tabulated. The bottom line is, there isn't any great job creation. George Will last night was on the Special Report show with Bret Baier.
He said, "Well, the president went to the state of Illinois to brag about the economy. Illinois has 300,000 fewer jobs than it had in 2008..." This is Obama's home state. Well, Hawaii is his home state. Illinois is where he lives now, or lived. He said that "Illinois has 300,000 fewer jobs than it had in 2008. For the last four years in the state of Illinois, the number of new food stamp recipients has increased twice as fast as the number of new job recipients.
Obama was speaking in Illinois on a college campus. He did not mention that 40% of recent college graduates are either unemployed or underemployed. That is, they're in jobs that don't require college degrees. And one in three recent college graduates is living at home with their parents." Quote: "Now, the president we just heard disparage trickle-down economics while bragging about doubling the stock market value."
What he doesn't know is "he is practicing trickle-down economics by doubling the stock market. he and for six years now, and most recently, under his choice to be the head of the Fed, Janet Yellen, have had zero interest rates, the intended effect of which is to drive people out of bonds and into assets like farmland, but particularly into stocks."
Zero percent interest rates is trickle-down economics. So Obama has presided over a doubling of value in the stock market because with zero interest rates, it's the only place to put your money. Plus the Fed's been printing money to buy stocks with. "That is why this has been a boon to the 10% of Americans who own 80% of all the directly-owned stock, and this is why 95% of the wealth created in the last six years [has] gone to the dreaded top 1%."
Now, that 1% thing, I have a problem with that, but the point is, Obama goes to Illinois and touts his roaring economy, and it ain't roaring, and there aren't any new jobs. Food stamp recipients double job recipients. In every other state (other than where fracking is taking place), the story is pretty much the same.
RUSH: This is Curt, Fleming Island, Florida. Great to have you on the program. Hello, sir.
CALLER: Hello, Rush. First-time caller, but I've been a listener since the very beginning.
RUSH: I appreciate that, sir, very much.
CALLER: I mean, the very beginning. The only time I missed any of your shows was when I was in the Navy overseas and we couldn't get 'em.
RUSH: Well, that's an acceptable excuse. If you can't get it, you can't get it, and we're not gonna hold that against you.
CALLER: Well, listen, Rush, the reason I called -- and I'll get right to the point -- is that when I saw the 5.9% number today, I also remember the unemployment number dropped to 7.9% back in 2012 about a month before the election. But what I wanted to ask you is, "Do you remember the news conference that the administration held to put out that number and when the spokesman actually said, '7.9% unemployment,' the business reporters in the room burst out laughing 'cause they didn't believe it?"

RUSH: I do remember. I don't think they didn't believe it. I think they laughed because they expected it. They're in on the gag. I mean, they expected this to happen, and the Regime did it in front of everybody.
CALLER: That's true.
RUSH: They make no effort to hide it. So it was worth laughing at. Did you get the impression that they were engaging in derision? Were they making fun of these people announcing the number?
CALLER: Well, these were business reporters, so I tend to believe that they knew what the numbers were, they knew what the signs were, they knew what the real data was. So I don't think they believed it. I think they were just stunned about that number.
RUSH: Now --
CALLER: I think if they'd have been regular, mainstream reporters they might have helped that scenario along. But this was a business conference. So, yeah, I do think they were kind of laughing it up 'cause they knew it wasn't true.
RUSH: Well, maybe some of them, but, Curt, let me assure you that a reporter in business, in sports, in fashion, and entertainment is a liberal.
RUSH: There they the ones who aren't are exceptions. In fact, John Crudele is one of the exceptions. He had a story in the New York Post detailing how that 7.9% number was entirely made up. He did a column on how it was created, how it was artificially manufactured, and how they massaged it to make it 7.9%. He did a piece on how it was illegitimate, and he had been warning prior to the number how they were gonna do it.
So he did a column detailing how they did it and so forth. But my guess is most of the reporters were laughing in support. They laughed at the audacity! I mean, everybody knew it was coming, and they did it! They didn't try to hide it, and I think they were laughing at the audacity. There has been some laughing at them, but I don't remember too many business reporters doing stories which questioned the legitimacy of the number.
John Crudele, New York Post, was one. But I don't believe there were a lot of those stories where the whole thing was held up at phony. But this today is just as illegitimate. This 5.9% number is even more illegitimate than the 7.9% number. There's no way that this country has an economy producing jobs with an unemployment rate of 5.9%. It just isn't happening. Take a look around.
There's a reason Obama's having to do speeches and tell people, "The economy is going great, you just don't feel it." They don't feel it because it isn't real.

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