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EIB WEB PAGE DISGRONIFIER

TIME Mag Discovers: No Recovery

BEGIN TRANSCRIPT

RUSH: Last week's new unemployment claims are up again -- and it was "unexpected," of course. But don't worry, ladies and gentlemen. It's just another bump in the road, sort of the way the Rocky Mountains are a bump in the road on the way to California. You know, it just keeps worsening -- there's no sign of any improvement -- and here we go again Reuters (and I'm convinced these people are still tweaking me): "The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, according to a report on Thursday that could reinforce fears the labor market recovery has stalled. Initial claims for state jobless benefits increased 1,000 to 427,000, the Labor Department said.

"However, economists polled by Reuters had forecast claims dropping to..." Every week they're wrong and thus every week they are surprised -- and very luckily for these people, "discouraged workers are no longer counted in the Department of Labor's official unemployment numbers," otherwise that's the U6 number that would be much, much bigger. TIME Magazine's Richard Stengel (this is on Morning Joe today), he's the managing editor. They were talking about the new cover for this week's TIME Magazine and the cohost Willie Geist said, "Let's do the big reveal. TIME Magazine, what do we have on the cover here?"

STENGEL: It is the topic that Americans are most concerned about, the topic Americans are always most concerned about: The economy. The cover line is, "What Recovery? The Five Myths About the Economy," because, you know what? The "recovery," such as it is, isn't really happening.

RUSH: They just realized it at TIME Magazine, they just realized it. Remember, now, these are the same people back 1994 or 1995 at TIME Magazine that actually did a cover on men and women are actually different. They're born different! They were stunned. Men and women are actually born different. That was a cover story, meaning that that realization had to be such a shocking bit of news that it warranted a cover story at TIME Magazine -- that men and women were born different. So now the wizards of the media ruling class in New York, TIME Magazine, have concluded that the recovery isn't really happening. But, of course, it's not Obama's fault. The cohost said, "Well, one of the most troubling is the first one on your five myths: A temporary blip, full steam ahead. This is more than a temporary blip, you say."

STENGEL: There's a McKinsey study that shows that basically it will take 60 months for us to get out of this. People think, "What does that mean, get out of it? It will be back like it was before?" Well, it won't be back like it was before. You know, American businesses have $2 trillion that they're sitting on, but if they're gonna spend it you know where they're gonna spend it? They're gonna spend it abroad. There are 450 million middle-class people around the world who will work for less wages than American workers will. If there's money to invest, they're gonna invest it in Brazil or China or Russia, not in the US. We have to understand that.

RUSH: But it's not Obama's fault, you see! America is just over. America's salad days are behind us. It's not Obama's fault, it's just the way it is -- and these evil businesses, they're gonna seek employees who work for less around the world! The American people won't take these grunt jobs. It's beneath them! Of course, that alone is insulting, and it's been empirically disapproved, by the way. We chronicled one example a recent Morning Update that we did, this whole notion that there are certain jobs Americans won't do. They will go to the pastures and the farmlands and they will harvest crops. It's happening in Georgia. They have to because there has been a crackdown on illegal immigrants there.

BREAK TRANSCRIPT

RUSH: Now TIME Magazine is out with their cover: Hey, yep, there is no recovery, but it's not Obama's fault. It's America. America's just over. The America we knew is just over, we're all gonna have to just get used to it.

Last night again on CNN's Situation Room, Wolf Blitzer speaking with James Carville, fresh off his comments that there might be riots next summer if the employment situation doesn't improve, Blitzer said, "Give me one piece of advice that you would give Obama right now if you were advising him."

CARVILLE: First of all, one of the things that they can't do that they did in 2010 is talking about how what they're doing is working. And the jobs numbers have to sort of improve here. The three-month average is 160,000. I have no idea where it's gonna go in the future but for his sake and the country's sake I hope it goes better.

RUSH: (laughing) Jeez! What kind of tolerance and patience do we have? (impression) "First of all, one of the things they can't do, they can't say that what they're doing is working." Now, imagine that. Now, we all know this, and you and I have discussed this in terms of Obama being landslidable beatable in 2012. Yesterday I asked you to stop and think: "Name one thing this regime has done that in a reelection campaign they could promise more of, that people would support? What have they done that you want more of? You can't name anything! Not one thing." In other words, Obama cannot run on his record. He can't run on his achievements.

Carville is saying so. (impression) "They gotta stop talking about how what they're doing is working, 'cause it isn't working." Okay, so if they can't talk about what they're doing, if they can't say, "Four more years," one of the most common reelection slogans that there is -- "Four more years," they can't say that. Four more years of this? "Yeah, we like 9% unemployment. How about 11%?" They can't do it. So what are they gonna do? What option is open to the Obama reelect people. We're talking about a year from now. Next summer, maybe 15 months, next fall. I don't know how much significant improvement that people can say is indicative of a trend that there can actually be. It's like this guy from TIME Magazine said:

We're gonna need 60 months of robust job-creation to get us back where we were. Sixty months.

END TRANSCRIPT

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