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Manufacturing, Wages Drop. "Nostrilitis" Waxman Declares a Depression. Who's to Blame? Democrats Say...Walmart!

BEGIN TRANSCRIPT

RUSH: Well, folks, I hate to be the bearer of this kind of news, but the news is what it is.  And this news is from the Washington Examiner: "Wages Drop, Only 5th Time in 33 Years ... Average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics.  In a just-released review of employment in the nation's largest 322 counties, BLS found that weekly wages dropped over the year by 1.7 percent to $955 in the fourth quarter of 2011 from a high of $971 in the fourth quarter of 2010. ... The wage drop comes as employment has increased in a majority of the counties in the last quarter of 2011."  Employment has increased?  "That irony makes it the only quarter in history where wages shrunk while employment grew."

I'm telling you, if the election were today, it would be a landslide defeat for Obama.  I don't care who Romney picks as his veep, it isn't gonna matter, if the election were held today. 

In manufacturing news.  "US manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening."  That's how the AP chose to characterize it.  Production declined.  The number of new orders plunged.  Good Lord, folks.  After three-and-a-half years of being told by this administration that they have the answers for this, that they have the answers and we're on the rebound, we've turned the corner, we're coming back from the brink. Every policy that this administration has instituted has done great damage.  They talked about the manufacturing.  We have a little montage of media Drive-Bys talking about it.

SANTELLI:  Holy smokes.  We haven't been under 50 since July of '09.

LIESMAN: The softness in the economy is evident in the ISM's.

VARNEY:  The ISM report for the month of June came in weak.  That's taken the market down.

SCHATZKER:  A dismal picture this morning.

PAYNE:  Below 50 means contraction, not expansion.  Manufacturing is the thing that's supposed to be the game-changer for our economy.

RUSH:  That was Charles Payne, Fox Business Channel there, the last comment you heard, and he's exactly right.  Henry "Nostrilitis" Waxman was on C-SPAN Newsmakers on Sunday morning.  They're talking about the economy.  One of the panelists was a woman named Kate Hunter from Bloomberg, and she said to "Nostrilitis" Waxman, "Most people seem to think that, you know, passage of the health care law in 2010 contributed to Democrats losing control of the House that year in midterm elections.  I'm wondering, do you think that tradeoff was worth it, getting the health care law passed and losing the House?"

WAXMAN:  If that were the tradeoff.  But, look, the president inherited a terrible economy.  We were hemorrhaging jobs in 2008 when he got elected, so by the time he took office in 2009, we had over 10% unemployment.  We had the banks frozen.  They couldn't deal with their assets.  The economy has not recovered.  Some people call it a recession.  I think it's a depression.

RUSH:  It's a depression.  The Democrats are tweeting about manufacturing, I kid you not: "Ten Reasons Walmart is responsible for the decline of American manufacturing."  That's what the Democrats are tweeting.  Walmart's responsible for it.  How can that be?  Walmart depends on people manufacturing stuff so they can stock it.  But I thought the private sector was doing fine.  That's what Obama said.  Private sector's doing fine.  Now it's Walmart's fault.

BREAK TRANSCRIPT

RUSH: Here's Henry Waxman, "Well, you know, he inherited a horrible economy, hemorrhaging jobs in 2008." They started hemorrhaging jobs in this economy after Obama was elected in 2008.  Go back and look at the monthly unemployment numbers and then take a look at November and December and then January.  The bottom fell out, the Wall Street bottom fell out.  And it hasn't recovered.  But these people had all the answers.  Hope and change.  Everything was gonna be better now.  They had miracles waiting to enact. Everything they have done has brought great damage to this economy under the guise of fixing it.

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