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On The Right Track? Another Half Million Americans Fall Out of the Workforce

BEGIN TRANSCRIPT

RUSH: Now, remember when we were told, ladies and gentlemen, by the regime that the economy added 148,000 jobs in September?  And do you remember we were told that the economy added 171,000 jobs in October, the unemployment rate was going below 8%?  And do you also remember that I said at that time, "I don't believe this."  And do you remember also that Jack Welch came out and said he didn't believe it and thought they were fudging the numbers and they lit into Jack Welch.  Well even back then, the chief economist at Gallup didn't believe it, if you recall.  They had entirely different numbers.  But at the same time do you remember how we were more than mocked in the news media. We were lied about. We were impugned.  I was, as a conspiracy theorist, for believing that the regime would doctor the numbers in their favor prior to the election. 

Well, it turns out -- he-he-he-he -- we got the new numbers today.  Guess what?  He-he-he.  It turns out that the regime's estimates were a little off after all.  Yes, by about 49,000 jobs on the plus side they were wrong.  October's jobless number, which was announced right before Election Day, was off by 33,000.  Now, the revisions are in, and there were 33,000 fewer jobs created than we were told in the days immediately before the election.  Now, you can be sure it was just an innocent mistake.  I mean, anybody can make a mistake, especially if your bureaucratic job depended upon it. 

The Labor Department says in its report today that Hurricane Sandy had no significant effect on unemployment, which, if I recall, calls into question all of the reports from the Drive-Bys over the last few weeks which did blame Hurricane Sandy for a huge uptick in unemployment claims.  Look at all of the lies that we were told are now being revised.  There are just two words to greet the unemployment news today, and they are "of course."  "Of course."  We were told 146,000 new jobs were created in November. More than a third of those were due to retail stores hiring for the holidays, i.e., they are temporary jobs.  So how come that number is not seasonally adjusted?  Why do they give us the raw number on that instead of seasonally adjusting that?  I mean, if they're not gonna seasonally adjust for Christmas hiring, why do they seasonally adjust for anything? 

These are just innocent questions that I have.  I'm not trying to be threatening here. I'm not trying to make anybody nervous.  As you probably have figured out by now, the unemployment rate went down to 7.7% because, and this is just stunning, folks, another 540,000 Americans have dropped out of the labor market.  Half a million Americans are no longer calculated, what's called the labor force participation rate.  So 540,000 people dropped out of the labor force.  That's more than a half million people.  So according to these numbers, every one person hired, 1.7 people gave up looking for work.  And we're on the right track.  Obama said just this week, we're poised to roar back. We're poised for our comeback.  Gotta build on this, exactly right.

Of course, it's not all bad news out there.  The unemployment rate for government workers plunged from an already low 4.2% in October.  The unemployment rate now for government workers is 3.2%.  In fact, federal, state, and local governments added 35,000 employees to their payrolls.  Well, guess who's paying for them?  You are.  Government hiring swelled in October and in November, and now 3.8% unemployment, federal, state, local governments added 35,000 employees to their payrolls in November.  In fact, all told, governments have managed to add five -- this is a stunning number.  Now, keep in mind, we have lost 540,000 people from the labor force. Since July, all government -- state, local, federal -- have added 544,000 people to their payrolls. 

Half a million Americans have left the private sector job market, thus the private sector job market universe has shrunk, and that's why the unemployment number goes down.  So 544,000 people hired at the government level in all states, cities, local governments, what have you, and the exclamation point is, 73% of the new civilian jobs created in the US over the last five months are in government.  Seventy-three percent of new jobs created in the last five months are in government.  This is according to the regime's own numbers, the Bureau of Labor Statistics. 

So it's clear to see exactly what's happening.  The transformation in the country that's taking place. Money and people are being taken out of the private sector and transferred to the public sector, to the government. 

END TRANSCRIPT

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