RUSH: Let's go to the audio sound bites. The gross domestic product number is out. And, by the way, I don't know what this is. There's a new way of measuring the GDP. The Obama administration is measuring it in an entirely different way, which is showing growth. The standard measure of gross domestic product is showing flat. But this new measure, which the media is applauding and loving, is showing a growth rate of 1.7%, and it's being hailed. The stock market earlier today was having a pretty good day. I haven't checked lately. But earlier today, the stock market was having a pretty good day and they were chalking it up to massive economic growth of 1.7%.
So I'm asking myself, is this another new norm? So having nine million jobs cease to exist, all of these people out of work, is the new norm, part-time work is the new norm, and an economic growth rate of 1.7% is something that we are happy about and that we applaud? At this stage of the Reagan second term -- in fact, earlier than this stage, this economy, under the policies of Ronaldus Magnus, the GDP was around I think 5.3, it got up to 6%, with something like 500,000 jobs a month being created, after two recessions in the early eighties. Now we're at 1.7%, we just simply erased nine million jobs from the job market, just gone. And we're celebrating?
There are stories left and right about how wonderful this is, 1.7% GDP. "Market hails GDP growth rate as stocks soar," is a headline. So let's go to the audio sound bites. Gonna start on CBS. Right here at the top. This is Jill Schlesinger. She was on CBS This Morning with Charlie Rose. She's a business analyst there at CBS. "Rose says this morning the government will release details on economic growth in the last quarter. Gonna come in at 1%. The expectation was that the GDP would be 1%." I should close the loop here. The reason they're happy about that 1.7 is because the experts predicted 1%, and it came in at 1.7, and so everybody was just thrilled. But before the news had hit, all we're dealing here with was a projection of 1%. Here's what Jill Schlesinger said at CBS.
SCHLESINGER: It's pretty bad. When you look at the average growth rate in post-World War II era, it's close to three to three and a half percent. Now, the last three-quarters we've seen sub-2% growth. That's a slow growth recovery. Now, 2% for the last couple years, okay, now 1%? This is not a good sign for the economy.
RUSH: I don't know if this gal's gonna have a job tomorrow, 'cause this is before the actual number was released, 1.7, and when it was thought to be 1%, she's being honest here. This is dismal. This is pathetic, and as far as the trend line concern, it's horrible. Now, I don't know how many of you care. It doesn't relate to anything, but just to let you know, the ChiCom economy GDP is at 7.5%. The second quarter economic growth rate, the ChiComs, 7.5%. That's not gonna matter to anybody here, but it is fascinating that a communist economy is outgrowing ours. I mean, it's not even close. Seven and a half percent for the ChiComs and, by the way, this 1.7 is not legit. It's because of a new formula that they're using to measure it that amplifies it. So Charlie Rose said, 'cause he didn't like what he just heard here, you're not supposed to talk about bad economy in the same sentence with Obama. So Charlie Rose said, "But the emphasis on the economy is on jobs and how to create jobs. When can we expect that to happen?"
RUSH: Whoa. What happened here? How did that report get past their editors? Did you hear that? That was real journalism there. We just had some real journalism. "I really want to emphasize, the president's going to this Amazon warehouse. These are not high quality jobs." And she's right.
SCHLESINGER: I really to want emphasize, the president is going and talking at this Amazon warehouse. What kinds of jobs are these? These are not high quality jobs. These are 11 or 12 dollar an hour jobs. This is very consistent with what economists are calling a part-time economy. People are losing full-time jobs with lots of benefits and then they're working part time, they're cobbling together two or three jobs together, and they're calling that a career, and they're making way less than they used to. We still have a jobs crisis in this country. Eleven point eight million people are out of work, many more are seeking full-time positions and can't get them.
RUSH: Whoa. What happened here? How did that report get past their editors? Did you hear that? That was real journalism there. We just had some real journalism. "I really want to emphasize, the president's going to this Amazon warehouse. These are not high quality jobs." And she's right. They're part-time, 11- to 12-dollar -- this woman is singing from my songbook. These are not career jobs. And people are having to work two and three, and they're losing their benefits. This does not in any way constitute economic growth, not in any way whatsoever. But I can't believe that I just heard this on CBS. People are losing full-time jobs with lots of benefits. They're making way less than they used to. We still have a jobs crisis in this country. Charlie Rose said, "Well, gee, Jill, is there any good news out there from the markets?"
SCHLESINGER: Corporate profits were up very big in the first quarter, up about 9.7%. The stock market is up 150% from the all-time low. Here's your big but. Fifty-three percent of Americans have no holdings in the US stock market.
RUSH: All right. So under Obama, you know what's happening? The income gap is widening under Obama at a faster clip than it happened in Bush, Clinton years. The income gap, the rich are getting richer faster, and the poor are getting poorer faster under Obama. And the guy who used Occupy Wall Street to demonize Mitt Romney has produced a stock market bubble that most Americans are missing out on.
Now, the stock market is up 150% from the all-time low and that's because Ben Bernanke is digitizing new money into it. And the reason 53% of Americans have no holdings in the stock market is they don't have any money to put there, because mainstream, real Americans, people that make the country work, are not investing in Wall Street. Bernanke is. The Federal Reserve is.
The Federal Reserve is not the government. It's made to look like the government. It's called the Federal Reserve, but it isn't the government. It's an entirely independent agency. It works with the government, obviously. And it has its own political preferences. In this case, the political preference of the Fed is for Obama. And they have decided to pump up Wall Street, to have all this growth, to make it look like the economy is growing overall.
So the guy who creates Occupy Wall Street to harass Romney and make the case that Romney is only for the rich, doesn't care about the poor, has produced -- this stock market is a bubble, folks. When I say it isn't real, what I mean is it's not the result of normal, every day market flow and commerce. It's the result of stimulus. In this case, the stimulus is from the Federal Reserve. The Federal Reserve is pumping $85 billion a month, and a large part of that is going to buy stock, securities. It is a long, convoluted trail that the money takes, but the end point is the stock market. And so the stock market under Obama grows, and the people there are still too big to fail. The income gap is widening, 1.7% economic growth, and here's Obama yesterday in Chattanooga, he's at Amazon in a fulfillment center. Just listen to this.
OBAMA: We can't be getting into a whole bunch of fads and pretend like, you know, you roll back Obamacare and suddenly all these jobs are gonna be created. Because the middle class was struggling before I came into office. (cheers and applause) The middle class was losing ground before I came into office. (cheers and applause) Jobs were getting shipped overseas before Obamacare was in place. (cheers and applause) So we gotta be honest.
RUSH: Limbaugh Theorem. I didn't have anything to do with it! None of this is my fault.
RUSH: Here's what the Commerce Department is doing.
They have "made changes to how it calculates gross domestic product," going back five years. "At the same time, the government also went back and revised data for the past five years, to reflect more complete as well as additional statistics from a variety of sources, such as the Internal Revenue Service and the US Department of Agriculture." They have made changes to how they're calculating the gross domestic product, or economic growth, and what they're doing now is they're going back five years.
They have revised data for the past five years to, they say, "reflect a more complete, as well as additional statistics from a variety of sources, such as the IRS and the Department of Agriculture. Why do you think they decided to go back the last five years to revise data? To rewrite the horrible 4-1/2 years of Obama. There's no question. I don't know if it's fraudulent, but they're cooking the books -- and after cooking the books, after making it look as good as they can, it's 1.7% economic growth. They're applauding this, how great it is. Remember, Amazon's paying, what, $12 an hour?
Remember, the DC city council told Walmart, "You better pay $12.50. It's not even a livable wage," and Obama's out there hawking and taking kudos for part-time jobs at Amazon as a sign of economic growth. By the way, I was reminded of something by the editrix of the most widely read political newsletter in the country, the Limbaugh Letter. Diana Allocco sent me a letter here reminded me we had a story back in the Limbaugh Letter back in 2010 about Hawaii deporting its homeless. "The growing number of homeless people living on Hawaii's sun-kissed beaches is starting to concern local officials, who are considering offering them tickets back to the US mainland." Three years, now, this has been in the works.
This is what being on the cutting edge is all about.
RUSH: There's another great example, a prime example of the Limbaugh Theorem. Have you heard the new EPA chief, Environmental Protection Agency head honcho is telling everybody to shut up about jobs. He doesn't want to hear about it. (paraphrased) "Just shut up about jobs!" While Obama is out campaigning on the need to create more jobs, the EPA director says, "Shut up about it. I don't want to hear it anymore." The EPA director! While the boss is out -- and this business, he's out there in Chattanooga.
(Obama impression), "Hey, there was unemployment before I got here and there were all kinds of bad things. There were troubles long before I got here." It's exactly right. All this stuff happened before he came along and it's only gotten worse, because all those people that were here before him really made it bad, and so he's been trying hard but he just can't fix it. It's everybody else's fault. It's almost five years in, and Barack Obama is still blaming predecessors -- and I don't know if you heard, but he got a huge round of applause when he blamed his predecessors.
However, that may be a little misleading. Hang on. I have to remind you, this is hurricane season. The Drive-Bys are camped out on the beaches hoping and praying for destruction. The Drive-Bys can't wait for destruction from hurricanes so they can say, "See, global warming." You know, it's been a laugh, these last two tropical storms, and they've had the cones and they've had the forecasts and they've had the intensity, and they both petered out. They both dissipated into nothing because they never were anything to begin with. Obama runs the Commerce Department, that's the National Weather Service, that's the hurricane center, they politicize everything. There's political agenda to be gained by blaming the climate and weather on capitalistic lifestyles. So that's why there's all this focus on it. It's amazing. So any opportunity they get to predict and portend doom and gloom, they can't wait to do so because they want to affix blame to it, to advance their own agenda.