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Drive-Bys Turn on Obama Economy

BEGIN TRANSCRIPT

RUSH: You know, folks, even the Drive-By Media is starting to turn on Obama on the economy. The economic news, the unemployment news, it went down 7.3 from seven-point whatever it was, but the media knows that that's not because jobs are being created.
A couple of them -- I've got it here in the Stack -- are telling the truth about it.

Reuters: "US Job Growth Misses Expectations, Offers Cautionary Note for Fed." Now, what they're doing, the Federal Reserve, if you've noticed, the stock market is -- let me check. Even as we speak here, let me check the stock market. Well, it's up right now, but not much. It was down a lot yesterday, trickling down, because the Federal Reserve is talking about no more quantitative easing, which is no more stimulus. And the people in the markets know that the only reason the stock market's been going through the roof is because the Fed has been buying stock, not people. Short version of the truth. That's the simplified version here. And if the Fed starts talking about no more of that, panic sets in.

So right to the rescue rides Reuters: "US Job Growth Misses Expectations, Offers Cautionary Note for Fed." What Reuters is saying: don't you dare stop priming the pump. Don't you dare stop spending money and printing it, stock market or anywhere else, because the jobs market is precarious. We're witnessing a tectonic shift in reporting on the economy. We really are. And it's all about politics. It's not about the media trying to get it right. Obama and the Democrats and their minions are deathly afraid that the Federal Reserve is going to look at the lowering unemployment rate and end quantitative easing. They're scared to death, this is an amazing thing, too, because the unemployment rate went down to 7.3% not because a bunch of new jobs are created; it's because even more people left the workforce.

If the same number of jobs that existed in 2009 existed today, the unemployment rate would be 10.8%. It's not 10.8%; it's 7.3 because those jobs are gone. They don't exist. They're not even available to be filled. It's called the labor force participation rate. You add that people, when they stop looking, they are no longer counted as unemployed. Go figure. They have looked and looked and looked. They've been on unemployment 99 weeks or more. They finally have given up. They're no longer counted.

The unemployment rate that's reported only includes people actively trying to find a job. Those who have given up, which numbers in the millions now, don't get counted, so the rate goes down. And so the media is afraid that the people at the Fed will not know what I just told you and that they'll see the unemployment rate going down and believe they have fixed it and stop priming the pump, stop spending, printing money. Obama and the Democrats and their minions are scared to death of this. And the Democrats know -- we're talking a serious amount of money -- the Democrats know that if the Fed stops printing, it's actual digital transfers, folks, they're not actually printing hard currency for all of this. They're just digitizing, just adding money to a computer spreadsheet, essentially.

They're doing this to the tune of $85 billion a month, right into the financial markets. The money that they're printing, digitizing, is being used to buy securities and stocks, and the Democrats know that if that stops, if the Fed stops injecting $85 billion play dollars into the financial markets, they're just gonna collapse. You saw an indication of it earlier this week when the market was down 130 points in a couple minutes on a rumor that Bernanke was through with quantitative easing.

And if the market were to go into a steady loss situation, it would give up the fiction of a booming economy, which the media and Obama have tried to create. If not booming, at least a solid recovery. It would end that fiction. It would vanish into thin air just in time for the 2014 midterms.

Cannot have that. Cannot have any economic activity taking place that makes it look like the recovery has stalled going into the 2014 midterms. And so while we're getting this tectonic shift in reporting on the economy, it's not because the media wants to get it right. It's because they're trying to nudge the Federal Reserve to keep printing money. I find it funny, actually, how Obama and the Democrats believe in trickle-down economics when it comes to quantitative easing. Oh, of course they do. Why, the Fed puts $85 billion in the stock market, and what happens to it? Why, it trickles down to other aspects of the market. It's trickle-down in a way. It's artificial, but it still is trickle-down.

BREAK TRANSCRIPT

RUSH: "US Job Growth Less Than Expected in August -- the unemployment rate hit a 4-1/2 year low as Americans gave up the search for work, complicating the Federal Reserve's decision on whether to scale back its massive monetary stimulus this month."

That's a Reuters paragraph, and it's amazing what they put in that paragraph, what they're admitting. The economy is stagnant; it's not growing. It only looks like it is because the Fed is engaging in a massive monetary stimulus, which they might stop. Job growth less than expected; unemployment rate, four-and-a-half-year low, doesn't mean anything. All of that in the first paragraph of a Reuters story.

And then, ladies and gentlemen, here is Ben Casselman, economics reporter for the Wall Street Journal. Get this statistic. "For the 40th consecutive month, more unemployed workers left the labor force than found work." For the 40th consecutive month. That's over three years, for those of you in Rio Linda. That would be three years and four months in a row more unemployed workers left the labor force, gave up looking for work than found work.

There is no recovery. There is no positive economic activity except in -- well, two or three areas. High-tech is doing well and fracking and oil. Other than that, traditional areas of economic growth, can't count on 'em, not happening, manufacturing, you name it, in the tank or stagnant. Here we've got an administration touting all of its hard work and great policies. And we've had three years and four months in a row, every month, 40 months in a row, more unemployed workers left the labor force than found work. Just 169,000 new jobs created in August.

Not only that, previous numbers were revised downward, big. June, for example, revised down 172,000 to 188,000. Last month, August was revised sharply, 162 to 104,000. This is ominous. This is being reported from Texas, 152,000 new jobs, there were 180,000 expected. And the numbers in the previous months have not been right. They've been made worse. That's what the "revised downward" means.

From Breitbart.com: "In a report released Tuesday, Bloomberg reports that black homeownership has collapsed to an 18 year low. Bloomberg buries this brutal fact under a nonsensical headline that makes it look like a local Chicago story: 'Black Homeownership Dying Where Obama Revitalized.' But four paragraphs down we not only learn about the collapse in the black homeownership rate, but that it is now almost half that of whites."

We have the first African-American president and everything for African-Americans economically has worsened. And there still is that unbreakable bond, the Democrat Party, for the first African-American president. I can't tell you how depressing this is. I sit here 25 years, and every time I've said it, I've meant it from the bottom of my heart. We want everybody in this country doing well. This is the one spot on this planet that affords that opportunity for the vast majority of people, the United States of America. It's been the one place where people's dreams actually can come true, at least in greater numbers than anywhere else.

The United States has been a place where average, ordinary -- and I use those terms simply in a descriptive, not a classification way -- average, ordinary Americans can end up doing and accomplishing extraordinary things. It's the history of this country. It is the true history of this country. And we're led by a president and a political party which want to bury that and try to convince people that, "Yeah, that mighta happened, but it wasn't real." It was fake or it happened in an unfair, unjust way because the people that got rich actually stole it from other people; they didn't do it with hard work. The old "you didn't build that."

I can't tell you how frustrating it is for me to be led -- I mean, I understand we've got people in the country who don't like it and think that everything about this country is a lie, but we've never been led by people who believe that, and we are now. And their friends, their simpatico friends run Hollywood, and they run the schools, and they run any number of pop culture institutions. It's gotta stop. It has to bottom out and start rebounding and reversing itself. There literally is no future in telling anybody that it's hopeless. There's no future in telling anybody they got no chance. There's no future in telling anybody that the best days of this country are behind 'em. There's no future, there's no good that can come of it. Not for the people.

The only people benefit from everybody being depressed and down in the dumps and hopeless are the Democrat Party. They're the only people, or Washington. Washington, which wants everybody to turn to it for sustenance. They're the only ones, and they're not sitting out there wallowing in misery, and they're not giving up on themselves, and they're not giving up on their future. They're not giving up on prosperity. They're not giving up on doing better next year than they did this year. They want you to or they're comfortable with you doing it or they're perfectly fine telling you it can't be done. And people don't want to hear it. The simply don't want to hear it.

People are troubled. They know this is not how this country has always been. This is not how things got done. This is not how things get done. This is not how the country works. People want leadership. They want clarity. They want inspiration. They want to be told that things are possible, not that they can't happen. And this black home ownership, black unemployment, black teen unemployment -- you know, you can talk about racial problems all you want, but if that doesn't change, nothing else is, because economics, I don't care what people say, money, lifestyle, it matters. It matters.

It's in the top two things on everybody's important list. And when you have this kind of disparity and this kind of economic failure and this kind of economic hopelessness, all the rest of it is academic. They're gonna go about trying to get by somehow, and if they don't think that playing within the guardrails and following the rules and taking the path that has been laid out by tradition's gonna get 'em there, they're onna do something else. Everybody will. Anybody would. It's so unnecessary, in the greatest country on earth.

END TRANSCRIPT

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