RUSH: There’s also economic news out today on the jobs market. Once again, I predicted this. No surprise here. There is no economic recovery, zip, zero, nada, and there has not been for seven years. And Wall Street is practically now admitting it, and the Federal Reserve, by saying, “Well, I guess we can cease all this talk about raising interest rates.” There have been a lot of people seemingly waiting for interest rates to be raised by the Fed, because that would mean, wow, the economy is really exploding. Except it isn’t, it hasn’t even been close. We’re now over 94 million Americans not working. The labor force participation rate is nearing an all-time low in this country.
RUSH: There are 94.6 million Americans not working, the lowest labor force participation since 1977. Almost 57 million of those not working are women. It is ugly. Folks, do you understand now why, in 2009, I said, “I hope he fails”?
RUSH: Back on January 16th of 2009, the Wall Street Journal sent me an e-mail. They were seeking 400-word miniature op-eds from prominent opinion leaders all across the fruited plain asking them for their thoughts and hopes and dreams and whatever else it was for the historic Barack Obama presidency. I wrote ’em back, and I said, “I don’t need 400 words. I need four.”
They said, “What are they?”
I said, “I hope he fails.”
Everybody — everybody — knew what I meant. And yet that became one of the biggest, most intense controversies at the time. “How could he say something like that! Here’s the first black president, honeymoon. Everybody wants the president to do well because the president doing well is America doing well! Why does Limbaugh want not want the country to do well?” And you know what it became? It became a bunch of leftists saying, “Limbaugh wants the country to bomb out so that people will not vote favorably for Democrats.”
Of course, it was the act opposite. I was trying to save the country. It seems like I alone — other than maybe two or three of my talk show buddies — knew what Obama meant for America, as president. You saw it on display yesterday. We didn’t see a president yesterday. You saw and heard a community agitator. You saw a community organizer on display regarding this shooting on the campus of the community college in Oregon.
Now the economic news, finally. You know, for the past three or four years we’ve had to put up with a lying, stinking media, ignoring repeated bad news on the economy — be it wages or hours worked or full-time employment, unemployment, jobs in general, or whatever — and then on the rare occasion where a month would feature some in-and-of-itself good news, then that would be reported and built up into massive, great, year-round news that’s happening.
“The economy’s finally rebounded! The recovery is taking place! Job creation’s ongoing!” It was all lies. This economy… From Obama’s first year in office — when he first did the stimulus, the Porkulus bill — there has not been economic expansion, and more and more people have been leaving the workforce. People’s hours have been converted from full time to part time so that employers comply with Obamacare.
There isn’t any economic indicator that shows growth, other than over Wall Street, which is where all the new money that’s been printed has ended up. But on Main Street for your average, ordinary American, there hasn’t been any growing company to take advantage of, not en masse. Now the news today, even past couple weeks, we’re been hearing all this talk about how the Fed wants to raise rates, because raising interest rates, you know what that would mean? That would mean the economy’s roaring so fast, we have to slow it down!
It was the lie.
It’s the creation of an illusion because people realize that perception is reality, and if you report enough to create a perception there’s a robust economy happening out there and a robust recovery, even people not experiencing it will believe it because, well, they see it on TV. So when the Fed says, “Well, I guess we can’t raise interest rates,” what that means is that there is no economic activity. Now, the jobs numbers this month are like 60,000 below analysts’, experts’ expectations or whatever.
But the fact of the matter is that month to month it’s been a game of the media working with jaundiced numbers provided by the government. The overall truth is there hasn’t been any economic recovery. The evidence is everywhere. Millennials can’t find jobs, Millennials, college graduates, can’t find careers. More and more people are living at home. The job market’s being flooded with illegal immigrants, which is depressing wages. I mean, there’s not one decent economic sign out there.
Not one that’s providing a foundation for growth, substance, or anything of the kind.
You have intermittent good news here in one sector, some more intermittent good news over in that segment, like the Bakken oil fields up in North Dakota. But even they now are somewhat pressured because of the plummet in the price of oil worldwide. But it’s to the contrary of what’s been reported. It is a disaster. So now we’ve been told that we have to get used to an America in decline. And “the future of America,” quote/unquote, the Millennial generation has concluded that the best days of America are behind us.
That they’re not gonna be able to do as well as their parents, and they’re the first generation for whom that’s going to be true. This creates a self-fulfilling negative attitude and prophecy as well. I remember… You know how bad it got, this illusion that the economy was doing great? You remember when Obama said he really didn’t want Mitt Romney to win the presidency because Romney would get all the credit when the economy rebounded, as it was most sure to do? It was almost as funny as when Obama mocked Romney for being concerned about Russia.
It turns out Romney was right about both. Now the last two months, the new jobs reported have been far below the 250,000 new jobs needed every month just to stay even with population growth. And yet they tell us the unemployment rate’s what? I don’t know what it is. I’ve seen it today. It was 5.1% the last time they… It’s just absurd, 5.1%? The unemployment’s rate more like 15 to 20%. When you get into black unemployment, teenage black unemployment, it’s disastrous. This is the first African-American president who’s actually gonna make a difference for the first time.
So it seems that there just becomes less and less to hold onto, less and less that you can believe in. Everything seems to be corrupt, or corrupted. You don’t seem to be able to trust anything as real. Whatever the government tells you, there’s always now giant question marks of doubt.