So, obviously, he’s not the right guy to lead a serious effort to expand domestic oil supplies. This is my point. If this were serious, you don’t keep some clown in there who is an advocate of high prices. But we all that know Chu isn’t going anywhere. Obama himself said it (summarized): “I don’t mind $4-a-gallon gasoline. It’s just it got there a little too rapidly for my tastes, a little too quickly.
RUSH: We got Obama doing the Obama flip-flop. We go back to March 30th, Georgetown University, Barack Hussein Obama, mmm, mmm, mmm, speaking about America’s energy security.
OBAMA: We have been down this road before. Remember it was just three years ago that gas prices topped four dollars a gallon. I remember because I was in the middle of a presidential campaign. Working folks certainly remember because it hit a lot of people pretty hard, and because we were at the height of political season, you had all kinds of slogans and gimmicks and outraged politicians waving their three-point plans for two-dollar-a-gallon gas, you remember that. Drill, baby, drill. None of it was really gonna do anything to solve the problem.
RUSH: That was March the 30th, this year, a month and a half ago. Here’s Obama Saturday. His White House YouTube channel address.
OBAMA: I’m directing the Department of Interior to conduct annual lease sales in Alaska’s National Petroleum Reserve while respecting sensitive areas, and to speed up the evaluation of oil and gas resources in the mid- and south Atlantic. We plan to lease new areas in the Gulf of Mexico as well and work to create new incentives for industry to develop their unused leases both on and offshore.
RUSH: Well. Drill, baby, drill. There you have it. In less than a month and a half, Obama changes his tune on this. And people want to know why, and I’m telling you it’s the internal polling that they have on the Obama reelect. I guarantee you, guarantee. I don’t know, but I do know. Just one of these things that I instinctively know. I haven’t seen it officially, but I’m fairly confident telling you, don’t doubt me. It’s actually a flip-flop on a flip-flop. What would that be? Flip-flip-flop. Flip-flip-flop, because during the 2008 campaign Obama vowed to continue all the bans on offshore drilling that were in place at that time. So a flip-flip-flop. Or, a flip-flop-flipper or flip-flop flopper. Double flopper. That’s what it is, a double flopper. There you have it. It’s exactly what it is.
There’s a fascinating piece in the Wall Street Journal, it’s an editorial. No, it’s an op-ed piece. And its title is, “Why the Job Market Feels So Dismal.” It asks the question: “Why don’t American workers feel the labor market is on the mend?” Why would people think that the labor market’s on the mend? Well, the unemployment rate is going down, right? No, it’s not. It’s staying where it is, but they’re hiring more workers. They told us 244,000 new jobs, but the unemployment rate went up. Let me give you a couple of pull quotes from the piece. “The combination of low hiring and a large stock of unemployed workers, now 13.7 million.” So 13.7 million people want a job, but low hiring rates “means that the competition for jobs is fierce. Because there are now many more unemployed workers, and because hiring is only about 70% of 2006 levels, a worker is about one-third as likely to find a job today as he or she was in 2006. It is no wonder that workers do not feel that the labor market has recovered.” That’s pretty stunning, the chances of getting a job are 70% what they were four years ago, five years ago?
The second pull quote: “The prescription for the American labor market is simple: low taxes on capital investment, avoidance of excessively burdensome regulation, and open markets here and abroad. We must create a climate in which investment is profitable, productivity is rising, and employers find it profitable to increase their hiring rate. These are the mantras that economists have chanted in the past. But they are our best bet for ensuring a dynamic and growing labor market.” Fine and dandy, would somebody please explain to me how circumstances are in the process of being formed or created where this will be the case. A climate in which investment is profitable — not yet — productivity is rising — hmm, no — employers find it profitable to increase their hiring rate — see, that’s the bottom line.
Hiring additional workers, folks, is always one of the leading indicators of profit. No business is in money to lose business, unless — well, there are some that try to. Fringe businesses, you know, shylocks playing games with tax laws. But for the most part people who hire other people hire them to increase the profit line, to increase productivity, increase sales performance or what have you. And that’s why they do it. They don’t do it ’cause Obama gets out there and says, “Hey, you banks, start hiring, okay? Hey, you bankers, it’s about time you started hiring, okay?” It’s not how it happens. You can’t wave a magic wand and command businesses to start hiring people and they will do it.
*Note: Links to content outside RushLimbaugh.com usually become inactive over time.