RUSH: Ezra Klein is writing what we said three weeks ago on this program, and the reason he now thinks it’s credible is because the news appeared in a magazine article in the Financial Times. Here’s what Ezra Klein writes: ” “Typically, I try to tie the beginning of Wonkbook to the news,” his blog. “But today, the most important sentence isn’t a report on something that just happened, but a fresh look at something that’s been happening for the last three years. In particular, it’s this sentence by the Financial Times’ Ed Luce, who writes, ‘According to government statistics, if the same number of people were seeking work today as in 2007, the jobless rate would be 11 percent.'”
Now, you who are regular listeners to this program know that we quoted the person who first wrote that over a month ago. That would be James Pethokoukis of Reuters. James Pethokoukis wrote this very statistic a month ago: that if the same number of people were looking for jobs today as were when Obama assumed office, then the unemployment rate would be 11%. And Klein goes on to say that’s the real unemployment rate because this guy Luce of the Financial Times now says it is. So we don’t really care how he arrives at it. He does. This is one of the biggest apologists for Obama you will find. This is one of the biggest in-the-tank for Obama guys out there writing that the real unemployment rate’s 11%, and Obama’s out there now saying, by the way, “It’s gonna be 8% by the time the election comes around.” He said it’s gonna be 8%. Of course it is. He runs the numbers! Of course it’s gonna be 8%, but it won’t really be 8%. We’ve been telling you for longer than a month, folks, that the universe of jobs has been shrinking, and this is the secret behind the unemployment rate dropping — when it really, really isn’t.
RUSH: You know, we checked on this. It goes back to July of this year when I had that stat that I just shared with you and Ezra Klein just discovered it. Here’s what I said July 8, 2011: “The bottom line is the calculation has been done here. Without the people who’ve dropped out, if you still counted the people no longer looking for work, the U3 unemployment number would be over 11%.” So, if as many people were looking for work today as were in 2007, we’d have an unemployment rate of 11%, and you knew that back in July of this year. The Washington Post just discovered it over the weekend, and that’s the difference between them and us.