On the supposedly good economic news that the unemployment rate has dropped to 7.7%…
Half a million Americans have left the private sector job market, thus the private sector job market universe has shrunk, and that's why the unemployment number goes down. So 544,000 people hired at the government level in all states, cities, local governments, what have you, and the exclamation point is, 73% of the new civilian jobs created in the US over the last five months are in government. Seventy-three percent of new jobs created in the last five months are in government. This is according to the regime's own numbers, the Bureau of Labor Statistics. So it's clear to see exactly what's happening. The transformation in the country that's taking place. Money and people are being taken out of the private sector and transferred to the public sector, to the government.
[Mark Steyn is filling in for Rush today] On the impossibility of making meaningful progress on paying off the national debt by “soaking the rich”…
If you took every single penny that Warren Buffett has, it'd pay for 4-1/2 days of the US government. This tax-the-rich won't work. The problem here is the government is way bigger than even the capacity of the rich to sustain it. The Buffett Rule would raise $3.2 billion a year, and take 514 years just to pay off Obama's 2011 budget deficit.
On the dropping of the “official” level of unemployment to 8.1%…
Barack Obama has decided that the only way to lower the unemployment rate is to kill off jobs. The unemployment rate went down one-tenth of a percent from 8.2 to 8.1 percent, but the number of people who left the labor force is at an all-time high. It’s over 88 million Americans not working. The Labor Force Participation Rate – that is, the universe of all jobs available – is skyrocketing upward, and that means fewer people are counted in the equation, which means the unemployment rate is plummeting… we’re not moving in the right direction. It is sick, folks… it’s just unacceptable, what has happened to this country, what is happening to the jobs in the entire private sector here.
Mark Steyn is filling in for Rush today… On economic signs of the times under the Obama Administration
Sales of ovens and stoves are at their lowest in twenty years. So if you want to stick your head in the oven and light the gas because you can’t stand the way the economy’s going, you won’t even be able to do it in a new oven… And while we’re giving out all these numbers, here’s my favorite number of the day. It’s an absolutely ingenious statistical comparison from Mark Tapscott in the Washington Examiner. According to Jim Messina, his campaign manager, through the second quarter of 2011, President Obama now has 552,000 contributors to his 2012 reelection campaign. The Bureau of Labor Statistics announced that during the same two quarters the US economy generated 260,000 jobs. In other words, Obama attracted twice as many campaign donors as his economic policies created new jobs.
On media coverage of the unemployment rate.
The unemployment rate's up to 9%, and they're celebrating. They're talking about some of the strongest job growth – 244,000 new jobs, 62,000 of them from Micky D's. Sixty two thousand from McDonald's. Now remember, in the past, those jobs have been impugned by the Democrats and the left, as meaningless, futureless, hamburger-flipper jobs, without health care... if we'd had our news media of today, back in the days of Herbert Hoover, we would've never had a depression. Because it would've never been reported as a depression.
On Obama's poor re-election prospects for 2012.
Nobody voted for this. Nobody wants this. Nobody wants a declining United States. Nobody wants a declining U.S. economy. Nobody wants rising food prices. Nobody wants rising gasoline prices. Nobody wants the price of their home to be worth less than their mortgage. Why would we re-elect the guy who did it all?
On President Obama's casting of blame on the previous administration for the state of the economy.
So let me see if I understand here. Obama was in the Senate, voting for all of those things that led to the economy being worse than he knew that it was. He was voting for more spending. He was voting for higher taxes – Pelosi was speaker, Dingy Harry was the majority leader. And what? Poor old Obama, all 159 days he spent in the Senate, was clueless? He had no idea how horrible things really were? He just, one day stepped into the Oval Orifice, saw everything was worse than he thought, after two years of controlling all of Washington at the House and the Senate?
On the emergence of a new political epithet.
There's actually a new term, it's just like 'deniers' – global warming deniers, climate change deniers, you know, connect them, relate them, to the Holocaust deniers. Now default deniers. The conservatives – on the outskirts of economic circles, who don't believe that default will lead to dire consequences – are now default deniers. Why is there even a debt limit if it would be catastrophic if it were not raised whenever it suits Congress to raise it?
On Obama's political vulnerability in 2012.
What a political target. There's nobody that wants more unemployment. There's nobody that wants higher taxes. There's nobody that wants more of the same in the housing market. Is there? There's nobody that wants higher gasoline prices, there's nobody [that] wants what's happening with higher food prices to continue... there's nobody that wants more of what Obama's policies have led to, is there?
Mark Steyn is guest-hosting for Rush today.
On the vote in Congress against raising the debt ceiling, in which prominent liberals joined Republicans and voted no.
We're winning this argument. We've won it with the Republican party – there were no defections on this issue. Republicans understand that raising the debt ceiling unconditionally is a disaster... Now obviously Nancy Pelosi, Steny Hoyer, and Debbie Wasserman-Schultz – they don't care about the debt ceiling one way or another... but they understand that for the moment it's politically problematic for them to be seen to be approving more out-of-control spending.
Mark Belling is guest-hosting for Rush today.
On President Obama and the anemic U.S. economy.
The reason there hasn't been more of a recovery and the reason we may be headed for another recession... is because of the policies of Obama. This isn't Bush's economy. And this is not the '07/'08 recession. This is Barack Obama's economy.
On Democrat party plans to accuse Republicans of intentionally inflicting economic harm on the country to improve their electoral chances in 2012.
Obama and the Democrats: You own this, kids! You have done this. Your fingerprints are all over it. The unemployment. The home foreclosures. The stock market. The coming inflation. The massive deficits. The subprime mortgage business. The fact that peoples' homes are underwater. You did this, there is no question you did it, and you are going to pay a huge political price for it in November of 2012. You can try and blame this on the Republicans all you want. In the process you are indicting yourselves…