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<\/p>\nRUSH: Here\u2019s Benjamin Bernanke. He is the Federal Reserve chairman. This is in Arlington, Virginia, this morning, at the 2012 Economic Policy Conference of the National Association for Business Economics. Here\u2019s just 15 seconds of Bernanke…<\/p>\n
BERNANKE: Conditions remain far from normal, as shown, for example, by the high level of long-term unemployment and the fact that jobs and hours worked remain well below pre-crisis peaks. We cannot yet be sure that the recent pace of improvement in the labor market will be sustained.<\/p>\n
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RUSH: Well, that\u2019s just wonderful. (chuckles) Obama in South Korea, can you imagine what he did when he heard what Bernanke said? So here\u2019s the Fed chairman saying (paraphrased): “Wait a minute, all this so-called good news in the unemployment numbers, we probably can\u2019t keep that up.” Now, there\u2019s a reason for this, according to the way they tabulate the number. If people think economy is improving — and the media is trying to tell \u2019em it is — and thus they reenter the job market and try to find a job, they then, once again, will resume being counted as unemployed. People who have left the job market and are no longer looking for work are not counted as unemployed. So if those people, or some of them, start looking for work again, they will be counted, and the unemployment number will go back up. Even while there is supposedly economic growth going on. That\u2019s probably what Bernanke\u2019s talking about. It could be worse. Bernanke could be saying that the economy itself is going to slow down, and thus hiring will slow down and whatever. He\u2019s preparing these people for forthcoming bad news on unemployment. <\/p>\n
Now, let\u2019s move on to Rick Santorum. Santorum has a campaign ad in which he describes life in America as “Obamaville.”<\/p>\n