{"id":213729,"date":"2016-06-03T17:16:32","date_gmt":"2016-06-03T21:16:32","guid":{"rendered":"http:\/\/172.24.32.11\/daily\/2016\/06\/03\/the_cold_and_bad_economic_news\/"},"modified":"2016-06-03T17:16:32","modified_gmt":"2016-06-03T21:16:32","slug":"the_cold_and_bad_economic_news","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2016\/06\/03\/the_cold_and_bad_economic_news\/","title":{"rendered":"The Cold and Bad Economic News"},"content":{"rendered":"<p><a href=\"http:\/\/live-rush-limbaugh.pantheonsite.io\/videos\/37\/71742\" target=\"_blank\"><img class=\"alignright\" src=\"\/wp-content\/uploads\/listentoit.jpg\" alt=\"Listen to it Button\"><\/a> <\/p>\n<section xmlns:image=\"http:\/\/ez.no\/namespaces\/ezpublish3\/image\/\" xmlns:xhtml=\"http:\/\/ez.no\/namespaces\/ezpublish3\/xhtml\/\" xmlns:custom=\"http:\/\/ez.no\/namespaces\/ezpublish3\/custom\/\">\n<p>RUSH: There\u2019s some really, really, really cold and bad economic news out there.&nbsp; Isn\u2019t that par for the course?<\/p>\n<p><a target=\"_blank\" href=\"http:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2016\/06\/02\/an_obama_post_presidency_preview\">Obama goes out to Elkhart, Indiana, and tries to bask in the glory of this phantom recovery<\/a> that does not exist and has not existed, goes out, tries to claim credit for all this great economic activity, saying things like things are better now than when he took office. Spending is down, the debt is down, wages are up, employment is up.&nbsp; It\u2019s just one lie after another.&nbsp; Thirty-eight thousand jobs created in May.&nbsp; And what kind of jobs do you think they are?&nbsp; Thirty-eight thousand.&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"MRC TV video player\" width=\"585\" height=\"315\" src=\"https:\/\/www.mrctv.org\/embed\/161971\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p>Have you seen the stories, folks, about robots?&nbsp; A lot of times people see a story about robots taking over at fast food restaurants, just zoom past it thinking, &#8220;That\u2019s not happening, that\u2019s one store trying something.&nbsp; That\u2019s so far away.&#8221;&nbsp; And you ignore it.&nbsp; I\u2019m gonna tell you something.&nbsp; It is happening.&nbsp; It\u2019s ramping up fast.&nbsp; And I\u2019m gonna give you three words to explain it:&nbsp; minimum wage increase.&nbsp; It\u2019s the same old saw.&nbsp; Here you have a bunch of central planners, command-and-control economics experts sitting in national and state capitals deciding that the markets are unfair and this needs to be corrected and the unfairness of the market is manifesting itself in the fact that nobody\u2019s earning enough in the middle class, people aren\u2019t seeing any wage increases, no standard of living increases.&nbsp;<\/p>\n<p>And of course these central planners never stop to think that it was their previous Central Planning that has led to this, their lack of trust in the market, corporate cronyism involving government and various corporations, all kinds of reasons, phony trade deals, any number of reasons to explain this.&nbsp; And so their solution is not to back out and let the market make the correction.&nbsp; Their solution is to tinker and fix it again.&nbsp;<\/p>\n<p><img id=\"eZObject_123338\" class=\"img_middle\" align=\"middle\" src=\"\/wp-content\/uploads\/2016\/06\/DemocratPlaybook101RaiseMinimumWage.jpg\"\/><line xmlns:tmp=\"http:\/\/ez.no\/namespaces\/ezpublish3\/temporary\/\">And the minimum wage comes in, and bammo, here we\u2019re facing a $15 minimum wage, and, as usual, the central planners and the command-and-control economists at Central Planning say we\u2019re just gonna mandate a $15-an-hour minimum wage and the businesses out there are gonna have to suck it up and pay it.&nbsp; They\u2019ve got the money.&nbsp; They\u2019ve all got a stash of money in the back room they\u2019re not using.&nbsp; They\u2019re just hoarding it for themselves.&nbsp; We know it; they know it.&nbsp; Well, it\u2019s time that money was paid to their employees.&nbsp;<\/line><\/p>\n<p>So they mandate a $15-an-hour minimum wage, and immediately people start becoming unemployed.&nbsp; Businesses who can\u2019t afford it fire people.&nbsp; Businesses budget, responsible businesses budget.&nbsp; Labor is usually the largest or second largest expense in any business.&nbsp; You want to get your fixed costs known for as much time in advance, future, as you can, for other budgetary planning.&nbsp; You also budget what you think your revenue\u2019s gonna be, what your expenses are gonna be, then you calculate what you hope your profits gonna be, then you start shooting and aiming for it. You hope that the market activity that you\u2019re counting on happens. If there\u2019s an interruption in anything that you plan, then you have to adjust.&nbsp; That\u2019s called dynamics.&nbsp;<\/p>\n<p>Center planners don\u2019t understand dynamics.&nbsp; Central planners think everything is flat, static.&nbsp; You mandate a $15-an-hour minimum wage, employers are going to pay it.&nbsp; And people making $10 an hour are gonna get an $5-an-hour raise, and it\u2019s a beautiful thing.&nbsp; And they can\u2019t believe it when that doesn\u2019t happen.&nbsp; Back to the business, any business that responsibly budgets, it\u2019s got its fixed costs for labor.&nbsp; It\u2019s a percentage of revenue.&nbsp; There isn\u2019t a stash of money hoarded away that the owner or the CEO is keeping for himself.&nbsp; I\u2019m talking here in the case of most small businesses.&nbsp; So the central planners mandate a $15-an-hour minimum wage, which let\u2019s just say for sake of argument here, $5-an-hour increase.&nbsp;<\/p>\n<p>Well, they have now got to figure out, the small businessman, &#8220;Okay, I\u2019ve gotta pay people that are currently making 10, I\u2019ve gotta pay \u2019em 15, but my entire expenditure on labor cannot increase \u2019cause I can\u2019t afford it. So I\u2019m gonna have to fire X-number of people if everybody\u2019s gonna get 15 an hour instead of 10. I\u2019ve gotta fire whatever number of people to keep my budget the same \u2019cause I can\u2019t afford to spend more.&#8221;&nbsp;<\/p>\n<p>That\u2019s what happens.&nbsp; And the Central planners scratch their heads and they chalk it up to racism and bigotry and bias and who knows what else, unfairness.&nbsp; They call it the evils of capitalism because, to them, the private sector economy\u2019s the golden goose.&nbsp; There\u2019s all kinds of money out there.&nbsp; That\u2019s why they can keep robbing it, stealing from it, raising taxes on it, regulating it, whatever.&nbsp; It\u2019s a never-ending producing golden goose, as far as they\u2019re concerned.&nbsp; These are people who\u2019ve never met a payroll, never owned a business.&nbsp;<\/p>\n<p>In case of Obama\u2019s cabinet, there\u2019s not one person in his cabinet that\u2019s ever had a job in the private sector, certainly never one that\u2019s run a business.&nbsp; Stunning when you stop and think about it, and they\u2019re commanding everybody how to run their own businesses.&nbsp; So it gets to the point where small business owners, &#8220;You know what,&#8221; they say, &#8220;not only are they mandating I pay $15 an hour, and I can\u2019t really afford it, I\u2019ve got to fire some people, you know what, even at 10, $15 an hour, I got people calling in sick, I got people working halfway, I mean, not everybody\u2019s a model employee.&nbsp; Not everybody is trying to impress the boss and get a promotion.&nbsp; You have some people that are dryballs.&#8221;&nbsp;<\/p>\n<p>So robotics are being tinkered with and invented as part of our tech advancement, and, lo and behold, somebody discovers that he can hire a robot to serve burgers and fries at a fast food restaurant.&nbsp; You know what?&nbsp; You don\u2019t have to pay the robot.&nbsp; You have to make the original investment, whatever the robot cost, it may be six figures but you amortize that over whatever number of years you finance it, you have a fixed cost on your robot, it\u2019s gonna cost you exactly this year what it\u2019s gonna cost next year, and you know what you\u2019re gonna be paying for this robot over the years. But it\u2019s never gonna demand a raise, it\u2019s never gonna get sick, it\u2019s never gonna get pregnant, it\u2019s never gonna get a sexually transmitted disease.&nbsp; It isn\u2019t gonna steal from you.&nbsp; Isn\u2019t gonna do any of those things.&nbsp;<\/p>\n<p>All you\u2019ve gotta do is put it in there, and if the tech has been perfected and the robot can handle the drive through and the robot can handle one of the cash registers, then you are good to go and whoever was manning those places is then getting fired. And the command-and-control central planners scratch their heads and say, &#8220;What is going on?&#8221;&nbsp; And the small businessman, &#8220;If you had not raised the minimum wage, I wouldn\u2019t be doing any of this!&#8221;&nbsp;<\/p>\n<p>&#8220;But your minimum wage was unfair, it was too low.&#8221;&nbsp;<\/p>\n<p><img id=\"eZObject_123339\" class=\"img_middle\" align=\"middle\" src=\"\/wp-content\/uploads\/2016\/06\/obamaunemployment.jpg\"\/><line xmlns:tmp=\"http:\/\/ez.no\/namespaces\/ezpublish3\/temporary\/\">No, the minimum wage is what the market dictates.&nbsp; These are entry-level jobs.&nbsp; We\u2019re talking about people who\u2019ve never worked before, have very low skills, they\u2019re trying to learn things about working, we\u2019re teaching them.&nbsp; This is entry-level.&nbsp; We\u2019re not feeding a family of four on the minimum wage.&nbsp; So that\u2019s just one reason why this happens.&nbsp; Thirty-eight thousand new jobs.&nbsp; The unemployment rate, I haven\u2019t seen what they reported it at, but it\u2019s probably around five, 5.1, whatever.&nbsp; (interruption) 4.7?&nbsp; Are you kidding me, that\u2019s what they reported?&nbsp; 4.7.&nbsp; That\u2019s not possible.&nbsp;<\/line><\/p>\n<p>The only way you can get to 4.7% unemployment is if you stop counting the 95 million not in the labor force, because the labor force participation rate\u2019s reached an all-time high, or low, depending how you look at it.&nbsp; There\u2019s a record 94,708,000 Americans not in the labor force.&nbsp; Some of them don\u2019t want to be.&nbsp; They\u2019ve retired.&nbsp; Some of them don\u2019t want to be.&nbsp; They can\u2019t.&nbsp; Some of them do want to be in the labor force; they can\u2019t find work.&nbsp; They can\u2019t find a job that pays more than 30 hours a week because of Obamacare.&nbsp; 4.7.&nbsp; That just an outrage.&nbsp; The last time it was legitimately 4.7 was in, I think, George Bush\u2019s first term.<\/p>\n<p>We had the economy coming out of a recession following 9\/11, and it was booming.&nbsp; We do not have a booming economy, anything of the sort, and everybody knows it.&nbsp; When Obama goes out and tries to talk about it everybody laughs because you can lie about it all you want, but people are not feeling it \u2019cause it isn\u2019t happening.&nbsp; 4.7.&nbsp; Yeah.&nbsp; Exactly, 458,000 people left the workforce.&nbsp; What does that mean?&nbsp; It means 458,000 people can\u2019t find a job.&nbsp; So the unemployment rate, 4.7, yeah, as a percentage of a shrinking labor force.&nbsp; But if you throw in these 94.7 million that want to work, there\u2019s no way we\u2019re looking 4.7 unemployment.&nbsp;<\/p>\n<p>How can you have 4.7 unemployment when you create 38,000 jobs in the month of May, and that\u2019s the smallest, that\u2019s the least number of jobs created in a month in five years.&nbsp; It\u2019s an utter disaster.&nbsp; In just seven and a half years, look at the surprising amount of change for the worse everywhere you want to look:&nbsp; culturally, economically, politically, it is astounding how much damage has been done in seven and a half years.&nbsp; Yet people don\u2019t think that\u2019s fast.&nbsp; &#8220;That\u2019s a long time, Rush, and the change has been gradual.&#8221;&nbsp; No, it\u2019s really a short period of time.&nbsp; But the amount of change that has taken place is stunning: 38,000 jobs added, worst since September of 2010.&nbsp;<\/p>\n<p>Let\u2019s unpack this.&nbsp; This could give Crazy Bernie a huge boost before the California primary, even though it won\u2019t matter if he wins.&nbsp; I know some people think if Crazy Bernie wins California, that Crooked Hillary may start hemorrhaging superdelegates, but that\u2019s not going to happen.&nbsp; I\u2019m just telling you right now, if she starts hemorrhaging superdelegates, they\u2019re not gonna go to Crazy Bernie.&nbsp; Joe Biden chomping at the bit over there, stage left, wanting to get in.&nbsp;<\/p>\n<p><img id=\"eZObject_123340\" class=\"img_middle\" align=\"middle\" src=\"\/wp-content\/uploads\/2016\/06\/ObamaWreckingBall2PIX.jpg\"\/><line xmlns:tmp=\"http:\/\/ez.no\/namespaces\/ezpublish3\/temporary\/\">Remember Obama\u2019s State of the Union speech: anyone claiming America\u2019s economy is in decline is peddling fiction?&nbsp; Anybody wonder why &#8220;make America great again&#8221; works as a slogan?&nbsp;<\/line><\/p>\n<p>I have to take a break.&nbsp; Oh, there\u2019s one other thing.&nbsp; Find a way to work this thing.&nbsp; No, let me hold it.&nbsp; There\u2019s gonna be a better way to transition into this.&nbsp; It\u2019s just a little interesting something I realized to explain manufacturing losses or shifts or what have you.&nbsp; Let me just tell you.&nbsp; Just find a way to transition into this.&nbsp;<\/p>\n<p>When we finished World War II, what had we done?&nbsp; We had destroyed two industrial giants in the world, Japan and Germany.&nbsp; We became the industrial giant of the world.&nbsp; We were it, because we had vanquished two of the biggest manufacturing economies and industrial economies in the world, Japan and Germany.&nbsp;<\/p>\n<p>The number, according to Yuval Levin, a little book he\u2019s written, 60% of all manufacturing and industrial activity post-World War II and for 20 years after took place in the United States.&nbsp; Now, that\u2019s part of what people remember. Those were the good old days, when America had lots of manufacturing jobs and most of the products in the world were manufactured in America, and they think trade deals and a number of other things were the culprit in changing that.&nbsp; And they had a role, of course.&nbsp;<\/p>\n<p>But we had no competitors for 20 years after World War II because we had beaten the smithereens out of them.&nbsp; But eventually Japan came back and Germany and other vanquished economies.&nbsp; So when people remember the postwar period in America as Ozzie and Harriet great, Leave It To Beaver great, it was.&nbsp; We didn\u2019t have any competitors.&nbsp; We had wiped \u2019em out.&nbsp; But now they\u2019re back, and you have to throw others in the mix, the ChiComs.&nbsp; So it\u2019s a different global situation now that we would have to, again, eliminate similarly to World War II competitors to actually recreate the similar circumstances of that era.&nbsp;<\/p>\n<p>Back in just a second.<\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p>I just saw a Drive-By news report, CNNMoney:&nbsp; <a target=\"_blank\" href=\"http:\/\/money.cnn.com\/2016\/06\/03\/news\/economy\/us-economy-may-jobs-report\/\">&#8220;US Job Creation Weak, Even as Unemployment Rate Falls to 4.7%.&#8221;<\/a>&nbsp; The only way that the Drive-Bys get away with this is because math education is so woefully inept.&nbsp; This is a laugher.&nbsp; This is an absolute joke.&nbsp; It\u2019s so unserious.&nbsp; There is no way the unemployment rate, as people understand it, is 4.7%, and yet the low-information crowd\u2019s gonna eat it up and think it is.&nbsp;<\/p>\n<p><img id=\"eZObject_123355\" class=\"img_middle\" align=\"middle\" src=\"\/wp-content\/uploads\/2016\/06\/ObamaUnemploymentMath.jpg\"\/><line xmlns:tmp=\"http:\/\/ez.no\/namespaces\/ezpublish3\/temporary\/\">We create 38,000 jobs, it\u2019s the smallest job growth since 2010.&nbsp; Four-hundred and eighty five thousand people left the workforce, a record 94.7 million not in the labor force, adults.&nbsp; Stop and think of that.&nbsp; We have a population of 220 million adults, roughly, 94.7 million not working?&nbsp; I\u2019m sorry.&nbsp; With that alone you have to understand that economic growth is simply &#8212; well, it\u2019s not impossible, but it\u2019s unrealistic to expect any massive economic growth.&nbsp; It\u2019s not possible.&nbsp;<\/line><\/p>\n<p>Because every one of those people is eating.&nbsp; Somebody has to feed \u2019em. Somebody has to pay to feed them. They\u2019re not producing anything on their own.&nbsp; I\u2019m not being critical, I\u2019m be analytical here.&nbsp; You got 94.7 million Americans, add to that the legitimate retirees who are not counted in that number. And let\u2019s count the children in there. They\u2019re all eating and they\u2019re all moving around and they\u2019re all watching television and they all got cell phones, somebody\u2019s paying for it.&nbsp; And that money has to come from somewhere, go to somewhere.&nbsp;<\/p>\n<p>We\u2019re $20 million in debt, and they want to tell us that the unemployment rate plummeted?&nbsp; I mean, the Drive-Bys can\u2019t even report this as a great economic month.&nbsp; They have to tell the truth because there\u2019s no great news here, other than the number.&nbsp; And they\u2019re doing their best to hype the number because it\u2019s all about protecting Obama, but it\u2019s an absolute joke.&nbsp; It\u2019s mathematically impossible unless you change the universe against which you are making the calculation.&nbsp;<\/p>\n<p>If you\u2019re gonna not count the 94.7 million Americans who aren\u2019t working, if you don\u2019t count them, you throw them out of the universe and then you calculate how many people want to work but aren\u2019t and are still looking for work, the 94.7 million, by definition, are not. The only way you can get to 4.7% unemployment is by throwing out and not counting the almost 95 million not working.&nbsp; And yet that\u2019s what the government\u2019s doing, with the full confidence that there are enough uninformed, ignorant Americans are gonna soak it right up and believe it.&nbsp; It\u2019s just an out-and-out lie.&nbsp;&nbsp;<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: There\u2019s some really, really, really cold and bad economic news out there.&nbsp; Isn\u2019t that par for the course? Obama goes out to Elkhart, Indiana, and tries to bask in the glory of this phantom recovery that does not exist and has not existed, goes out, tries to claim credit for all this great economic [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Cold and Bad Economic News - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2016\/06\/03\/the_cold_and_bad_economic_news\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"The Cold and Bad Economic News - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: There\u2019s some really, really, really cold and bad economic news out there.&nbsp; Isn\u2019t that par for the course? 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