{"id":37530,"date":"2011-02-09T01:01:01","date_gmt":"2011-05-19T00:05:15","guid":{"rendered":""},"modified":"2011-05-19T00:05:15","modified_gmt":"2011-05-19T00:05:15","slug":"unemployment_and_baby_boomers","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/02\/09\/unemployment_and_baby_boomers\/","title":{"rendered":"Unemployment and Baby Boomers"},"content":{"rendered":"
\n

RUSH: Jerry in Glendale, West Virginia, welcome to the EIB Network. It\u2019s great to have you here.<\/p>\n

CALLER: It\u2019s an honor to speak with you, Mr. Limbaugh.<\/p>\n

RUSH: Thank you, sir.<\/p>\n

CALLER: Greetings from Steeler country.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: I\u2019ve got a question, and I don\u2019t know the answer to this, and I hope you can help me.<\/p>\n

RUSH: Yeah?<\/p>\n

CALLER: With the numbers out last week of only 36,000 jobs created, the unemployment fell from 9.4 down to 9.0.<\/p>\n

RUSH: Right.<\/p>\n

<\/a>CALLER: We got a thing going on in this country where, according to government figures, the Baby Boomers are retiring at an average of 10,000 a day. At a 25-day workweek or work month, that\u2019s a quarter of a million people being put off of work at their own will. Why aren\u2019t these jobs being created? Is that why the unemployment rate\u2019s falling, or is this being hid?<\/p>\n

RUSH: Wait a second here. I want to understand your point here. Let\u2019s run the numbers here. You say that Baby Boomers retiring an average of 10,000 a day.<\/p>\n

CALLER: That\u2019s according to government figures.<\/p>\n

RUSH: Right, well —<\/p>\n

CALLER: Ten thousand a day are taking retirement.<\/p>\n

RUSH: Right. Doesn\u2019t matter, they\u2019re still checking out.<\/p>\n

CALLER: Yeah.<\/p>\n

RUSH: Right? So at a 25-day work month — is that what you\u2019re saying? <\/p>\n

CALLER: Yeah.<\/p>\n

RUSH: So you\u2019re saying a quarter of a million people a month are leaving their jobs?<\/p>\n

CALLER: Yes.<\/p>\n

RUSH: You think those are jobs that could be filled?<\/p>\n

CALLER: Well, I\u2019m wondering. Don\u2019t get me wrong on this. I\u2019m just curious as to why these figures aren\u2019t in the government\u2019s numbers.<\/p>\n

RUSH: Well, I don\u2019t know. I don\u2019t know that they would actually relate to the unemployment numbers. I\u2019m not aware that there\u2019s a specific category for people who retire and how that relates to the overall job market. The unemployment rate is calculated by the number of people looking for work, up against a number that the government says is the total number of jobs available at one time in the country, which has been reduced in the last reporting period by 2.2 million. That may be what you\u2019re talking about.<\/p>\n

CALLER: Well, from now on we should be looking at that same amount every month, am I right?<\/p>\n

RUSH: So your theory is we should be at full employment by the end of the year because all these Baby Boomers are quitting — with all these people looking for jobs — and their jobs are open?<\/p>\n

CALLER: I\u2019ll bet you Mr. Obama\u2019s looking for that.<\/p>\n

RUSH: Well, we\u2019ll keep a sharp eye on that. (chuckles) I, frankly, didn\u2019t know the Baby Boomer retirement rate was 10,000 a day?<\/p>\n

CALLER: I believe that\u2019s what the government\u2019s saying.<\/p>\n

RUSH: I\u2019m surprised there are 10,000 Baby Boomers actually working, but… (laughing) <\/p>\n

CALLER: (laughing)<\/p>\n

RUSH: I don\u2019t know. It\u2019s an interesting perspective, Jerry, and we\u2019ll look into this. Now, that\u2019s a whole new wrinkle on this that I hadn\u2019t even calculated. But if it\u2019s true, and if they are jobs that could be filled, people are simply quitting… You\u2019d have to say, ‘Okay, why are they retiring?\u2019 Maybe not every job is fillable. Maybe the jobs are being eliminated and that\u2019s why they\u2019re retiring, who knows? Attrition. There\u2019s a lot of variables in this, too. But I wouldn\u2019t look for a rapid rise in the employment rate because of this. (interruption) Well, no. (interruption) No, no. No government official… (interruption) Well, don\u2019t tell me Bernanke said this or Bernanke said that. I\u2019m not above being sandbagged by anybody. <\/p>\n

You got Bernanke going out there and everybody in the regime is saying, ‘We\u2019re not gonna get back to employment where we were, 2014, 2015. Well, maybe 2016.\u2019 Well, what happens if there\u2019s huge retirement between now and 2012? Makes Obama look even better, way ahead of expectations on employment numbers. (interruption) What could happen to cause the spike is the numbers we\u2019re getting now aren\u2019t true. Who knows? We\u2019re dealing with manipulators of information. We\u2019re dealing with people that totally control the bureaucracy. We\u2019re dealing with people whose primary objective is getting this regime reelected. So, I don\u2019t know. That\u2019s just another wrinkle into this that I hadn\u2019t really even considered only because I, ladies and gentlemen, was not aware that the Baby Boom retirement rate was anywhere near that high.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: I took advantage of the time during the break to look up this whole business of Baby Boomer unemployment. And, lo and behold, there\u2019s a story about it a couple days ago, February 7th, from Bloomberg: ‘Aging Baby Boomers Reduce Jobless Rate — Unemployment in the U.S. may fall faster than expected as Baby Boomers enter retirement, reducing the portion of people in the workforce, according to Drew Matus, senior U.S. economist at UBS Securities LLC.<\/p>\n

Labor force participation has fallen to the lowest level since 1984, largely because older people are leaving the worker ranks. If participation remains this low, employers need to create fewer jobs to reduce the unemployment rate, currently at 9 percent. ‘There\u2019s a cyclical downturn in the labor force participation rate, but there\u2019s also a structural one related to the Baby Boomers that a lot of Wall Street economists are missing,\u2019 Matus said. ‘When you add the two up, you\u2019re seeing this very dramatic drop in the participation rate. It might not bounce this time around.”<\/p>\n

So the unemployment rate could come down as we were just speculating, Snerdley, redounding positively to Obama simply because the number of jobs serviceable is falling as well. No new jobs being created, they\u2019re just fewer jobs, period. So when the number of jobs in the universe is reduced or declines, then of course the percentage of people unemployed will also decline. Ergo the employment number will appear to be going up. Ergo a picture of a booming economy will thus present itself. (interruption) Right, if we all quit our jobs, Obama\u2019s reelected tomorrow. If we all just quit look at what happens to the unemployment rate. It\u2019ll just shrink. That\u2019s the theory. Now, obviously this is kind of concocted, but you can see where this is headed. You can see where certain analysts want this to go, and this is Bloomberg State-Controlled Media. Very simple to see out there. So I\u2019m glad this guy called. I don\u2019t know how I missed this in the first place. Well, I know how I missed it. I was still trying to figure out what was happening on the field at the Super Bowl. That\u2019s why I missed it, but better late than never. Thanks to Jerry, that was a good catch.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Jerry in Glendale, West Virginia, welcome to the EIB Network. It\u2019s great to have you here. CALLER: It\u2019s an honor to speak with you, Mr. Limbaugh. RUSH: Thank you, sir. CALLER: Greetings from Steeler country. RUSH: Thank you. CALLER: I\u2019ve got a question, and I don\u2019t know the answer to this, and I hope […]<\/p>\n","protected":false},"author":25,"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":"\nUnemployment and Baby Boomers - 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:\/\/admin.rushlimbaugh.com\/daily\/2011\/02\/09\/unemployment_and_baby_boomers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Unemployment and Baby Boomers - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Jerry in Glendale, West Virginia, welcome to the EIB Network. It\u2019s great to have you here. 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