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Sunday, May 29, 2011

A famous radio personality's take on "Recovery"

This posting is probably going to alienate some people because of the source of the information I attribute it to, and some may not even bother reading this posting as a result.  I have no control over that, but it would be a shame since its not a political bias posting..

I make reference to the following person not because I necessarily like or dislike him.. or I agree or disagree with most of his views...  But because on this SPECIFIC topic of faux economic 'recovery', he is spot-on, and so I always give credit when its properly due irregardless of political orientation.

So without further ado, Rush Limbaugh's take on the so-called recovery...

Source: Radio transcript in blue from May 26, 2011,

**  I only provided relevant quotes pertaining to the specific topic of a pretend recovery, and set aside political rhetoric, etc. because it serves no point and needlessly alienates readers into that left-right blame game that is helpful to no one.

"Headline for the Associated Press: "Stocks, Bond Yields Sink After Gloomy US Reports -- Stocks are mostly lower and bond yields are at a new low for the year after two reports dimmed hopes for the job market and the U.S. economy. The government says more people applied for unemployment benefits last week, the first increase in three weeks." By the way, it was unexpected. Ahem. "A separate report says the economy grew at a sluggish 1.8 percent in the January-March quarter. Surging gasoline prices and cutbacks in government spending offset strong corporate earnings."

Stocks "unexpectedly" tumble...  Unemployment "unexpectedly" rises.

You know, these people actually believe that we're in an economic recovery. They actually have written themselves into believing that, not just talk themselves into believing it. I'm talking about the media. They really believe it..."

"According to Reuters: "A department official said there were no exceptional factors to account for the rise in last week's claims." No exceptional factors, like no snowstorms, no tornadoes, no nothing. The usual thing that they could rely on to explain it, nothing out there. Even the Department of Labor is running out of excuses now. Do you ever think maybe the reason unemployment numbers go up is because we're still in a recession? You think maybe you people in the media might want to consider a possibility: The unemployment numbers went up because we haven't yet begun an economic recovery. It is absolute false, absolutely false to report that we're in an economic recovery."

"Everybody knows we're not in an economic recovery. Now, you can give me three quarters in a row of economic growth of 1.2%, but it's not translating to real life. Your stats, your reports (suspect as they are) do not translate to an improving quality of life for people. People don't see more jobs available. They don't see higher wages. There's nothing with a recovery to be seen. You can tout the recovery going on, you can lament it's not fast enough, you can lament that the pace of hiring is lagging behind where you want it to be. There is no replacement employment taking place -- and, by the way, last week's jobless number was revised up by 15,000 new claims."

"There's more economic news out there from the AP: "Sales of homes in some stage of foreclosure declined in the first three months of the year, but" dot, dot, dot "they still accounted for 28% of all home sales." ... Foreclosure sales slow but remain astronomically very high. There's no evidence there's any economic recovery, and there hasn't been any evidence of an economic recover because there isn't an economic recovery."

Like him, love him or loathe him, on this specific topic, Rush Limbaugh is 100% correct.  There is No sincere economic recovery taking place...  None.

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