Upon hearing the depressing job numbers, Rush Limbaugh took to the microphone Friday and made an eye-opening comparison between President Obama’s second term and another U.S. president who was faulted for not better handling the economy back in the 1970s:
This number of people not working, labor force participation rate, is a record 92 million people. This labor force participation rate plunge equals, on a percentage basis, where we were in 1978. Now, I realize many of you are too young to remember 1978.
We were in the second year of Jimmy Carter’s administration — and, folks, things were so bad back then that the “misery index” was invented as a way of expressing how bad it was. Interest rates were in the 12 to 14% range. Inflation was double-digit.
I mean, it was an absolute, total, utter disaster. Jimmy Carter was giving speeches from the White House about the national malaise. He was telling everybody turn down the thermostats and wear sweaters because the Middle East was restricting oil delivery. It was absolutely disastrous. It was on the heels of the mess caused by Watergate, but it was, again, the policies of a liberal Democrat president. This is Jimmy Carter’s second term is what’s happening here.
Barack Obama is Jimmy Carter’s second term, if he had won.
So we’re now statistically right where we were in the middle of the Jimmy Carter disaster, and especially when you look at the similarity as a percentage basis was the labor force participation rate. All of this is just awful as an American, knowing that these are real people affected by this. These are real human beings who are affected by all of this — and yet inside the Beltway, they’re looked at as statistics or recipients of extended unemployment benefits.
(H/T: The Gateway Pundit)