RUSH: 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 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.