Obama thinks economics is about how much government spends.
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This is yesterday, last night on Fox News Special Report Bret Baier the Fox News All Stars, George Will was talking about the economy and jobs and so forth. I read a couple of blogs today who thought that this was just the most brilliant thing they’ve ever heard. They thought, “My God, we haven’t heard this before. Wow, this is really, really smart!” Here’s what George Will said…

WILL: “We’ve lowered the unemployment rate largely — not entirely, but largely — because workforce participation rate has gone down as more and more workers are being discouraged and are no longer counted anymore ’cause they’re not looking for work. If the workforce participation rate today were as high as it was when the recession began, the unemployment rate would be 11.3%. We wouldn’t be calling it a poor recovery because they wouldn’t call it a recovery at all.”

What’s that? What’s that you say? I have? I’ve been talking about this for two years? I thought it was three that I was talking about it. But regardless, I have? I’ve been talking about it? You know, I thought it sounded familiar. Snerdley’s reminding me that I’ve been talking about this for two or three years. But the guy that really started analyzing labor force participation rate and what the current unemployment rate would be was our old buddy Jim Pethokoukis at the American Enterprise Institute.

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