The Third Anniversary of Obama's Stimulus
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RUSH: This is an anniversary, and I want to take you back three years ago, February 17th, 2009. Barack Obama had been in office barely a month, not even a month, was getting close, but less than four weeks, and he announced the stimulus, the Porkulus bill. And just as we have been doing all week, going back to our archives, playing for you sound bites of me on this program predicting what was going to happen and having it illustrated that I was right the on money, I want to do it again. I want to take you back to this program February 17th, 2009, the day of the Porkulus, I want you to listen. You heard it back then, but this is to jog your memory as to what I said was in store for us because of this bill.

RUSH ARCHIVE: I'm an eternal optimist, which is why it would be a mistake to say that the stimulus bill's gonna wipe us out. What is more proper to say is that we now have elected a president and we have a Congress made up of extreme radical leftists, and they're gonna take aim at capitalism. And it's gonna be an epic battle. Will they be able to fundamentally transform this nation into what would have officially technically be called a socialist nation? The stimulus bill by itself is going to do tremendous damage down the road. The question is will it do damage immediately. Is this stimulus bill large enough to overcome the capitalist entrepreneurial tendencies of Americans. This thing is gonna get signed in one hour. If we don't see unemployment drop in two months, we can say it didn't work, and we're gonna proclaim it loudly that it didn't work. If we don't see a bunch of new schools being built; if we don't see a bunch of roads and bridges being repaired, above what's already happening, we're gonna say, "Hey, this isn't working." Because I'll tell you what's gonna happen, when the economy rebounds, for whatever reason, and it will not be the stimulus package, but we have a totally in the tank sycophantic, they're gonna die of anal poisoning someday media that cannot wait to credit Barack Obama for any -- the smallest little economic uptick. The fix is in, folks. The fix is in to make this guy the most successful, the most rapidly successful president ever.
RUSH: And they tried. They did everything they could. That stimulus bill was portrayed as the single greatest piece of legislation to come down the pike since the New Deal. Well, it's three years into it, and we know it was an abject failure from our standpoint. From his, it was a total success. It was a resounding success. Yesterday, in Washington, there was a budget committee hearing, House of Representatives passed Paul Ryan's 2012 budget for fiscal year 2012. Paul Ryan's budget seeks to drastically limit government spending next year and in years to follow, but the vote on the measure, which, by the way, imposed $5.8 trillion in spending cuts over the next ten years, $5.8 trillion in real spending cuts came after a clear sign that at least half of the Republican caucus supports even tougher spending cuts.
Now, try to imagine the media explosion if a Bush official made the following statement. At this committee hearing, Little Timmy, the tax cheat, Tim Geithner showed up, and he said Obama's a failure. (paraphrasing) "We have no plan for reducing the deficit." He admitted it, up front, boldly. He said, "We're not coming before you to say we have a definitive solution to our long-term problem. What we do know is we don't like yours."
That's what the Treasury secretary said to a congressional committee yesterday. Funny, shocking. After three years the regime tells us they have no solution to the deficit. Not only, folks, do they have no solution, they have no intention, no desire. They're gonna spend and spend and spend and, if he's reelected, he's going to spend and spend and spend.
He wants to go down in the history books as the guy who finally cut the United States down to size, the guy who finally showed the United States what it has been like for the rest of the world because of the United States. If he's added $5 trillion in these three years, he'll add another $5 trillion in the next two years if he's reelected, and then guess what? When we get to 2017, 2018, whoever is elected then will have to deal with this. At that point, will it all be academic and too late? By that time, if the Supreme Court finds the health care bill constitutional, we're gonna be living in such a drastically different country anyway, will it matter? We're already heading down the pike where the number of people working is reduced.
I got a very scathing and angry e-mail yesterday from a subscriber to my Rush 24/7 website. The guy said, "You don't know what you're talking about. You keep saying that they've reduced jobs. It's not that they reduced jobs, you keep missing it. What's happening is people are losing jobs." Let me try this again. They are simply eliminating jobs from the universe of available jobs. They just, in December alone, they just erased 1.2 million jobs. They just said there are that many less jobs to get. Businesses have closed, however you want to imagine that being defined. Those jobs are gone. Fini. They're not waiting to be filled; they're gone. Just 1.2 million of them. This is the labor force participation rate. And the only reason this unemployment rate is in the 8% region is because they have reduced the number of jobs against which they are comparing the number of people looking and the number of people who have stopped looking, the total number of people out of work for whatever reason.
If the same number of jobs were available today as there were when Obama took office, and that's about two million plus, the unemployment rate would be close to nine and a half percent. Gallup says the real unemployment rate actually is 9%. The CBO has said we're going to be facing 8% unemployment throughout until the year 2014. That's, again, with jimmied numbers, I guarantee you. But here comes Tim Geithner: "We're not coming before you to say we have a definitive solution to our long-term problem. What we do know is we don't like yours."
They have no intention of dealing with this. Unemployment is higher today than when the stimulus bill was signed three years ago. When the stimulus bill was signed, unemployment was 7.2%, but something people forget, if you go back and look starting in November of 2008 after the election you will see the number of people applying for unemployment benefits shoots up over 400,000. It actually started with the election of Obama. With the election of Obama, small businesses began to downsize. They knew what was coming. The people with skin in the game, i.e., people who are putting money to work, investing capital, they knew what was in store, at least in a broad-based way. Unemployment actually started skyrocketing upon Obama's election, but when the stimulus was signed, it was 7.2%. Now it's 8.3, down from a high of nearly 10%.
I don't know how anybody can look back over these past three years... it's like a couple days ago, maybe it was yesterday, I said, "Is Obama ever going to get blamed for anything?" Is anything going on in the economy ever going to be said to relate to anything he's done? As far as he's concerned and the media is concerned, no. This is all the result of Bush. Still today, it's all the result of Bush. He hasn't done anything. It's just now that the economy, in their estimation, is starting to kick back in, it's finally working.
It was so bad, it was worse than we knew, and now our policies are finally starting to take hold. The reason he's not touting the stimulus is because nobody wants another one. The stimulus, go out and poll it, and you'll find it negatively polls. He's not campaigning on anything to do with the economy. Oh, he's out there trying to get people psyched up about it, but this whole campaign right now is based on contraception, another lie, misrepresentation, based on social issues.
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"George, what are you talking about?"
"See? See? See? They do want us to work with Obama! They do want us to cross the aisle. They do want us to have a moderate candidate!"
"Essam el-Erian, a top Muslim Brotherhood official, has warned that any cuts in US aid to Egypt would violate the US-brokered 1979 peace agreement with Israel and could affect Cairo's peace treaty with Israel." So this guy, the top Muslim Brotherhood clown, is warning that America should understand that what was acceptable before the revolution is no longer acceptable. And this is all music to Obama's big ears. Egypt was Obama's first big address after taking office. So the Obama Brotherhood is laying down the law in Egypt. He's got a greater affection for these guys than he does the Republicans.
Now, the White House tweeted about an hour ago. They tweeted this: "I'm asking the American people to keep their stories coming. Tell us what $40 means to you. Use the hash tag #$40, President Obama." So Obama sent a tweet out there -- and he did this little appearance: "It only happened because of you. You need to keep telling Washington what $40 means to you. It means a tank of gas," and, by the way, we got the sound bite coming up. Gasoline prices are going up faster than ever. Normally they go up around May for the summertime, but gasoline prices are going up and may reach $5 a gallon. Obama is saying: Yep, good news! It's a sign the economy's coming back. It's a sign the economy's growing: $5 gasoline.
You go to the grocery store; you buy the same things. Let's just say pretty much the same thing every week or how often you go. You know it's costing more. You know the cost of living is going up. You know economy is not growing. You know that your wages, your income, is not keeping up with the cost of living. Five-dollar-a-gallon gasoline, this stuff means something -- and to sit here and herald a $40-a-month tax cut, and to talk about how meaningful it is? The sad thing is, it IS meaningful to a lot of people! Forty dollars, in this economy with what Obama has done, is meaningful. That's how bad things are.
Anyway, his budget increases spending, and there are only two areas where there are spending cuts in Obama's budget, which is DOA. It's a total fantasy. It isn't going anywhere. You wonder why he even put this thing out 'cause it's just gonna get slapped down. Even Democrats are slapping it down today. But the two areas where the Obama budget has real spending cuts are in defense and just found another cut, that's the postal service. Obama's budget proposes cutting back mail delivery to five days a week. You may think, "Big deal, Rush, that's not a big thing. Nobody gets real mail anyway." Wait a minute. That's not gonna be a very popular budget cut. How many Americans rely on government checks? How many of Obama's constituents rely on government checks? It's a big number.
OBAMA: We cannot and will not sustain deficits like these without end. Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration, or the next generation. And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office.
RUSH ARCHIVE: [E]verything I heard him say is a lie or sounds like a lie. Everything I heard him say is the exact opposite of what he has done or is going to do. He then, after giving this lecture on pay as you go, don't spend what you don't have, and we're making great progress towards responsibly living within our means -- and this is how community organizers work -- he then released the group in the East Room into their breakout work study groups. He said, "I want you to not only identify the problems. I want you to come up with solutions. I want you to talk to yourselves about the problems and about the solutions. I want you to talk to people in other breakout groups. I want you to talk to me and my team, and then," this is the best part of this, "report back later this afternoon with your results." (laughs) So, to set stage here for you, Obama convenes this summit, this Fiscal Responsibility Summit. Everybody in the room knows that everything he says at them is jaw-dropping incredulous unbelievable. Then he dispatches them to their work groups, and at the end of the day they're supposed to go back and report the solutions. Do you realize, folks, in three hours Barack Obama will have solved the nagging problem of fiscal irresponsibility. It's going to be fixed by -- well, three hours and 20 minutes, so five o'clock. By five o'clock Eastern time, the problem is solved.
RUSH: Now, folks, this statistic that is in the budget. The new budget projects gross federal debt rising to $17.5 trillion in FY '13. Not only is that 107% of GDP, the budget is gonna grow at more than $2 trillion next year, is what that means. Currently, the federal debt is $15.3 trillion, and some might say we've reached debt limits and expanded, so we're up to $16 trillion. Regardless, the debt is going to go up more than $2.2 trillion. That's almost twice as fast as Obama has been increasing the debt per year so far. He's going to double the rate of increase of the debt with this budget. And remember... We just picked one sound bite, but you go back to the first three months of 2009 and you can find all kinds of examples of Obama (even after the first three months) talking about how we gotta get our fiscal house in order.
There's not a one of these guys who got where they are by agreeing with what they're saying now and by behaving the way they talk now. Warren Buffett didn't get where he is with policies, philosophies, and business practice that are reflected by his current language. Just the opposite. So all these filthy rich people who talk liberalism and who try to make people think they live liberalism, they're scared. They want an insurance policy. They want a moat around their homes and their businesses that you can't cross in anger. So that's how they do it. They speak of disdaining wealth. They talk about how they don't need any more tax cuts, while they go out and try to earn even more, and Warren Buffett fights current tax bills that he has.
RUSH: We'll take a brief time-out, come back and listen to a bit of Santorum's speech last night in St. Charles, Missouri. And after that we have a bite from
SANTORUM: I wouldn't be surprised if he isn't listening. Why would you think he would be listening now? Has he ever listened to the Voice of America before? (crowd yells "No!") No, why? Because he thinks he knows better. He thinks he's smarter than you. He thinks he's someone who is a privileged person who should be able to rule over all of you. But we have a different message for him.
So this little paragraph here is chock-full of stuff. She's ripping people (paraphrased): "Oh, yeah, yeah! A McCain presidency is looking pretty good right now!" I actually could make the case that the party, the Republican Party would be far worse off today with McCain having won. But that's for another time. Back to Ms. Hays here. "Mitt Romney speaks conservatism like a second language -- that is because it is a second language for him. Is that such a bad thing? Sure, he needed somebody to tell him not to flaunt that coveted Bob Dole endorsement.
So it was a bonehead move to answer the e-mail, but I was sitting there, and I was in the middle of something, and my natural inclination is toward politeness. It's a shame one of the tried-and-true virtues, manners, politeness, seem to always get a person in trouble. Have you ever noticed that? The virtues of manners and politeness could get you into trouble. Well, trouble, I mean a situation you'd rather not be in. Anyway, so back to the Politico piece here, and it's written by Jonathan Martin. It shows up in the Burns and Haberman blog. It shows up on his byline, but not on his blog.
What do the polls now show? Is Gingrich down by 15 in Florida? Twenty in one poll, 15...? See, this is the thing. You know how much respect I have for you in this audience, for your intelligence and your independence and for your ability to follow and understand what we do on the program here. I've never, ever considered all of you mind-numbed robots. Contrary to what many of you might believe, I do not have an out-sized ego. I don't have really much of an ego at all. I frankly wish I had a bigger ego than I do. I don't think that my endorsement is gonna change a whole lot of opinions.