![](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaUncleSam.jpg\"\/)
RUSH: The CBO predictions that we\u2019ve talked about, the unemployment number where if you add the number of unemployed and compare it to the actual number of jobs available when Obama took office, it would be 9.75% unemployment? The CBO is unquestioned in their credibility. Nobody ever says they\u2019re lying. They are the coin of the realm! You dig deep into this whole story, and the CBO gives their predictions for economic growth for this year and next.<\/p>\n
Are you sittin\u2019 down?<\/p>\n
The CBO projects growth to be 2.2% this year. The ChiComs are growing at 9%. Obama, in his budget of a year and a half ago or whenever he last presented a budget, projected growth of 5% by now, and into infinity. We have 2.2% economic growth predicted this year, and 1% in 2013. An economic growth rate predicted by the CBO — which is unchallengeable. Don\u2019t ever disagree with them. They never lie, and they see 1% economic growth for 2013. My gosh, if they\u2019re right about that, this is horrible. And, of course, one of the fundamental reasons for that 1% economic growth prediction is the implementation of Obamacare, ladies and gentlemen. So that\u2019s what I am not looking forward to. After the elections, after November, we can look forward to a 1% GDP. That\u2019s a recession, folks. The New York Times called 3.5% GDP a recession under Bush.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
“In particular, between 2012 and 2014, revenues in CBO\u00c2\u2019s baseline shoot up by more than 30 percent, mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax.” Now, along these lines, for the longest time I remember citing an essay, a piece from a brilliant thinker at the Heritage Foundation who explained very succinctly why stimulus doesn\u2019t work, why government stimulus doesn\u2019t work. If you\u2019re gonna stimulate the private sector with money, you first have to take the money out of the private sector. If you\u2019re gonna inject $800 billion into the private sector, you first have to take it away from them. The money doesn\u2019t exist elsewhere. Unless you print it. Then we\u2019re talking distortion of reality anyway. <\/p>\n
Another piece has come along by a couple of professors. One of them is UC San Diego professor Valerie Ramey. She\u2019s got a report here along with Christopher Nekarda, the National Bureau of Economic Research study, the NBER, and they found that “private spending falls significantly in response to an increase in government spending.” They found, secondly, that “increases in government spending lower unemployment through an increase in government employment, not private employment.” <\/p>\n
This is her conclusion: “For the most part, it appears that a rise in government spending does not stimulate private spending.” The Heritage Foundation guy said, “It can\u2019t. It\u2019s not possible.” A rise in government spending does not stimulate private spending. Keynes was all wet. He didn\u2019t know what he was talking about. “Most estimates suggest that it significantly lowers private spending. These results imply that the government spending multiplier is below unity,” which is one. In other words, there\u2019s no such thing as government stimulus in the private sector. Cannot happen. Government spending does more harm than good to the private sector economy. You\u2019re not gonna see this report in the Drive-By Media. It\u2019s common sense. It\u2019s economic common sense. <\/p>\n
Now, in this CBO story I just read, the 30% taxes going up, the reason economic growth in 2013 is 1%, I think the CBO just called the health care mandate a tax, which is what Obama would love for it to be called. That would make it constitutional. I don\u2019t care what they call it, the bottom line is that government spending, government revenue, tax increases are going to continue to starve the private sector, and that, my friends, is by design. That is not incompetence, it\u2019s not being in over his head. It is purposeful. When the government\u2019s sole source of revenue outside printing it or borrowing it from the ChiComs, when the sole source of revenue for the government is taxing the output of the private sector, how does it make any sense to put $800 billion into the private sector that can only come from the private sector in the first place? <\/p>\n
It\u2019s not as though there\u2019s $800 billion lying around not being used. You and I both know we\u2019re $16 trillion in debt. We don\u2019t have $800 billion laying around. There isn\u2019t $800 billion idle, not doing anything, that we can grab and say, “You know what, we\u2019re gonna put it in the private sector.” Can\u2019t happen, and even if that kind of money did exist, that was idle, how can the government put it in the private sector and stimulate anything? It can\u2019t. All it can do is choose winners and losers. And Obama did. It was the unions and public sector jobs, all shovel-ready jobs didn\u2019t exist, laughed about \u2019em later. All this is a giant lie, not to mention joke, on us. <\/p>\n","protected":false},"excerpt":{"rendered":"
RUSH: The CBO predictions that we\u2019ve talked about, the unemployment number where if you add the number of unemployed and compare it to the actual number of jobs available when Obama took office, it would be 9.75% unemployment? The CBO is unquestioned in their credibility. Nobody ever says they\u2019re lying. They are the coin of […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\n