{"id":19147,"date":"2011-06-07T01:01:01","date_gmt":"2011-07-20T00:18:20","guid":{"rendered":""},"modified":"2011-07-20T00:18:20","modified_gmt":"2011-07-20T00:18:20","slug":"goolsbee_gone_after_admitting_government_can_t_drive_recovery","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/06\/07\/goolsbee_gone_after_admitting_government_can_t_drive_recovery\/","title":{"rendered":"Goolsbee Gone After Admitting Government Can\u2019t Drive Recovery"},"content":{"rendered":"
\n

RUSH: Yeah, I just got an e-mail from a guy who made a great point about this unfunded liability stuff. Remember, now, we\u2019re at $61.6 trillion in unfunded liabilities in what we owe, Medicare and Social Security. Another way to look at it is, the people who work owe $61.6 trillion in promises to people who don\u2019t work. However, they were funded at one time. What these unfunded liabilities actually are is IOUs. We\u2019ve all been paying FICA tax. We\u2019ve all been paying Medicare tax. Despite the taxes, we have still spent $61.6 trillion more than has been collected. So these liabilities were funded at one time. That puts it in perspective, makes it even worse. It\u2019s not as though the money was never there. It was. It\u2019s just been irresponsibly spent and spent and spent again. I don\u2019t know how you get out of this. I really don\u2019t have the slightest idea and you\u2019ve got a political party here who\u2019s proud of this, and they want to add to it. <\/p>\n

Greetings, folks, great to have you back. Rush Limbaugh, serving humanity, half my brain tied behind my back just to make it fair. <\/p>\n

Austan Goolsbee, known affectionately here as Ichabod Crane. He\u2019s got a ten-inch neck, that\u2019s the circumference. The length of the neck is 18 inches. “Longtime adviser to President Barack Obama, will resign his post as the chairman of the Council of Economic Advisers this summer to return to teaching at the University of Chicago Graduate School of Business.” So a failed economic advisor quits so he can return to academe and teach young skulls full of mush how to destroy jobs and run up the deficit. And we wonder why the country\u2019s in trouble. Failed liberals in government go back to their overpriced universities to teach liberalism to young skulls full of mush who don\u2019t know squat about the real world. <\/p>\n<\/p>\nThese failed intellectual idiots are running what\u2019s called higher learning. Yes, Snerdley, I mean exactly that, Goolsbee is fleeing his abject failure and is being welcomed with open arms back into the American academy. What is the old saying, those who can, do, and those who can\u2019t, teach. And, you know, those who can\u2019t teach, teach gym. Goolsbee was on This Week on Sunday, now hosted by Christiane Amanpour. She said to Goolsbee, “When so many economists were expecting something, you know, 155 to 170,000 jobs to be created this month, to see the unemployment come down a little, which it didn\u2019t, what do you say to the American people about that, where is the light, Mr. Goolsbee, at the end of the tunnel?”<\/p>\n

GOOLSBEE: Let\u2019s not conclude too much of anything from one report. Let\u2019s look at what\u2019s happened over six months. And what has happened over six months is we\u2019ve added a million jobs in the —<\/p>\n

AMANPOUR: Right.<\/p>\n

GOOLSBEE: — private sector, the president has passed a tax policy in December which has come into place this year and will continue over the course of this year to give a payroll tax of a thousand dollars plus to 150 million workers and to give direct incentives for business to start investing, and they\u2019ve accumulated money on their balance sheet. Our effort now, as a government, should be to get the private sector to help them stand up and lead the recovery. The government is not the central driver of recovery.<\/p>\n

RUSH: Whoa, there you have it, that\u2019s why he\u2019s leaving, that\u2019s why he\u2019s gone. Obama is not the central driver of the recovery. Why do we need Porkulus programs? We\u2019d probably be better off without Porkulus. You know, in fact, what they were saying, Christina Romer and Goolsbee both said — correct me if I\u2019m wrong — they said that without the stimulus, unemployment would reach as high as 8.8%. With stimulus we keep it at eight. Now, Romer definitely said it. Well, if Goolsbee didn\u2019t say it, he thought it. He agreed with her. And remember it was Austan Goolsbee who gave Rahm Emanuel a dead fish back as he was leaving the White House to go steal the elections in that mayoral run in Chicago. These guys are as thick as thieves. <\/p>\n

So Goolsbee is gone, saying that the government\u2019s not the central driver of the recovery. He-he-he. Is it any wonder that two days after he says that, he\u2019s gone? He-he-he-he-he. Basically he said, “Hey, Obama can\u2019t do anything about it.” Obama spoke about it today, had a joint presser with Angela Merkel, the German chancellor, and during the Q&A the Reuters White House correspondent, Steve Holland, said, “How worried are you about the threat of a double-dip recession? What specific policies are you considering to help head that off? And abroad, do you expect Germany to fund another bailout of Greece?”<\/p>\n

OBAMA: I\u2019m not concerned about a double-dip recession. I am concerned about the fact that the recovery we\u2019re on is not producing jobs as quickly as I want it to happen. Prior to this month we have seen three months of very robust job growth in the private sector.<\/p>\n

RUSH: No, we didn\u2019t.<\/p>\n

OBAMA: And so we were very encouraged by that. We don\u2019t yet know whether this is a one month episode or a longer trend. But the overall trend that we\u2019ve seen over the last 15 months, over two million jobs created over the past 15 months — <\/p>\n

RUSH: What is that?<\/p>\n

OBAMA: — a rebounding of the manufacturing sector in the United States —<\/p>\n

RUSH: Two million jobs.<\/p>\n

OBAMA: — as exemplified by the recovery of the Big Three automakers here, all indicates that we have set a path that will lead us to long-term economic growth.<\/p>\n

RUSH: Two million jobs created and Anthony Weiner didn\u2019t send the pictures. (laughing) Two million jobs created. (interruption) Yeah, the auto recovery thing is just a sham. You mean the auto bailout? Yeah, it\u2019s a sham. They\u2019re not profitable. They haven\u2019t repaid their loans, anything like that. Obama, these guys infect each other. He\u2019s acting a little bit like Weiner here, lying like that. Two million jobs. (laughing) (imitating Obama) “No, I\u2019m not worried about a double-dip recession. I\u2019m concerned over the fact the recovery we\u2019re on is not producing jobs quickly.” Well, that wasn\u2019t enough for \u2019em, so another reporter: “On the European economic question, did you ask Chancellor Merkel specifically to drop her insistence that the private sector become involved in the Greek debt bailout which is holding up that bailout and considering you&rsquo;ve blamed the European sluggishness for America&rsquo;s own stalled recovery?” <\/p>\n

OBAMA: It\u2019s just very important for folks to remember how close we came to complete disaster.<\/p>\n

RUSH: Here comes the campaign.<\/p>\n

OBAMA: The world economy took a severe blow two and a half years ago.<\/p>\n

RUSH: Right.<\/p>\n

OBAMA: And in part that was because of a whole set of policy decisions that have been made and challenges that had been unaddressed over the course of the previous decade.<\/p>\n

RUSH: Bush.<\/p>\n

OBAMA: And recovering from that kind of body blow takes time, and recovery is gonna be uneven. Our task is to not panic, not overreact, to make sure that we\u2019ve got a plan, the need for us to get a handle on our debt and our deficit is gonna be important.<\/p>\n

RUSH: I don\u2019t know, folks. He\u2019s the architect of our debt and deficit here. He\u2019s the architect. He\u2019s the author and he\u2019s getting exactly what he wants. Goolsbee is the fifth member of the economic team to quit. And my guess is they\u2019re saying, “Okay, mission accomplished, time to go back to academe, make some money, publish, write, make some side money, make some speeches, I got the job done.” What was the job? This was the job. Now, some of you might be saying, “No, no, no, Rush, Goolsbee\u2019s quitting in shame. He\u2019s getting out of there because none of his policies worked and he\u2019s getting out while the getting is good.” No, no, no, no, folks. These guys are gonna admit that they\u2019re failures? They don\u2019t have it in \u2019em.<\/p>\n

END TRANSCRIPT<\/p>\n

*Note: Links to content outside RushLimbaugh.com usually become inactive over time.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Yeah, I just got an e-mail from a guy who made a great point about this unfunded liability stuff. Remember, now, we\u2019re at $61.6 trillion in unfunded liabilities in what we owe, Medicare and Social Security. 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