{"id":27358,"date":"2007-11-02T01:01:01","date_gmt":"2011-05-19T04:45:12","guid":{"rendered":""},"modified":"2011-05-19T04:45:12","modified_gmt":"2011-05-19T04:45:12","slug":"it_s_a_boom_not_a_recession","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2007\/11\/02\/it_s_a_boom_not_a_recession\/","title":{"rendered":"It\u2019s a Boom, Not a Recession!"},"content":{"rendered":"
\n

RUSH: We have great economic news out here today, this is tremendous. ‘Employers added about twice as many new employees last month than expected.\u2019 It\u2019s always a surprise when the economy does well. This is Reuters that happens to be reporting this. ‘Factory orders edged up. The government reports on Friday implied the economy was strong enough to avoid a recession.\u2019 Who\u2019s talking about a recession? The Drive-Bys are talking, the Democrats are talking, what recession? I was watching CNBC this morning, quite by accident, a little bit after 11 o\u2019clock, Larry Kudlow is on with Robert B. Reich-h-h-h-h-h-h-h. They\u2019re discussing the economic growth numbers that came out earlier this week, 3.9%, and the jobs numbers. Robert B. Reich-h-h-h-h-h said, ‘At least we can say that with these job numbers the recession is not starting now.\u2019 What is all this talk about a recession? <\/p>\n

We know what it is, because here is a companion story. USA Today, let\u2019s see, this ran maybe last night, might be in today\u2019s paper, by Susan Page. A year before voting, a nation of discontent, divided by the war, anxious about the future, Americans want some fixes. ‘Call us the Unhappy States of America. One year before Election Day 2008, most Americans are dismayed by the country\u2019s direction, pessimistic about the Iraq war and anxious about the economy. Two of three disapprove of the job President Bush is doing. Nearly a year after Democrats took control of Congress, three of four Americans say it isn\u2019t achieving much, either. In all, 72% of those surveyed in a USA TODAY\/Gallup Poll taken Oct. 12-14 say they are dissatisfied with how things are going in the USA while just 26% are satisfied. Not since April have even one-third of Americans been happy with the country\u2019s course, the longest national funk in 15 years.\u2019 Fifteen years, 1992. Why, that just happens to coincide with the Clinton campaign, the worst economy in the last 15 years, isn\u2019t this a coincidence? <\/p>\n

”Don\u2019t get me wrong, America\u2019s a great country,\u2019 says Lori Jones, 46, a medical assistant in Phoenix. But she worries about her family\u2019s finances and prospects for the next generation. ‘I think we\u2019ve somehow lost our way.” They plucked her out of nowhere, she\u2019s an American. ‘There\u2019s plenty of time for attitudes to change before the election, of course, but the current landscape is the sort that in the past has prompted political upheaval and third-party candidacies. The last time the national mood was so gloomy was in 1992, when the first President Bush was ousted from the White House and H. Ross Perot received the highest percentage of the vote of any third-party candidate in 80 years. Bill Clinton was elected amid economic angst.\u2019 This is a four-page story. I\u2019ve only gotten through half of the first page. <\/p>\n

Now, this is classic. This story and others like it for the past four years is exactly why some people have a pessimistic attitude about the economy, when the facts are the economy is roiling; it\u2019s doing fabulous. Forty-two percent of California\u2019s voters say that the state is headed downward. ‘California voters are becoming increasingly pessimistic, with immigration issues topping their worries. … But now, burdened by a sputtering economy and doubts about the ability of elected officials to deal with mounting problems, voters\u2019 outlook is split — 42 percent of them said the state is headed in the right direction, while 42 percent gave a negative view.\u2019 Most of it is due to immigration, and whose issue is that? It\u2019s a bunch of Democrats. Democrats have got the state of California in trouble. If only the Republicans had somebody who could connect the dots for voters in California. <\/p>\n

But amidst all of this, all of this doom and gloom, Larry Kudlow had a great piece that ran in NRO: ‘If things are so bad, why are they so good? With all the gloom coming out of Wall Street, the Democrats on the campaign trail, and the mainstream media, a remarkable thing just happened: Real gross domestic product, the best summary report of the American economy, came in at a breathtaking 3.9 percent annual rate for the third quarter. In fact, following the 3.8 percent growth rate for the second quarter, the U.S. economy has posted its strongest quarterly growth in four years. The economy actually appears to be speeding up, following the relatively sluggish performance of the prior 18 months. On top of this, the inflation rate is actually slowing down. The consumer spending deflator is reading 2.1 percent for the past year, compared to over 3 percent six quarters ago. The core inflation rate is down to 1.9 percent, below the Fed\u2019s 2 percent target. … <\/p>\n

‘While many continue to predict a consumer collapse because of falling home prices and tighter credit, after-tax inflation-adjusted income is 4.1 percent ahead of last year. … The little noticed factoid is that consumer energy use per unit of GDP has actually fallen by more than 50 percent in recent decades. Again: If things are so bad, why are they so good? The stock market roared after the Federal Reserve cut its target rate on Wednesday by 25 basis points to 4.5 percent. The rate cut was a small insurance policy. … But listening to the Democratic presidential debate on Tuesday, you\u2019d think it was 1929 all over again.\u2019 Democrat Party, soup line America. I\u2019ve been chronicling this for many, many moons. ‘The litany of scare-talk complaints includes China trade unfairness, globalization, immigration, income inequality, stagnant wages, a shrinking middle class, the sinking dollar, and high oil prices. Yes, there is home deflation on Main Street and loan deflation on Wall Street. It will continue. But what about the rest of the story?\u2019<\/p>\n

It\u2019s a great piece that suggests the worst thing that could happen right now is raising tax rates that would destroy what is obviously now — I even heard Robert B. Reich-h-h-h-h-h on CNBC today refer to what\u2019s going on as a recovery, right after he said, ‘Well, I guess the recession is not going to start now.\u2019 So this is a dilemma for me. When I read quotes from this 46-year-old out in Phoenix, ‘Yeah, I\u2019m worried about the future,\u2019 work harder! ‘Oh, Rush, easy for you to say.\u2019 I know, it\u2019s insensitive. Forgive me. I\u2019m sorry. Don\u2019t work harder. Keep whining and moaning. Great American.<\/p>\n\n

BREAK TRANSCRIPT<\/p>\n

RUSH: I want you to hear Robert B. Reichh-h-h-h-h on CNBC this morning. He was on with Larry Kudlow. Here\u2019s the first one. These are little, short bites, like eight and 11 seconds. This is where he says, no recession ‘yet.\u2019<\/p>\n

REICH: The big news from the, uh, jobs numbers this morning is that the recession is not yet started. I wish I could be as pie-in-the-sky, optimistic Goldilocks as my friend Larry Kudlow.<\/p>\n

RUSH: (laughter) ‘The recession has not yet started,\u2019 and then this next one is interesting only because of the choice of words that Professor Reich-h-h-h uses here.<\/p>\n

REICH: The middle class is — is spending too much in terms of taxes. The middle class has not seen much of a break in terms of this recovery, at all.<\/p>\n

RUSH: I\u2019ve never heard this, I don\u2019t think. ‘The middle class is spending too much in terms of taxes.\u2019 Folks, we don\u2019t ‘spend\u2019 taxes. They are ‘collected\u2019 from us! The middle class is spending…? I know this is these elite economists\u2019 type of lingo, but not even elite economists would say this. ‘The middle class is spending too much in terms of taxes\u2019? This guy is a lecturer, or has been, at major American universities. By the way, do you remember back in 2000 — and I do remember this — during the campaign, the presidential campaign of 2000, George W. Bush was warning of a coming recession, while the Clintons were still in the White House, and they flipped out? The Clintons flipped out! The whole Drive-By Media and the Democrat Party flipped out. ‘Why, you\u2019re talking down the economy! You\u2019re talking down the economy! This is irresponsible in a presidential year!\u2019 Talking down the economy is what the Democrats and the Drive-By Media have been doing for five consecutive years, maybe more, and that\u2019s one of the reasons why so many people have all of this angst out there when it\u2019s not. It really isn\u2019t necessary, at all. It\u2019s a giant disconnect. It makes no sense — especially if it\u2019s based on this business of the gap between the rich and the poor. As I so eloquently, brilliant pointed out, the gap between the rich and poor is good! <\/p>\n

The gap means that the poor, the middle class, have something to shoot for and get! If you have everybody making the same amount of money for the same kind of work, nobody is going to have any incentive to do anything. So this class-envy card: ‘We gotta raise taxes on the rich! The rich have what they have because they\u2019re taking it from the middle class, the poor,\u2019 the Democrats put this stuff out there, and class envy in a human nature sense always has some impact, but I don\u2019t think it\u2019s as successful, electorally. It might be successful in creating a national mood that\u2019s sour, but I don\u2019t know that electorally it\u2019s going to work for them, because we are here this time to dispel it. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: We have great economic news out here today, this is tremendous. ‘Employers added about twice as many new employees last month than expected.\u2019 It\u2019s always a surprise when the economy does well. This is Reuters that happens to be reporting this. ‘Factory orders edged up. The government reports on Friday implied the economy was […]<\/p>\n","protected":false},"author":25,"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":"\nIt's a Boom, Not a Recession! - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2007\/11\/02\/it_s_a_boom_not_a_recession\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"It's a Boom, Not a Recession! - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: We have great economic news out here today, this is tremendous. ‘Employers added about twice as many new employees last month than expected.\u2019 It\u2019s always a surprise when the economy does well. 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