{"id":28924,"date":"2011-05-19T04:00:29","date_gmt":"2011-05-19T04:00:29","guid":{"rendered":""},"modified":"2020-03-27T11:08:25","modified_gmt":"2020-03-27T15:08:25","slug":"the_truth_about_the_economy-2","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/05\/19\/the_truth_about_the_economy-2\/","title":{"rendered":"The Truth About the Economy"},"content":{"rendered":"
RUSH: We\u2019ll go to Slidell, Louisiana. This is Gale. Hello.<\/p>\n

CALLER: Hi. Hi, Rush, how you doing?<\/p>\n

RUSH: Fine, Sir. Thank you for waiting.<\/p>\n

CALLER: Rush, I just want to tell you I\u2019m a little bit nervous, I\u2019m a little bit angry, but I tried getting through yesterday about you talking about the economy and everything, and I\u2019m just really, really upset. I guess you could say I\u2019m a Rush Baby, pretty much through high school. I started my own business, and you\u2019ve been there, but I just don\u2019t think — the education on this program has stopped, and I really think that either you don\u2019t know, which I don\u2019t think that you don\u2019t know, being a student of William Buckley, or you\u2019re lying to your listeners about what\u2019s really happening in the economy. And I just don\u2019t think that you\u2019re being very honest. I think that your audience can handle it. I think you can tell them the truth about what\u2019s really going on.<\/p>\n

RUSH: Well, this is interesting. Can you hold on through a commercial break here?<\/p>\n

CALLER: Yes, Sir.<\/p>\n

RUSH: Would you be willing, after the commercial break, to pretend to be host, pretend to be me, and you tell \u2019em what\u2019s really going on with the economy?<\/p>\n

CALLER: Are you sure?<\/p>\n

RUSH: Damn right. I want to hear what you\u2019d say.<\/p>\n

CALLER: Okay.<\/p>\n

RUSH: I\u2019m not a Darwinist. I don\u2019t close out people who disagree. Yeah, hang on, we\u2019ll be right back and you can tell the American people what I refuse to tell them.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: We go back to the phones now, Gale in Slidell, Louisiana, claims that I am not telling the audience the truth of the American economy, and I want you to do it.<\/p>\n

CALLER: Okay. Well, you took a call from some liberal yesterday, and you were giving examples of how the stock market\u2019s going up, jobs are increasing. Well, that\u2019s all happening because we are manufacturing here, and we\u2019ve got a wonderful product, and we are exporting that product to really maximum potential. That product is called the U.S. federal note. We are pumping it out so fast, the intervals of which we\u2019re pumping it out is — is — is — it\u2019s gone ballistic. And the whole problem now is, nobody\u2019s buying it, nobody\u2019s buying that note anymore, and we just keep pumping out more to keep the system alive. And what you have is — I have no doubt that the stock market will go up to 20,000, 50,000, because they\u2019re pumping so much money supply into the system.<\/p>\n

RUSH: Oh, I see what you\u2019re saying. So the truth about the economy is that we\u2019re inflating the dollar out the wazoo, and we\u2019re all headed for real problems down the road, and all this is being done to paper over the general weakness of our economy, born of our massive debt?<\/p>\n

CALLER: Yes, Sir.<\/p>\n

RUSH: And this is going to result in what?<\/p>\n

CALLER: Paper going to its actual value if — well, all paper currency–<\/p>\n

RUSH: No, no, no, no, no. Tell me in terms of people out there listening, what\u2019s gonna happen to people?<\/p>\n

CALLER: The dollar is going to go to a value of zero.<\/p>\n

RUSH: But what\u2019s that gonna mean to people who live in this country, what\u2019s it going to mean to them? Gonna lose their jobs, gonna lose their houses, is it a Great Depression? What\u2019s coming?<\/p>\n

CALLER: No, no, no. The depression was recessionary. We\u2019ve actually prevented that. We haven\u2019t really been in a recession since the Great Depression. We prevented that. Because the American people can\u2019t handle having a few people out of jobs, the natural course of capitalism wasn\u2019t allowed to happen. Government got involved. In order to fund all these entitlement programs, they just printed money out of thin air, huge supplies of it, and now it\u2019s increasing at a level, I don\u2019t think people can fathom. I mean, I think people, really, when they go to the grocery store they think they\u2019re paying high now, the proper valuation of dollars, if you compare it to say around 1977, well, they\u2019re going to be looking at hundred-dollar milk. I mean, if you take how many dollars we had then, compared to what we have now, the whole problem is these foreigners aren\u2019t taking our dollar anymore, they don\u2019t really want our dollar. You look at Venezuela, Hugo Chavez, he does not want to start taking the dollar anymore.<\/p>\n

RUSH: That\u2019s political, that\u2019s political, and it\u2019s political with the Iranians demanding that the oil, that petroleum stop being transacted in dollars around the world as well.<\/p>\n

CALLER: Rush, their coffers are stuffed, they can\u2019t even shut their coffers, and it\u2019s all filled with U.S. IOUs. It\u2019s filled. At some point, now, you think that — I heard you say this yesterday, ‘Well, they all depend on us.\u2019 They\u2019re already starting to wean off of us, Rush, and because you\u2019re not telling people, I\u2019m really scared because if you look at history–<\/p>\n

RUSH: What am I supposed to tell \u2019em? You still haven\u2019t told \u2019em what\u2019s going to happen to them. You said hundred-dollar milk, what else? You\u2019re talking World War II Germany, World War I Germany?<\/p>\n

CALLER: Exactly, exactly.<\/p>\n

RUSH: That\u2019s what you think is going happen? I\u2019ll bet you a wheelbarrow of dollars it doesn\u2019t happen. But if it does, guess who\u2019s borrowing all this money? Guess who\u2019s paying for all these programs? I talk about this all the time. Liberalism. This is what 50 years of liberalism and The New Deal has spawned. I don\u2019t accept that your circumstances are as dire as you say. It depends on who you talk to about this. If you go talk to — and I\u2019ve done this — if you go talk to people who work on Wall Street, all they care about is what\u2019s happening on Wall Street. All they care about is the next two to three years, and they are in panic. They are literally panicked, and they don\u2019t care about any other issue. We could merge with Red China and they wouldn\u2019t care as long as somebody does something about what\u2019s happening on Wall Street with these banks. If you go to the farmers and the people who are getting ripped over the coals now on ethanol, you know what the farmers will tell you? The farmers will say, ‘Screw you. You people have been spoiled for all these years with cheap food in America. Cheap food is not a right; it\u2019s a luxury.\u2019 If you go to people who work at Wal-Mart and so forth, you\u2019re going to hear a different version of what\u2019s going on in the economy.<\/p>\n

Now, I stand by what I said yesterday. We had a call from Lynn, and it was a crying shame to listen to her talk. She\u2019s been impacted, she\u2019s been affected by all these years of doom and gloom being bombarded at her, by media and her Democrat Party and so forth. And it runs the risk of becoming a self-fulfilling prophecy, all these people thinking doom and gloom about things. It\u2019s maddening how many people in this country want it to fail, how many people in this country think we deserve to be kicked in the pants because we\u2019ve been so unfair to the rest of the world around the world. What I know, you can talk about the dollar, and I know that the dollar is falling against currencies and so forth. This, too, is cyclical, and it will come back. It always does. The dirty little secret is that the rest of the world can\u2019t do without us. The rest of the world goes as we go. Take a look, if you want to look at the stock market or any which way manner or form. You think we\u2019ve got problems, take a look India, take a look China. We are advancing, their economic situation is improving. There\u2019s no question about it. But that is giving them all kinds of problems, and that\u2019s creating stresses on our economy on the demand side. This is what happens when more and more people in the world have economic growth and have access to it.<\/p>\n

I once told a story here, I forget the numbers. I\u2019d have to go back and look at this. The number of people in the world, out of the roughly six billion on the planet that don\u2019t have electricity, is striking. It\u2019s like three and a half billion don\u2019t have electricity, maybe more. And if they ever got it, do you realize the pressure on energy sources and prices that would be? We face all kinds of stresses and so forth, but we always come out of them. I have a little chart here, since we\u2019re talking about this, again, this is from the Heritage Foundation and it\u2019s based on the Office of Management and Budget numbers. This is the percentage increase in federal spending in nominal dollars, 2001 through 2005. Inflation in those five years is up 12%, that\u2019s prices up 12%. Science, space, and technology up 21%, transportation, 24% — all these are government spenders. Unemployment benefits, 26%. General government, 32%. Income security programs, 39%. Health care, 42%. Community development, 71%. This is how much prices have risen in these categories from 2001 to 2005. Housing and commerce, 86%. International affairs, 94%. Education, 99%.<\/p>\n

So the economy at large, independent of the government, prices went up 12% 2001 through 2005. The government\u2019s out of control. I don\u2019t care whether it\u2019s Republicans or Democrats, there is a liberal orthodoxy that is in charge of government and spending, whether they\u2019re printing it, whether they\u2019re borrowing it or what have you, they\u2019re out buying votes, they are expanding the size of government. Everything here that Gale just said in his paranoia about debt and the falling dollar and one-hundred-dollar milk down the road, everything that he just said can be tied to the whole concept of liberalism. Liberalism has brought us to this point. I don\u2019t accept his one-hundred-dollar price of milk. At some point milk\u2019s going to be a hundred bucks. You and I won\u2019t be alive, and it will probably be pretty similar to whatever the value of gallon of milk is today. But it is important I think for people to understand that attitude, optimism, engaging and understanding how important everybody is to the economy here, instead of sitting around and waiting to be affected by things, go make something. ‘Well, easy for you to say.\u2019 I know it\u2019s easy to say.<\/p>\n

It\u2019s always harder to do action than it is to speak. There\u2019s nothing new about that. But while you\u2019re sitting around waiting for somebody else to take action, somebody is in the process of taking action. And while that\u2019s happening, while this economy is going south in everybody\u2019s mind, how come it is that a lot of people happen to be prospering? Most people are paying their mortgages. Most people say their personal finances are fine, 81% of the country. It\u2019s just that they think everybody else is about to go south.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

RUSH: We\u2019ll go to Slidell, Louisiana. This is Gale. Hello. CALLER: Hi. Hi, Rush, how you doing? RUSH: Fine, Sir. Thank you for waiting. 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