{"id":32477,"date":"2009-05-21T01:01:01","date_gmt":"2011-05-19T02:25:05","guid":{"rendered":""},"modified":"2011-05-19T02:25:05","modified_gmt":"2011-05-19T02:25:05","slug":"the_economy_is_getting_worse","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/05\/21\/the_economy_is_getting_worse\/","title":{"rendered":"The Economy is Getting Worse"},"content":{"rendered":"
\n

RUSH: Federal Reserve. ‘The Federal Reserve Bank\u2019s latest forecasts for the US economy are gloomier than the ones released three months earlier with an expectation for higher unemployment and a steeper drop in economic activity. The Fed now says unemployment will be between 9.2% and 9.6%. The previous forecast was between 8.5% and 8.8%, and we\u2019re already at 8.9%.\u2019 Ha-ha-ha. Well, I\u2019m not laughing at that. I\u2019m laughing at their bad prediction. ‘They say that the GDP will drop between 1.3% and 2%. The previous estimate was 0.5% to 1.3%.\u2019 So their previous high is now their low and the GDP dropped. <\/p>\n

Now, I have a question. And this is a question that\u2019s born of simple logic, ladies and gentlemen. How can economic forecasts…? Key word: ‘forecasts.\u2019 How can economic forecasts get gloomier after the Porkulus bill and the Earmarkulus bill were passed and the bailout of the auto companies and shakin\u2019 it to the banks and taking it to AIG and ‘fixing\u2019 Wall Street? How can the forecasts get worse after all of these stimulants, these stimulants — the make-work jobs, the shovel-ready jobs, the roads and bridge repair, all the repair work on the schools, all of the new jobs that are going to be ‘saved and created.\u2019 How in the hell can that not be happening after all that we have stimulated this economy with? We have stimulated this economy so far to the tune of a $2 trillion deficit this year and a grand total of $11 trillion in deficits over the next ten-years if this stuff doesn\u2019t change. And we were told by Barack Obama that only government — the government was the only entity that could — fix this problem.<\/p>\n

Obama and Pelosi and Dingy Harry and Barney Frank and Chris Dodd said that we had all the answers, that we can borrow and spend our way out of this. In fact, that\u2019s the only thing that we could do! The only solution we had was to borrow and spend our way out of it. So they spent all the money and then some, and things are getting worse and they\u2019re forecast gets worse? Okay, so let\u2019s add it up. This crowd was wrong about Iraq. They\u2019re wrong about Guantanamo Bay. They were wrong about General Petraeus. They were wrong that Americans want bigger government and higher taxes. The odds are that this bunch is wrong about the economy, too.<\/p>\n

I still cringe when I think of Obama\u2019s commencement speeches. Shouldn\u2019t college graduates be encouraged to go out and create jobs, instead of working for nonprofits? Shouldn\u2019t college graduates be encouraged to go out and work and produce and lead the next generation to prosperity so that fewer and fewer freeloaders have to run around begging for grants? In fact, with the economy in the tank, not-for-profits will be not-in-existence if Obama gets his way much longer — and the same thing for nonprofits, if the economy keeps tanking. How can the predictions get worse? And then I want to ask you a question. Every time President Obama goes out to talk about the economy when he talks about unemployment — and I\u2019m serious. I want you to think back in your memory. <\/p>\n

As you\u2019ve watched him talk about unemployment or all these economic woes, do you get the sense he really cares about it? See I don\u2019t. Do you get the feel he\u2019s really concerned, or is it just platitudinous speeches establishing an image of a wonderful utopia ‘down the road\u2019 if we pay the price now. I don\u2019t think he really cares. It\u2019s getting worse? There are ways, by the way. ‘Oh, what Mr. Limbaugh, would you have done differently to stop this?\u2019 I already announced it. There\u2019s a way to stop all of this right now. There\u2019s a way to bring it to a screeching halt and start the reversal toward growth — and it\u2019s not complicated, but the problem is, it will not stimulate Barack Obama. And it won\u2019t stimulate Dingy Harry. And it won\u2019t stimulate Joe Biden. (Of course not much does.) <\/p>\n

It won\u2019t stimulate Chris Dodd or Barney Frank. What has to happen here, folks, is you gotta turn the American people loose. You have got to remove on them the burdensome regulations and taxes that they face, employment taxes, investment taxes, capital gains taxes, corporate taxes. Reduce those, not increase them. You stop talking about nationalized health care in the midst of a giant economic downturn. You stop talking about all of these plans to nationalize this business and that business. And you turn the American people loose. It\u2019s the American people that make the US economy, not a bunch of politicians and arrogant egghead elites Central Planning things in Washington, DC. <\/p>\n

Get this. You know, the cap-and-trade program — the cap-and-tax program — is called the Waxman-Markey bill. And this is horrible. You know, after you get through with Obama ‘fixing\u2019 the car business and this new $1,300 additional cost per car which is going to be much more than that by the time 2016 comes around — and don\u2019t think you\u2019re going to save money on gasoline because you\u2019re using less, \u2019cause they\u2019re just going to have to raise the gas tax. The government never does with less. You\u2019re walking into tax increases if you do everything they tell you to do. You\u2019re just taking dead aim right into tax increase after tax increase — and this cap and trade is even worse.<\/p>\n

What it will do to your utility bill every month is double what\u2019s going to happen to the price of your little putt-putt car, your clown car that you\u2019re going to be forced to drive in. ‘Today, in anticipation of Friday\u2019s House Energy and Commerce Committee vote on the Waxman-Markey legislation,\u2019 cap-and-tax, ‘the National Black Chamber of Commerce (NBCC) released a new study that determines the potential economic impacts of the federal cap-and-[tax] system outlined in the bill. Compiled by CRA International, the analysis determines that by 2030 the law would: reduce national GDP roughly $350 billion below the baseline level; cut net employment by 2.5 million jobs (even after accounting for new ‘green\u2019 jobs); and reduce earnings for the average US worker by $390 per year.\u2019 <\/p>\n

This is the National Black Chamber of Commerce coming out against Obama\u2019s cap and tax. And while the Fed\u2019s reporting all these horrible forecasts for economic activity and unemployment, at the same time, ‘Some Federal Reserve officials are open to raising the amounts of mortgage and Treasury securities that will be purchased beyond the $1.75 trillion they\u2019ve already committed to buying, according to minutes from the Fed\u2019s April meeting. Officials, meanwhile, projected an even deeper recession than they expected,\u2019 blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah. They want to buy even more mortgage and Treasury securities. <\/p>\n

Now, you\u2019re supposed to look at this and say, ‘Oh, goody! Oh, goody! Oh, goody! They\u2019re going to secure it and they\u2019re going to take care of it. They\u2019re going to back it up.\u2019 Let me tell you, is the housing business doing well right now? Who\u2019s been in charge of fixing it? Whatever these people in Washington tell you they\u2019re going to fix, is it worse? It is worse. Is it forecast to get worse? It is forecast to get worse! The housing market is forecast to get even worse than it is now, that we\u2019re nowhere near the bottom. But the Wizards of Smart, they\u2019re the ones fixing all this by buying up ever more of the private sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Federal Reserve. ‘The Federal Reserve Bank\u2019s latest forecasts for the US economy are gloomier than the ones released three months earlier with an expectation for higher unemployment and a steeper drop in economic activity. The Fed now says unemployment will be between 9.2% and 9.6%. The previous forecast was between 8.5% and 8.8%, and […]<\/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":"\nThe Economy is Getting Worse - 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:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/05\/21\/the_economy_is_getting_worse\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"The Economy is Getting Worse - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Federal Reserve. ‘The Federal Reserve Bank\u2019s latest forecasts for the US economy are gloomier than the ones released three months earlier with an expectation for higher unemployment and a steeper drop in economic activity. 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