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BIDEN: A little bit higher. But — but they\u2019re all in the same range. No one was talking about that we — we would be moving toward — were worried about ten-and-a-half percent or nine-and-a-half percent at this point.<\/p>\nRUSH: On the fifth of July, a big admission from Joe Biden: ‘The truth is we and everybody else misread the economy.\u2019 We might even have the audio of this. We\u2019ll start here with Obama Saturday, a portion of his weekly YouTube address.<\/p>\n
OBAMA: In a little over 100 days, this recovery act has worked as intended.<\/p>\n
RUSH: Yeah. Here\u2019s Joe Biden July fifth on This Week with Stephanopoulos, and Stephy said, ‘Nine-and-a-half percent unemployment in June; the worst numbers in 26 years. How do you explain that? Because when the president and you were selling this stimulus package you predicted at the beginning that if you get this package in place, unemployment will peak about 8%. Now it\u2019s nine and a half percent.\u2019 Wall Street expert Meredith Whitney now today predicted 13%. ‘So either you misread the economy or the stimulus package is too slow and too small.\u2019<\/p>\n
BIDEN: We and everyone else misread the economy. The figures we worked off of in January were the consensus figures of most of the blue chip indexes out there. Everyone thought, at that stage, everyone, the bulk of —<\/p>\n
STEPHANOPOULOS: CBO was a little bit higher.<\/p>\n
BIDEN: A little bit higher. But — but they\u2019re all in the same range. No one was talking about that we — we would be moving toward — were worried about ten-and-a-half percent or nine-and-a-half percent at this point.<\/p>\n
STEPHANOPOULOS: Well, we\u2019re looking at ten now.<\/p>\n
BIDEN: No — well, look. We\u2019re much too high. We\u2019re at nine — what, 9.5 —<\/p>\n
STEPHANOPOULOS: 9.5.<\/p>\n
BIDEN: — right now. And so the truth is, there was a misreading of just how bad an economy we inherited.<\/p>\n
RUSH: I listen to stuff like this and my blood boils because, yeah, the economy was in the tank but everything that\u2019s been done to fix the economy has just been continued by these people, and the political solutions have not worked. But, see, it depends on how you define ‘worked.\u2019 Because Obama himself said that the stimulus wasn\u2019t designed to work right away, no, not designed to work right away but it\u2019s working as intended, and he urged patience. So let\u2019s take this, it wasn\u2019t intended to work right away, let\u2019s forget that for a second. Let\u2019s go to where he said on July 11th, this in Bloomberg: ‘Obama said this $787 billion stimulus bill has worked as intended, as he pushed back against Republican criticism that his recovery program has failed to rescue the economy.\u2019 Worked as intended. If it\u2019s working as intended that means it\u2019s right on schedule. So nine-and-a-half percent unemployment was expected! If we are to believe the president, nine-and-a-half percent employment was intended. He\u2019s gotta say now that going above 10% is part of the plan.<\/p>\n
According to Timmy the Tax Cheat, this is all healthy. What I want to focus on here is that he means it when he says it\u2019s working as intended, and I don\u2019t think he thinks that anybody is going to analyze it literally. It is working as intended. Now, what I\u2019m going to say is shocking, and it\u2019s not believable to a lot of people because they simply can\u2019t believe that anybody elected to run America would intend these circumstances. But these circumstances, which he admits he intends, are exactly why I wanted him to fail. I did not want 10% unemployment and going higher. I did not want people losing jobs. I did not want the economy stagnating. I wanted Obama to fail. But when you look at his agenda and what he really wants to do, this is just perfect. His centerpiece is health care.<\/p>\n
Now, Rasmussen has a poll out today that more Americans oppose national health care than support it. Not good for Obama. It isn\u2019t gonna matter if you think polls on issues and his agenda matter, then you\u2019ve got another think coming. But it could matter in terms of the elections of 2010, if he goes ahead and rams this down everybody\u2019s throat when nobody wants it or a majority of people don\u2019t. But it is my firm belief, because nobody\u2019s this dumb, nobody is this economically illiterate. They have to be doing this on purpose. Folks, they are depleting the private sector of capital. They are taking money away. Everybody knows that to stimulate job growth you have to provide incentives in the private sector for that growth to take place. There are no incentives. There are no incentives for anyone to invest, there are no incentives for anybody to hire, I mean in great numbers. You have pockets here where there may be some upticks in performance, but overall when you\u2019re up at nine-and-a-half percent unemployment and heading higher, it\u2019s not possible to revive the private sector. You need more people working.<\/p>\n
By the way, here\u2019s another thing to cement this. The reason he wants this is because this is more chaos. This will lead to more demand on the part of average Americans for somebody to come in and fix this. And the irony is is the people that are going to demand the government fix this are demanding the same thing the people that broke it to fix it. So we have nine percent unemployment, we have utter chaos. It\u2019s really not even a question of wanting Obama to fail. He has failed, not the way I wanted him to fail. He succeeded in his mind. He has succeeded. This is my whole point. This is a man with a chip on his shoulder. This is a man who seeks to get even. He apologized for this country again on this latest trip. He said, ‘We had nothing to do with the Cold War. We had nothing to do with anything, no, no, no.\u2019 He\u2019s out there apologizing and I believe this man has as his intention to cut this country down to size, and that\u2019s why I think he chose Sonia Sotomayor.<\/p>\n
![\"\"](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/BamBiden_large.jpg\")
I think we\u2019ve got people here who have a deep resentment of this country. He\u2019s into transfer and redistribution of wealth and to do that he has to take wealth from somebody, and he\u2019s taking wealth from those who have produced it and created it, and he\u2019s going to transfer it to those who can\u2019t. Give them health care, not jobs. He\u2019s going to give them health care; he\u2019s going to raise their taxes on cap and trade. Obama is spinning right now about taking time but everything said and says now about, for instance, health care is that it is needed right now to prevent future disasters. This was never about being patient. It was about immediacy, period. He was going to implement his agenda regardless the economic circumstances he encountered so it doesn\u2019t matter what Biden said, ‘Oh, it was worse than we ever thought it was going to be, we had no idea,\u2019 it doesn\u2019t matter. It doesn\u2019t matter. He\u2019s implementing his socialist — that word turns people off — statist agenda, whatever, he is implementing his agenda to cut this country down to size regardless the economic circumstances.<\/p>\n
Stimulus was rammed through Congress by Obama and the Democrats before anybody could read the damn bill. It had to be in place right now to prevent what\u2019s happening now, which it obviously has not. Obama has failed. His ideas, in the popular lexicon, have failed. But I refuse to believe in his mind he\u2019s failing. I don\u2019t think Obama\u2019s upset about any of this. I don\u2019t think Rahm Emanuel is upset. If they were upset about this, there would be an immediate plan to stimulate the economy with tax cuts, capital gains reductions, anything to get people moving, anything to get people investing, anything to get people spending, anything to get people hired.<\/p>\n
This is my point, there\u2019s nobody that\u2019s educated with a brain that believes what is being done will grow an economy. It doesn\u2019t happen. Now, maybe these guys have such vanity and such egos that they think, well, it\u2019s only failed because we haven\u2019t done it before. Maybe that\u2019s the case, but I don\u2019t think so. I think there\u2019s something far more devious and deceitful going on. We had to have that stimulus bill in place right now to prevent what is happening now. It didn\u2019t prevent it. It is continuing to roll on. Here\u2019s Obama, by the way, last Tuesday morning on the Today Show. F. Chuck Todd spoke to Obama, and F. Chuck said, ‘Vice President Biden\u2019s characterization of your administration\u2019s initial economic assessment is just a misread, said that you misread the economy and so forth. What about that?\u2019<\/p>\n
OBAMA: All right. Well — well — well — the — (stammering) I — I would actually, uhhh, uhhh, rather than say misread, we had incomplete information. What I would say is that in some areas you\u2019re seeing the economic engine turn, but what we always knew was that; A, this recession was going to be deep; B, it was going to last for a while.<\/p>\n
RUSH: And we\u2019re gonna make it last even longer is what he didn\u2019t say but what he should have said to complete the thought. We are going to make it last even longer. Now, here\u2019s the question. We talked about this, all of us on our trip last week. It really boils down to, where is the breaking point? Where is the tipping point where people who today and a month ago, two months ago, were still blaming all this on George Bush, when\u2019s the tipping point where they say, ‘You know what, Obama\u2019s not fixing any of this.\u2019 Everybody is convinced that that tipping point is going to occur. This is the big unanswered question. We don\u2019t know. I got into a big knock-down, drag-out on one of the legs on the trip. I got into a big knock-down, drag-out with someone saying, ‘We need to go get the independents. We need to get the moderates.\u2019 I said, ‘That\u2019s how we lose. That\u2019s how we got McCain.\u2019<\/p>\n
Whoever these Obama voters are, the hell with what they\u2019re called, at what point are enough of them going to say, ‘Wait a second, this isn\u2019t working and it\u2019s his plan.\u2019 And that\u2019s the great unanswered question. Once that happens, and here\u2019s the next big unanswered question, once that happens — I\u2019m confident it\u2019s going to, people are still Americans. Most Americans do not want to sit around and watch the permanent destruction of the private sector. Most Americans, I don\u2019t care who they are, Hollywood liberals who are fleeing Hollywood, by the way, to make movies, they\u2019re seeking lower taxes in other parts of the country and world to make movies. Got that story coming up. At some point, ladies and gentlemen, enough Americans are going to not want to see the permanent destruction of the private sector where they earn their living, provide for their families and their futures. At that point, they better have somebody to vote for. There better be an opposition party that can handle the people fed up with the status quo. And when these two things happen and the tipping point, the converging point actually occurs, it\u2019s going to be an interesting thing to note.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Before we go to the phones here I want to make one point about what President Obama said in that last sound bite that we played. Grab number 18 again, Mike. This is Obama disagreeing with his idiot, Vice President Biden, saying that they didn\u2019t misread; they just had ‘incomplete information.\u2019 Now, that\u2019s fascinating to admit. Listen to this…<\/p>\n
![](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125109.Par.78179.ImageFile.jpg\")
OBAMA: All right. Well — well — well — the –(stammering) I — I would actually, uhhh, uhhh, rather than saying misread, we had incomplete information. What I would say is that in some areas you\u2019re seeing the economic engine turn, but what we always knew was that; A, this recession was going to be deep; B, it was going to last for a while.<\/p>\n
RUSH: All right, now, ‘we had incomplete information.\u2019 Isn\u2019t that interesting? The government and politicians always have incomplete information. They are always unintended consequences. That is why big government is always a failure. But they think they know everything. They think they know everything but they never do. They are always uninformed and have incomplete information. And this is why free markets are the answer. The governor and politicians can never possess or gain the information the rest of us have when we live our daily lives and enter into daily transactions — trillions of them every day. Now, since we already know that the stimulus has failed in what its stated purpose was, why, then, trust these same people with national health care? How in the world can they have all the information on health care?<\/p>\n
If they had incomplete information on the economy –\u2019cause Bush lied to them or didn\u2019t give them all the data (which was predictable that they would use that as an excuse) — when did they ever have complete information? Why in the world trust these klutzes to do anything. And when their health care plan fails, what will they then say? They didn\u2019t have all the information? They didn\u2019t realize how complicated it was? Folks, look the bottom line is Obama didn\u2019t want any of this to work. I know that\u2019s hard to believe. You\u2019re thinking it\u2019s a radical statement. It is not radical. It is crucially important that you believe it. He doesn\u2019t want any of this to work because everybody with a brain knows it won\u2019t. This is my point, folks. There\u2019s enough human and world and government and American history, this will not work. And yet they\u2019re doing it anyway. They want it not to work. They\u2019re not this stupid. They are this radical. They do want the destruction, partial or otherwise, of the private sector. This ‘Oh, we didn\u2019t have all the information. Sorry, but nothing we can do about it now. We\u2019ll just have to make the best we can. You\u2019ve got cancer? Fine. Get in line. Third stage and you\u2019re, what, 70? Forget it. We\u2019re out of money. We didn\u2019t have all the information we needed to handle everybody here.\u2019<\/p>\n
Here\u2019s Bob, as we start in Empire, Michigan. It\u2019s great to have you on the program, sir. Welcome.<\/p>\n
CALLER: How you doing, Rush?<\/p>\n
RUSH: Pretty good, sir, thank you.<\/p>\n
CALLER: You know, right at the beginning of the presidency, about a month into it, if we remember, Biden had come out and had said that this might not work. At first we thought it was Biden just being stupid but I think they\u2019re already getting the American people psyched up to basically run for cover and cover themselves even though they are planning for it to not work as you\u2019ve been saying from the very get-go. I just don\u2019t see at this point how possibly, with what\u2019s been going on, it could work any way other than what the way they\u2019ve been planning for it to work, which is making it not work.<\/p>\n
RUSH: Well, for now that\u2019s true, but we can still stop them. The effort to stop them… I know it appears they\u2019ve got the votes but, look, on health care… ‘House Democrats Proposed Tax on Wealthy to Fund Health Care.\u2019 How many tax increases on ‘the wealthy\u2019 is that now? We\u2019re going to have a value-added tax. ‘Senate Democrats Cool to House Tax on Rich for Health Care.\u2019 I\u2019m just sharing with you headlines here. ‘Officials Push for Health Care in Spite of Delay.\u2019 There\u2019s an opportunity to stop this. As far as the stimulus is concerned — and here\u2019s another dose of reality for you, which we\u2019ve mentioned before but it doesn\u2019t hurt to repeat this — is only six percent of it has been spent. And the money that has been spent so far, do you know where it\u2019s gone? State governments. It\u2019s gone to state governments to help them with their deficits. They\u2019re disguised bailouts. The bulk of it doesn\u2019t start getting spent \u2019til 2010. Now, what is 2010? Why, for 435 members of the House and 32 members of the Senate it\u2019s a reelection year (gasp!) and they get to pass around a lot of money, disguised as a stimulus package. There\u2019s still time to stop a lot of this. But it\u2019s going to take somebody standing up and doing it.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Another Obama sound bite here. On CNN live this afternoon, they aired a portion of Anderson Cooper\u2019s interview with President Obama. Anderson Cooper said, ‘Vice President Biden said that you ‘misread\u2019 the economy. You said, ‘No, no, no. We had incomplete information.\u2019 Nevertheless, you said you would not have done anything differently. That seems contradictory. How can you say if you had known unemployment was going to go to nine-and-a-half percent, wouldn\u2019t you have asked for more money in the stimulus bill?\u2019 (laughing) These idiots.<\/p>\n
OBAMA: It\u2019s not contradictory. Keep in mind that we got an $800 billion stimulus package, by far the largest stimulus package ever approved by a United States Congress.<\/p>\n
![\"\"](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/2021\/05\/Rush-Small-Smirk-123.jpg\")
RUSH: Big whoop.<\/p>\n
OBAMA: And the stimulus package is working exactly as we had anticipated. This was designed to be a two-year plan and not a six-month plan. Now, it may turn out that the enormous loss of wealth, the depth of the recession that\u2019s occurred, uh, requires us to, uh, reevaluate and see what else we can do, in combination with the —<\/p>\n
COOPER: A second stimulus?<\/p>\n
OBAMA: Well, eh, eh, it — y-y-you know, there — there are a whole range of things, uhh, umm, Anderson, that we\u2019ve done.<\/p>\n
RUSH: Okay. They\u2019re waffling back and forth on a second stimulus. If they do a second stimulus there should be no doubt, ladies and gentlemen, that they\u2019re trying to cause all this to happen. Remember, Stimulus 1 was over a year ago, $176 billion. Stimulus 2 is this boondoggle that we\u2019re living with now. Stimulus 3 is on the drawing board here. So it\u2019s patently obviously what\u2019s going on. It\u2019s just going to require some people to finally associate who is largely responsible for this. And don\u2019t forget this, now. On Friday, Erick Erickson at RedState.com posted the following: ‘According to CongressDaily, Tim Geithner testified before ‘a joint House Agriculture and Financial Services hearing on the regulation of derivatives.\u2019 ‘Noting the rising unemployment, Geithner said what the economy ‘is going through is a very necessary and healthy adjustment as [Americans] go back to living within their means.\u2019<\/p>\n
”He added: ‘We do not have an economy that is growing again.”\u2019 Necessary and healthy adjustment? Nine-and-a-half percent unemployment is ‘necessary and healthy\u2019 exactly how? This is the guy, remember, that was so needed! He was so needed, the only guy who could possibly understand TARP, and we had to overlook his tax evasion. And Obama talking about a two-year plan on the stimulus, that is a flat-out lie. When did he ever say it was a two-year plan? Anybody remember that? You remember him saying that? Two-year plan? It was we had to have it now. Do you think they would have passed it if he said, ‘Look, it\u2019s a two-year plan. We need to gradually get it up.\u2019 It wouldn\u2019t even have come close — and it\u2019s a giant pork bill to boot.<\/p>\n
All right, Sean in Salina, Kansas, you\u2019re next. It\u2019s great to have you on the EIB Network. Hello.<\/p>\n
CALLER: Hello. Well, first off I\u2019d like
\nto say I really enjoy your program —<\/p>\n
RUSH: Thank you.<\/p>\n
CALLER: — but I disagree with your thesis that Obama is trying to drive the economy into the ground.<\/p>\n
RUSH: That\u2019s sad. That\u2019s unfortunate that you disagree. People like you we\u2019re going to need.<\/p>\n
CALLER: Yeah? Here\u2019s the thing. You say, ‘Not a person with a brain out there would think that things are getting better,\u2019 but really if you look at Wall Street and you look at how the stock market is doing, the stock market forecast the economy by about six months in general, and the stock market\u2019s been doing great. So these people with brains who study the supply inventory, demand, et cetera, they think that things are headed up.<\/p>\n
RUSH: In the first place, Obama doesn\u2019t believe what you just said. President Obama himself said — and so did David Axelrod — that they don\u2019t follow the stock market, \u2019cause it\u2019s ‘like a tracking poll.\u2019 It\u2019s up one day and down the next, and you can\u2019t make policy on the basis of the stock market. They\u2019re going to do their agenda regardless of the stock market. The stock market is not up. The stock market\u2019s down from 13,000! The stock market is not up — and all your talk about inventories and things? There\u2019s nobody making anything. The unemployment rate is 9.5% and going higher. Look, I traveled the fruited plain. I traveled the fruited plain all last week. I will share one observation with you. In Montana; Idaho (not Iowa); Oregon; and Jackson Hole, Wyoming, I asked the guys who are the investors building these golf course developments…<\/p>\n
These are golf courses with homes, nice homes around them, and I asked them, ‘Where are most of your people coming from? Where are most of the people investing in these coming from?\u2019 California. There are a lot of Californians in Coeur d\u2019Alene, Idaho, who are leaving California, or having partial residence in these other places. Montana. That golf course, Stock Farm, was owned by Charles Schwab who we happened to meet. I\u2019ve met him once at the AT&T. Coeur d\u2019Alene, Idaho; Redmond, Oregon. ‘Where are these people coming from?\u2019 Coeur d\u2019Alene, Idaho; Redmond, Oregon; Jackson Hole, Wyoming — California is the first state they mentioned where people are moving from and buying homes to live on the golf courses that we played. You know what a golf course development is, Snerdley?<\/p>\n
Maybe people don\u2019t. You have a golf course and you have homes around it. You\u2019ve got a country club there. It\u2019s either year round or — depending where it is — it\u2019s six months a year, what have you. So mostly it\u2019s not full time, but I asked, ‘Where are the people from that are buying these houses to live here?\u2019 California was the first state mentioned. We talked about this once and the concept of federalism. You can leave when a state goes nuts. But when the federal government goes nuts, where do you go? If you don\u2019t like what\u2019s happening in California you can bum out. But you can\u2019t bum out of the United States without renouncing your citizenship and moving somewhere else. Now, I also saw… This is an interesting observation. I thought it would be obvious to those of you who live in these places. All of these places are wintertime activity places. Montana; Coeur d\u2019Alene, Idaho; Oregon — and of course Truckee, California, which is Lake Tahoe, 6,000 feet, lots of snow there.<\/p>\n
![\"\"](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/2008\/05\/Small-Rush-Point.jpg\")
We were playing in a lot of places right underneath ski slopes. It\u2019s the same thing in Jackson Hole. Every car is an SUV. Every car. Nine out of ten that we saw driving is an SUV, and I\u2019m thinking, ‘There\u2019s no way Obama\u2019s going to get these people to give these up.\u2019 They\u2019re not going to put up with it. This is just something… This whole country is so massive, it\u2019s so intricate. The private sector is so born of personal behavior and so forth, and it just struck me. These people would not be able to get around out there and they want to. It\u2019s wintertime place. It just strikes me how… He\u2019s going to try, don\u2019t misunderstand. They\u2019re going to try to get rid of these things, but… (sigh) I\u2019m pausing here because there were certain things that I was told about economic circumstances in some of these various places, and I don\u2019t want to go into great detail. (interruption)<\/p>\n
No, because a lot of these places are high-end. This is the thing. It\u2019s not miserable but… (sigh) These are big risk takers, and they started these developments two and three years ago. And real estate prices have seen, you know, they plummet everywhere and so forth. These places, the values pretty much hold up because there\u2019s a demand for them because they\u2019re high-end places. But I\u2019m reacting to the previous caller saying the economy is not that bad. In certain pockets of it, it\u2019s not that bad. But you talk to the 9.5% unemployed. In Michigan it may reach 20%. I mean, it is bad in a lot of places. But what compounds this is that there is nothing going on to improve it. There are roadblocks everywhere to improving it, and they are being put there by President Obama. And now we got Timmy Geithner, who was so needed to get our economy going again that Congress overlook his tax evasion for multiple years. He\u2019s never worked in the private sector and he thinks you losing your job is ‘necessary and healthy.\u2019 That\u2019s Barack Obama\u2019s America.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Let me ask you a quick question out there. How many of you think in your own mind, economy is not that bad. I\u2019m able to get gas, go to movies, isn\u2019t that bad. Do you remember when gasoline last spring, summer, fall, whatever it was, hit four bucks a gallon? That\u2019s all we heard every day, all day, all the cable networks, how four-dollar-a-gallon gasoline was destroying people\u2019s lives and they were interviewing people with the hard-luck stories and how they couldn\u2019t get to the grocery store and they were cutting back on food. Remember. Let me ask you, we are in a recession deeper than any since 1980-\u201982. You see any of the hard-luck stories in the State-Run Media that would lead you to believe the economy is as bad as it is? You don\u2019t. And that\u2019s one of the reasons why you may not think it\u2019s as bad as it is. But the numbers don\u2019t lie.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"
RUSH: On the fifth of July, a big admission from Joe Biden: ‘The truth is we and everybody else misread the economy.\u2019 We might even have the audio of this. We\u2019ll start here with Obama Saturday, a portion of his weekly YouTube address. OBAMA: In a little over 100 days, this recovery act has worked […]<\/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":[12,1],"tags":[],"yoast_head":"\n