{"id":37038,"date":"2010-12-09T01:01:01","date_gmt":"2011-05-19T00:15:24","guid":{"rendered":""},"modified":"2011-05-19T00:15:24","modified_gmt":"2011-05-19T00:15:24","slug":"regime_flip_flops_on_double_dip","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/12\/09\/regime_flip_flops_on_double_dip\/","title":{"rendered":"Regime Flip-Flops on Double-Dip"},"content":{"rendered":"<section>\n<p><img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125108.Par.89380.ImageFile.jpg\" width=\"300\" height=\"300\" class=\"alignright\"\/>RUSH: Now, here\u2019s this AP story: &#8216;White House Warns Tax Defeat Could Trigger New Recession &#8212; &#8230; Larry Summers, Obama\u2019s chief economic adviser, told reporters that if the overall tax package isn\u2019t passed soon, it will &#8216;materially increase the risk the economy would stall out and we would have a double-dip\u2019 recession. That put the White House in the unusual position of warning its own party\u2019s lawmakers they could be to blame for calamitous consequences if they go against the president. &#8230; Summers\u2019 remarks contrasted with Obama\u2019s comments at a news conference Tuesday.\u2019 Obama said, &#8216;We don\u2019t have the danger of a double-dip recession.\u2019 So Obama Tuesday, &#8216;There\u2019s no worry here of a double-dip recession.\u2019 Summers, the next day, &#8216;If we don\u2019t pass this thing soon, we risk a double-dip recession.\u2019 Today Obama warns of a double-dip recession, where on Tuesday he said there was no chance of one. So somebody\u2019s pulling and dragging Obama along here, too, and they\u2019re probably having to explain to him, &#8216;Hey, stick with us on this. You win either way, but we gotta do it this way.\u2019 Otherwise he woulda gotten his ego in the way, &#8216;I\u2019m not gonna let Larry Summers manipulate me, idiot, Harvard fired him, I graduated.\u2019 But they\u2019ve talked him into it somehow.<\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p>RUSH: Tuesday afternoon in Washington, this is Obama.<\/p>\n<p>OBAMA: When the Recovery Act passed, we were looking at a potential Great Depression and we might have seen unemployment go up to 15%, 20%, we don\u2019t know. In combination with the work we did in stabilizing the financial system, the work that the Federal Reserve did, that\u2019s behind us now. We don\u2019t have the danger of a double-dip recession.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125108.Par.4584.ImageFile.jpg\" width=\"300\" height=\"216\" class=\"alignright\"\/>RUSH: Tuesday, folks, Tuesday. Two days ago at the White House our president, Imam Obama, says we don\u2019t have a danger of a double-dip recession because we passed the stimulus. And in the process &#8212; I didn\u2019t know this &#8212; we staved off 15 to 20% unemployment. But two days ago, &#8216;We don\u2019t have the danger of a double-dip recession.\u2019 &#8216;Mr. Limbaugh, we heard you. Why you keep repeating it?\u2019 &#8216;Cause I want to make sure everybody understands this. Just two days ago Obama said we don\u2019t have the danger of a double-dip recession. Today, the headline is the exact opposite: &#8216;White House Warns Tax Defeat Could Trigger New Recession.\u2019 And that\u2019s actually from last night. So Tuesday, no way, no double-dip recession. Yesterday, &#8216;White House Warns Tax Defeat Could Trigger New Recession.\u2019 I\u2019m just telling you this because the original theory that I have here, this is all to set up Obama as a winner in 2012 no matter what happens with the economy. <\/p>\n<p>Now, here\u2019s Larry Summers. This morning on Squawk on the Street on CNBC, Erin Burnett &#8212; the Street Sweetie &#8212; they still call her that? She\u2019s talking to Summers and she says, &#8216;You\u2019ve been saying it\u2019s crucial to get this deal passed or it would increase the risk of a double-dip recession. Do you think this deal\u2019s really done or could this end up sort of like TARP did where it was, quote, unquote, done then blew up and sent the market into disarray?\u2019<\/p>\n<p>SUMMERS: I think the right thing is gonna happen here, you know, if you add it up, the payroll tax holiday, the extension of unemployment insurance, the expensing of business investment, the continuation of the Bush middle-class tax cuts, this is a program that really is gonna give the economy a substantial shot in the arm at a time when that\u2019s what we need. There\u2019s obviously been uncertainty about the economy, particularly with what happens in Europe, and it\u2019s the right time to reduce uncertainty and give the economy a major shot in the arm, and that\u2019s what this bill will do. It\u2019s an important compromise, and I expect we\u2019ll see it in law before Christmas.<\/p>\n<p>RUSH: It\u2019s amazing what an election will do. These guys, they wouldn\u2019t admit this up \u2019til November 2nd. Do you think anybody in this regime woulda said anything like this? In the first place they wouldn\u2019t talk about tax cuts, tax holidays on payroll taxes, business expensing, no. They weren\u2019t gonna do any of that. That was all for the rich, that was Reaganism, that was supply-side, that\u2019s what got us in the problem, that\u2019s what created the problem. Now, we could logically say if you think this now, why didn\u2019t you think it six months ago? Why didn\u2019t you think this when you assumed office? Why didn\u2019t you put this kind of thinking into practice? Why didn\u2019t you implement policy based on this kind of thinking? If you\u2019d done that we wouldn\u2019t be where we are now. Okay, so on Tuesday Obama says there won\u2019t be double-dip recession. Yesterday, Summers says there will be. Today Obama says there will be, after saying there won\u2019t be on Tuesday. Austan Goolsbee, also known as Ichabod Crane, this morning on the Fox News Channel, America\u2019s Newsroom during a discussion of the tax rate compromise, Bill Hemmer said, &#8216;I don\u2019t understand the sudden conversion at the White House on this double-dip recession business. What explains that, [Ichabod]?\u2019<\/p>\n<p>GOOLSBEE: The sudden conversion, look, there hadn\u2019t been any conversion. The president doesn\u2019t think extending high income tax cuts will work, but I think the thing that changed is that the president was able to negotiate substantial amounts to go to the kind of priorities that he does think will work, the middle income tax cuts, the Obama tax cuts for the middle-class, not just the Bush ones, the money for a payroll tax to go to workers, money for investment incentives for companies to build factories here as well as education credits and that kind of thing. And so offered with a deal like that I think everybody\u2019s gotta be for it because ultimately I think that\u2019s what\u2019s best for the economy.<\/p>\n<p>RUSH: There aren\u2019t any tax cuts in this. There aren\u2019t any stimulative tax cuts in this. So the current tax rates are a major shot in the arm, but in two years they won\u2019t be? And they should never have been passed ten years ago anyway? They should have never been passed, now for two years they\u2019re gonna be a great stimulus, and then after that they stop being a stimulus. And if we don\u2019t do it it\u2019s gonna be a double-dip recession, whereas Tuesday it wasn\u2019t gonna be. It was impossible to have a double-dip recession. The next day, we better do this, Obama says, we have a double-dip recession. So the current tax rates are a huge shot in the arm, which they\u2019re not. They\u2019re not stimulative. In two years they won\u2019t be, but they shoulda never been passed ten years ago in the first place. You follow? We shoulda never done \u2019em, they\u2019re gonna be great the next two years, and then we\u2019re gonna get rid of \u2019em. They shoulda never been done in the first place. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: Now, here\u2019s this AP story: &#8216;White House Warns Tax Defeat Could Trigger New Recession &#8212; &#8230; Larry Summers, Obama\u2019s chief economic adviser, told reporters that if the overall tax package isn\u2019t passed soon, it will &#8216;materially increase the risk the economy would stall out and we would have a double-dip\u2019 recession. That put the [&hellip;]<\/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":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Regime Flip-Flops on Double-Dip - 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\/2010\/12\/09\/regime_flip_flops_on_double_dip\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Regime Flip-Flops on Double-Dip - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Now, here\u2019s this AP story: &#8216;White House Warns Tax Defeat Could Trigger New Recession &#8212; &#8230; Larry Summers, Obama\u2019s chief economic adviser, told reporters that if the overall tax package isn\u2019t passed soon, it will &#8216;materially increase the risk the economy would stall out and we would have a double-dip\u2019 recession. 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