{"id":37048,"date":"2010-12-10T01:01:01","date_gmt":"2011-05-19T00:15:22","guid":{"rendered":""},"modified":"2011-05-19T00:15:22","modified_gmt":"2011-05-19T00:15:22","slug":"libs_target_supply_side_economics","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/12\/10\/libs_target_supply_side_economics\/","title":{"rendered":"Libs Target Supply-Side Economics"},"content":{"rendered":"
\n

RUSH: Welcome back. It\u2019s Open Line Friday. I am El Rushbo. And let\u2019s go to the audio sound bites. I want to start with number four. <\/p>\n

Remember, yesterday I made a point that there\u2019s no economic stimulus tied to the extension of these tax rates. I pointed out that Obama can say after two years, ‘Hey, we did supply-side, and it didn\u2019t work. We tried Reaganomics. We tried to give the rich a tax break, and we had the tax rates reduction, and we had all this and it didn\u2019t work. Tax cuts don\u2019t work.\u2019 And he can forever bury the whole notion of supply-side working in two years. And I said this is part of the strategery here. We have an audio montage of Democrats making this point.<\/p>\n

HARKIN: What we bought into is we are going to accept the Bush era economic formula, the trickle-down formula. <\/p>\n

BROWN: Tax cuts for the rich trickle down. It doesn\u2019t work.<\/p>\n

ROBINSON: The classic supply-side idea.<\/p>\n

VITNER: He\u2019s embracing supply-side economics.<\/p>\n

REICH: You supply siders, in your soul of souls, you really believe that if you give tax cuts to the top, the benefits trickle down and everybody\u2019s better off.<\/p>\n

DEFAZIO: If you believe in supply side, trickle-down economics, hey this is your thing<\/p>\n

RUSH: See? See? Do I know these people or do I know these people? This is not supply-side because nothing\u2019s being cut. Not one income tax rate is being reduced. There is not one income tax rate reduction in this bill. There is no supply-side here, folks, but that\u2019s what they\u2019re calling it. And they know it won\u2019t work. I\u2019m here to tell you now that there is no economic stimulus in keeping these tax rates the same. The only thing there is is less harm committed. If tax rates went up you\u2019d destroy even more business, more business planning, you would take more capital out of the hands of people, there would be less economic activity in the private sector. Unemployment would go up and economic activity would decline. That\u2019s the benefit of holding the tax rates the same. But there is no economic stimulus by keeping them the same. But you can see here what\u2019s being set up. And the Drive-Bys are not gonna correct these people on this. Nobody will. And I don\u2019t hear a Republican standing up and saying, ‘No, no, no, these guys are lying to you.\u2019 I don\u2019t hear Republicans standing up and correcting all this. As usual, ladies and gentlemen, it is left to I, El Rushbo, which I have been doing all week. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Sarasota, Florida, Rob, you\u2019re next. Hello, sir.<\/p>\n

CALLER: Hello, Rush.<\/p>\n

RUSH: Hi.<\/p>\n

CALLER: Rush, it is an absolute honor to speak with you. This has been driving me crazy all week. I have two quick points. The libs say extending the current tax rates, the Bush tax rates would add to the deficit and debt. Well, the payroll tax is essentially Social Security and Medicare taxes, and they\u2019re already broke. So a 2% reduction of payroll taxes in the Social Security would just make the problem worse and add to the shortfall. Point number two. The libs also say paying unemployment benefits is the best thing we can do to stimulate the economy. We\u2019ve heard Nancy Pelosi and all the libs talking about how much of a stimulus it is to pay unemployment benefits, better than windmill farms and better than the Chevy Volt. So if that\u2019s true, why not use unspent stimulus money to pay for the unemployment? And they need to be nailed on this, and that\u2019s what I had to say.<\/p>\n

RUSH: Well, we have asked that question prior to today. We\u2019ve actually given the answer to it, too. The reason they don\u2019t want unemployment benefits paid outta stimulus is because that stimulus is a slush fund for their reelection in 2012. That stimulus was all about election campaigns in 2010 and 2012. It\u2019s about nothing else and they want more spending. I mean they\u2019re not on the page that says we gotta reduce spending or even pay for the spending that we engage in. They just want more. I mean that\u2019s half of the reason why they\u2019re proposing this unemployment extension. They just want to spend more money. That\u2019s how they\u2019re buying votes. That\u2019s how they expand the base of their party, in their thinking, pure and simple. They don\u2019t care about the country. They don\u2019t care about any of these things. They don\u2019t care about the unemployed. If they cared about the unemployed they\u2019d be doing everything differently than they are doing. They are perpetuating unemployment. They are extending unemployment, not just unemployment benefits. They are robbing people of their dignity. They are doing deleterious things for everybody that lives in this country in the name of compassion and in the name of expanding their business and their importance and their power, pure and simple. <\/p>\n

Joe in Jefferson City, Missouri. Hi.<\/p>\n

CALLER: Thank you, Rush, for giving voice to the common person. And I got a small point of order. If we adopt the verbiage of the left, it\u2019s gonna be hard to win an argument. My point is we don\u2019t really tax the rich. We tax productivity in this country. The rich people, people think about guys like Warren Buffett, he collects a salary of a hundred thousand, but most of his money comes from dividends, which is taxed at a single digit, 10% rate.<\/p>\n

RUSH: That\u2019s right.<\/p>\n

CALLER: And then we have our good friends the Kennedys, and their money is tied up into tax-free — <\/p>\n

RUSH: Well, they\u2019re clipping coupons on municipal bonds. They got a lot of tax-free things there, plus they\u2019ve got trust after trust after trust that was set up by old Joe after he made a mint selling short in the stock market.<\/p>\n

CALLER: Okay. Getting back to my point is what we do is we tax productivity, and the more productive you are, the more the government takes. Our system is actually evil and is immoral, because the harder you work, the more the government takes. But if you want to stay at home and watch TV the government will pay you to be nonproductive.<\/p>\n

RUSH: That\u2019s mostly true.<\/p>\n

CALLER: Well, it\u2019s exactly true.<\/p>\n

RUSH: It\u2019s mostly true.<\/p>\n

CALLER: The other thing I want to help people understand is why lowering taxes increases economic activity. Now it\u2019s been proven that when a dollar is in a community, it generally changes hands seven times before it leaves that community. So if the dollars is in a community it\u2019s gonna travel around seven times, and each time that dollar changes hands the government gets a cut of that money. But if you raise taxes, that\u2019s like turning on a giant vacuum sweeper sucking all the spare money out of the community so that inhibits the economic activity and the overall revenues go down to the government.<\/p>\n

RUSH: Yeah, I never thought of it quite like the giant vacuum cleaner, but you got a point there.<\/p>\n

CALLER: Well, Rush, see, you\u2019re at the top, I\u2019m at the bottom, I\u2019m just giving you a different perspective.<\/p>\n

RUSH: Well, I appreciate that. I really do. I\u2019ll go back to the drawing board on this and make sure that I understand it. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Welcome back. It\u2019s Open Line Friday. I am El Rushbo. And let\u2019s go to the audio sound bites. I want to start with number four. Remember, yesterday I made a point that there\u2019s no economic stimulus tied to the extension of these tax rates. 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