{"id":6234,"date":"2015-05-29T16:31:02","date_gmt":"2015-05-29T16:31:02","guid":{"rendered":""},"modified":"2015-05-29T16:31:02","modified_gmt":"2015-05-29T16:31:02","slug":"the_us_economy_is_shrinking","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2015\/05\/29\/the_us_economy_is_shrinking\/","title":{"rendered":"The US Economy Is Shrinking"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: You see the stories on the US economy, the first quarter. I predicted this. I predicted there\u2019d be a revision. What was the original report of the first quarter? Two percent, .2% growth or something. I said it\u2019s not gonna be that when they revise it. They\u2019re gonna revise it three or four months from now when everybody\u2019s forgotten it. Here it goes. The US economy fell. It went backwards. It slowed down, 0.7% growth rate. That\u2019s not growth, folks. That\u2019s a contraction. “The US economy shrank at a 0.7% annual rate in the first three months of the year.” You know why? Yeah, cold weather. That\u2019s what it says right here in the AP, wintertime out there. That\u2019s right, cold weather and a widening trade deficit. <\/p>\n

“The government\u2019s revised estimate for last quarter was weaker than its initial estimate –” Here it is, 0.2%, that\u2019s what they originally reported, 0.2%. Obama\u2019s out there hailing economic growth at the same time. Obama\u2019s out there lauding it, applauding it, and how great the economy\u2019s just chugging along, and everybody knows it was BS. You can see, I mean, those of us of a certain age we\u2019ve been alive long enough to know when an economy is really growing, when it\u2019s really percolating, when it\u2019s really humming. <\/line><\/p>\n

There\u2019s an associated uptick in mood when that happens, and of course there isn\u2019t any perception or actual economic growth going on. It is contracting. It\u2019s shrinking. And there is a complementary mood, which is down in the dumps, depressed, 93 million Americans not working. I don\u2019t know how in the world anybody can talk about economic growth when you got 93 million Americans it is not working. <\/p>\n

So, anyway, we\u2019re contracting now. But it\u2019s not a big deal. It\u2019s just the weather. All the Drive-Bys are saying it\u2019s not anything to worry about. It really isn\u2019t, it\u2019s just the weather, it\u2019s climate change, and of course a little problem with the trade deficit in the first quarter. But no big deal. “Steady gains in employment are expected to fuel healthy growth for the rest of this year.” It\u2019s what it says right here in the third paragraph, after reporting we contracted at nearly 1%. Don\u2019t sweat it, gang.<\/p>\n

“Steady job gains are expected to fuel modestly healthy growth for the rest of 2015. The harsh winter, which kept many consumers home and businesses closed, and a labor dispute that slowed trade at West Coast ports are both over.” Again, they insult our intelligence. Here\u2019s the truth of the matter, and you find it in the Washington Post: “Americans are starting fewer businesses, new companies are going out of business more quickly, and the new firms that do get off the ground are creating fewer jobs. None of that bodes very well for an economy still trying to find its footing.<\/p>\n

In other words, more businesses are closing than starting. And this, just to remind you, this is not a story from today. This is a story from September 17th, 2014. I just wanted to remind you, September 17th, last year, Americans are starting fewer businesses, new companies are going out of business more quickly, and the new firms that do get off the ground are creating fewer jobs. <\/p>\n

“None of that bodes very well for an economy still trying to find its footing.” And, lo and behold, about six months later when we got the report for the first quarter, they told us growth was at 0.2%. Today they tell us it\u2019s down 0.7%. <\/line><\/p>\n

John Dearie, executive vice president of the Financial Services Forum, a trade organization in Washington, D.C., said, again, this is September last year, “America\u00c2\u2019s entrepreneurs need help.” This is all right here. A truthful story back in September. There isn\u2019t any economic growth, and there\u2019s no indication that there will be any. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: You know, checking the economic stories, got the AP, got one from Reuters <\/a>here, and it says “US Housing Data, Sturdy Jobs Market Buoy Growth Outlook.”<\/p>\n

You know, it\u2019s amazing. Every damn economic article in the last six years under Obama could just be summed up as “prosperity just around the corner.” For six years this is what we\u2019ve been told. Six and a half years. The economy\u2019s been tanking. There\u2019s no doubt the economy\u2019s tanking. It couldn\u2019t do anything but tank with all the things that Obama has added to it and taken from it. The tax burdens and the commandeering of the health care industry, there\u2019s no way this economy can be growing. <\/p>\n

And the damn media every time, every quarter, when the jobs news or the economic growth news is bad, every damn story is prosperity just around the corner, all the signs are there, all the indicators. We\u2019re just sitting here waiting for a massive explosion that never happens. It\u2019s all journalistic malpractice. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: You see the stories on the US economy, the first quarter. I predicted this. I predicted there\u2019d be a revision. What was the original report of the first quarter? Two percent, .2% growth or something. I said it\u2019s not gonna be that when they revise it. They\u2019re gonna revise it three or four months […]<\/p>\n","protected":false},"author":14,"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 US Economy Is Shrinking - 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:\/\/admin.rushlimbaugh.com\/daily\/2015\/05\/29\/the_us_economy_is_shrinking\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"The US Economy Is Shrinking - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: You see the stories on the US economy, the first quarter. I predicted this. I predicted there\u2019d be a revision. 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