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What Do We Do Now? Focus on Obama

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RUSH:  So what do we do now, folks?  That's the question.  Everybody wants to know what do we do now?  And what we do now is what we should have been doing all along.  I'll give you an example.  Obama's on TV this morning.  He was in Falls Church, Virginia, doing a campaign speech.  And in this appearance he announced yet another plan to bail out people who are underwater in their houses.  I don't know what this is, HARP 2, HARP 3.  We alluded to this a few weeks ago where Obama was gonna take people that were underwater and basically refinance their mortgages and have a monthly payment max out at something like six or seven hundred dollars.  Not quite forgive everybody's mortgage, but the effort was to make them think that was going to happen.  That's the reason, one of the many reasons, Obama's out there saying, "Vote for me today." 

We predicted this a few weeks ago, promising the government will refinance everybody's loans. No credit checks. No proof of anything.  All you have to do is promise to vote for him.  And that's implied.  That is understood.  I mean that's the whole point of it.  So how do you fight this?  What do we do?  The only thing that has ever had a chance from the first days of this election, this campaign, has been to make it about Obama. Every day, in every which way possible, on issues, on Obama's record, on the things you can't defend.  That's what needs to happen.  That's what our chance is.  Our team is not all that good.  You know it and I know it.  They're just not. 

We had the CBO projections yesterday.  Folks, the latest CBO report projects the US economy to only grow at a rate of 1% in 2013.  That is the year, whoever the next president is, is inaugurated.  This is the ostensibly nonpartisan CBO.  And the projection rate for GDP is 1%, 2.2% for this year.  Some of this is due to Obamacare kicking in in 2013.  In addition, ladies and gentlemen, the Bush tax cuts are going to expire in 2013.  That's not a coincidence that the economy is only gonna grow at 1%.  There is going to be, at minimum, a 30% increase in revenue to the government.  In other words, 30% more money is gonna come out of the private sector in the form of tax increases or tax cuts ending.  Let's put it this way, tax rates being raised, is what's gonna happen, is gonna result in 30% more money headed to Washington. 

Also, there's a story here in the Stack, it's from Rasmussen.  The federal deficit for this year is going to be closer to four trillion rather than the published $1.1 trillion.  The focus needs to be on Obama.  Whoever you were for, are for, in the Republican primary, at the end of the day Obama remains the target.  Obama is the ultimate political target.  The White House is the ultimate political objective.  They don't have a single thing they can defend.  If they want to try buy votes, which they will, go ahead.  If they want to go negative on whoever the nominee ends up being, they will, but that record can't be denied.  This is not 2008.  The magic is gone. 

I have a story here in the Stack about racial tensions in the schools.  So what does that say about all our vaunted diversity training for the last 25 years?  All of liberalism is a mess. It's a gigantic failure, and it needs to be pointed out each and every day.  This needs to be an ideological campaign aimed at Obama.  This from Rasmussen, just put up today at noon.  "The Congressional Budget Office (CBO) yesterday reported that the federal budget deficit is projected to reach $1.1 trillion in 2012. That number is troubling enough but the reality is much worse. The United States will actually go about $4 trillion further in debt during the year.

"The difference comes from the fact that government accounting procedures simply ignore the cost of benefits being promised for future Social Security and Medicare recipients. While precise estimates vary as to how much these promises cost, they are in the range of $3 trillion annually. ... The government does not recognize the debt piling up for future Social Security and Medicare benefits because they have officially determined that no such liability exists." The old off-budget trick.  It's not there.  "As explained in the Federal Budget, 'The Federal Government uses the term "trust fund" very differently from the private sector.'" I'm reading to you from the federal budget.  "'The beneficiary of a private trust owns the trust’s income and may own the trust’s assets.'"

For example, you who have trust fund kids and have trust funded your babies $25 million when they hit age 25 or 30, they own it.  In the private sector that's what a trust fund is.  "However, 'the Federal Government owns and manages the assets and earnings of most federal trust funds.' As if that wasn’t enough, the government 'can unilaterally change the law to raise or lower future trust fund collections and payments or change the purpose for which collections are used.'" And that's why they can go out and play games on the payroll tax reduction, game, trick, whatever. 

"Rasmussen notes that 'The simplest way to get people to make bad decisions is to give them bad information. That’s the way con men work, and that’s how America’s Political Class led America into a fiscal crisis. For several decades, the federal government has consistently and systematically misled the American people about federal spending, deficits, and the federal debt.'  Rasmussen notes that the actual federal debt is closer to $120 trillion rather than the $16 trillion." 

For example, you who have trust fund kids and have trust funded your babies $25 million when they hit age 25 or 30, they own it.  In the private sector that's what a trust fund is.  "However, 'the Federal Government owns and manages the assets and earnings of most federal trust funds.' As if that wasn’t enough, the government 'can unilaterally change the law to raise or lower future trust fund collections and payments or change the purpose for which collections are used.'" And that's why they can go out and play games on the payroll tax reduction, game, trick, whatever. 

"Rasmussen notes that 'The simplest way to get people to make bad decisions is to give them bad information. That’s the way con men work, and that’s how America’s Political Class led America into a fiscal crisis. For several decades, the federal government has consistently and systematically misled the American people about federal spending, deficits, and the federal debt.'  Rasmussen notes that the actual federal debt is closer to $120 trillion rather than the $16 trillion."

That's all these promises 50 years out, all the unfunded pensions and liabilities, all of it: $120 trillion. That's everything. The $16 trillion is just the sum total of all the annual deficits since the founding of the country. The $120 trillion is that plus all the promises that have been made to people not born yet. For example, with their Social Security and their Medicare and their Medicaid and what have you. Food stamps, you name it. That's what's owed. Now, there will be revenue against that at some point.

There's not yet because some of that money is just waiting for revenue in the particular year it's due to be paid. It's still gonna be big, still gonna be huge. So the answer here: Focus on Obama. It's always been what this has been about. Every time I've heard Republicans from various corners of the political class and the establishment say, "Well, I don't want to nominate this guy. I don't want to nominate that guy. Because that guy is gonna be the focus! I mean, the focus has to be Obama." Yeah, well, make the focus Obama. Don't tell us! Don't start whining and moaning about which nominee is gonna be. The way I look at it, every damn one of these nominees has been the focus. That's what happens in a primary.

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