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Fixing the Economy Won't Be Easy

BEGIN TRANSCRIPT

RUSH: Budget analysts, the CBO, is projecting a $1.1 trillion federal deficit for 2012, the fourth straight year that we have had deficits of a trillion dollars or more. The fourth straight year! There's also economic news out. The CBO is reporting the economy could shrink as much as one half of a percentage point. And unemployment could rise to 9% next year if the fiscal cliff hits -- Taxmageddon and all the other things -- which it will. You know, one of the things that I talk about on this program frequently is optimism and false optimism and being the mayor of Realville and so forth.

It's an ongoing challenge each day, during times like this, to be optimistic about the future of the country and to be realistic about it at the same time. Because, even if Romney and Ryan win, we've got our work cut out for us. There are going to have to be to be some serious changes. There are going to have to be some serious changes, which are going to hurt. There's no other choice. Otherwise, this financial implosion is going to happen. It's gonna happen at some point.

We're on the course for the country to go bankrupt, to financially implode.

If something isn't done with the entitlements, if something is not done with all this redistribution spending. Something's going to have to be done no matter who wins the election. It's gonna be tough. This is something I think people are gonna have to be hit with honestly. The question is, "How honestly do you want to treat it during the campaign?" And at the same time point out that there is hope to fix this but that it's going to take a lot of hard work. It's going to be something that won't be magical simply by winning an election.

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