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Biden: Romney Wants $500 Trillion Tax Cut

BEGIN TRANSCRIPT

RUSH:  Folks, listen to this.  This is Joe Biden.  This is this morning in Oshkosh, Wisconsin.  Listen to this.

BIDEN:  You can't erase what you've already done.  They voted to extend tax cuts to the very wealthy, giving a $500 trillion tax cut to 120,000 families.

RUSH:  Five-hundred trillion tax cut.  The national debt is $16 trillion.

BREAK TRANSCRIPT

RUSH: Grab sound bite 28.  We had to ram this through right at the conclusion the previous hour.  Joe Biden.  I don't know if you chalk this up to losing it, but, folks, the wheels -- no, I better be careful here.  I better be careful.  Well, I was gonna say the wheels are coming off.  The wheels are coming off Biden's training cycle.  I'm gonna pull back on the daily Rush feeling.  You know, there are daily tracking polls out there, but there's also my instincts, where I am on a daily basis, as it relates to this election and this campaign.  I've let it out a number of times in the last six months what I think is gonna happen on Election Day, but I know it makes many of you nervous so I'll hold it back here for a while.

But I do want to play this Biden sound bite, whether he's losing it or they're just panicked over the top here trying to scare people.  Obama, in each of the three debates, pointedly lied about the size of a tax cut that Romney supposedly has for the rich, a $5 trillion tax cut.  It's mathematically impossible.  There is no $5 trillion tax cut proposed.  I'd like to see one, actually.  There isn't one.  It doesn't add up.  But Romney's never proposed one.  Not even close.  Even if you factor all of the loopholes and deductions Romney says he wants to close, by lowering the tax rate, you still don't get to anything that, quote, unquote, costs our precious government $5 trillion.  And that audit not be the focus of any economic policy anyway. 

The focus of all economic policy should be one thing:  How much money does it put back in the pockets of the American people. How much money does it put in or leave in or put back in the private sector without first taking it from the private sector, which is what stimulus did.  The stimulus wasn't a stimulus.  If you gonna inject $878 billion in the private sector, it has to come from there first.  It's a net wash, a net zero.  There wasn't any stimulus.  It's mathematically impossible.  What has to happen here is economic policy that results in more money in the private sector, a growing private sector. 

The GDP number is out for the third quarter, it's 2%, and that's gonna get revised down to 1.8.  Never mind the regime guaranteed a growth rate of four-and-a-half percent by now with their stimulus bill.  We are growing, it's anemic, 1.8%, there isn't any growth. There's no job creation whatsoever.  So the regime's only hope is to once again class warfare, class division.  But listen to Biden here.  This figure that he throws out here is just impossible to explain.  And this is not -- well, even if it is a slip of the tongue, then what caused that?  I think they're off the rails here. 

BIDEN:  You can't erase what you've already done.  They voted to extend tax cuts to the very wealthy, giving a $500 trillion tax cut to 120,000 families.

RUSH: Five-hundred trillion tax cut.  There is no $5 trillion tax cut.  A $500 trillion tax cut.  It's beyond the realm of possibility.  It's beyond the realm of reality.  I don't know.  The reason that I find it hard to say that this is an example of Biden losing it is because I think he did that a long time.  I don't think Biden's elevator goes to the top floor for a long time now.  I think Biden has been an order of fries short of a Happy Meal for months.  I think this is just evidence of that.

END TRANSCRIPT

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