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Regime Economist Blames Economy on Sequester

BEGIN TRANSCRIPT

RUSH: This is crazy. We got the chairman of the White House Council of Economic Advisors, Alan Krueger: You know, the economy would be much better if it weren't for the sequester.

See, this is the kind of absolute nonsense. The economy doesn't stand a chance as long as this administration is in charge of policies that govern it. It doesn't stand a chance. Now, the dirty little secret is that what's happening in this economy is what was intended to happen. We got a lot of people out of work, lot of people not even looking for work, but they're all eating, they're all driving, they're all talking on the telephone, and they're all watching big-screen TVs. And it's all made possible by Santa Claus, in their mind, Obama. Who they gonna vote for? It's not complicated to figure out.

So let's listen this guy. Grab sound bite two. This on CNBC Squawk on the Street. David Faber said, "Is there any expectation the labor force participation rate will move up appreciably?" Meaning, is there any chance that any of the 10 million people who have lost jobs, will those jobs ever come back? Do you foresee anything in your administration's policy portfolio which might make those jobs reappear? Now, listen to the BS answer that question gets.

KRUEGER: We see in today's report and what we've been seeing recently, the economy is poised to do a lot better. What we need is some more help from Congress. Uh, investment in things like infrastructure, early education, which will help put more people back to work today --

RUSH: Stop the tape. For five years we have been hearing we need money for infrastructure. For five years we've been hearing we need to rebuild the roads and the bridges. For five years we've been hearing we need to spend more money on education, and guess what? For five years we have been spending money like it has never been spent before. We have never had annual deficits of a trillion dollars or more in consecutive years like we've had here. And yet we're not spending any money on the infrastructure. And we're not spending any money on early education.

What is it being spent on? The money is being given primarily to people who are gonna end up sending some of it back to the Democrat Party and Obama in the form of campaign contributions. For five-and-a-half years, this administration is in charge of everything. We need to spend more money on infrastructure. Why, if you listen to this guy and if you listen to Obama, they haven't even begun to serve yet. Why, it's still Bush or somebody running this show, and they're not spending enough on education, and they're not spending enough on infrastructure, and we're not building enough roads and bridges. Well, who's been running this show for four-and-a-half years? For four-and-a-half years we've been hearing what this guy is complaining about.

It's the Limbaugh Theorem. They continue to campaign against the status quo, and the status quo is exactly what they have created. This is the Obama economy. This is the Obama unemployment circumstance, or situation. This is the Obama debt. This is the Obama lack of infrastructure investment. This is the Obama whatever. But if you listen to Obama and these guys, "Well, we need to spend more here and we need to do this. We haven't been able to do it, Congress." They had Congress for the first two years. Back that clip up. I'm gonna play it in its entirety now without interrupting it, although you don't know how hard that is, 'cause this stuff really irritates me.

KRUEGER: We see in today's report and what we've been seeing recently, the economy is poised to do a lot better. What we need is some more help from Congress. Uh, investment in things like infrastructure, early education, which will help put more people back to work today and make for a more competitive workforce in the future. You know, the sequester is gonna have a -- a negative effect. The longer it stays in place the more adverse the effect and one of the utmost disturbing aspects of the sequester is that it's eating our seed corn. It's cutting into the kinds of investment that led to horizontal drilling, which is a major reason for the natural gas and oil boom that we're seeing in the US. That's why the president's gonna work to replace the sequester with balanced deficit reduction.

originalRUSH: I don't know what to say. I'm absolutely speechless here, which is a much safer mode than reacting as I would like to, 'cause I'd be shouting profanities at you. "It's cutting into the kind of investment that led to horizontal drilling, which is a major reason for the natural gas and oil boom." Can I tell you the truth about that? He's describing fracking, and the dirty little secret is, his administration is trying to shut it down. This is the administration that thinks fracking is dangerous. This administration does not want new discoveries of oil or natural gas. This administration has people in it who hate fracking. Their voters hate fracking. The environmentalist wackos hate fracking, this horizontal drilling.

Now they're claiming credit for all the natural gas and the oil boom? These people have done more to suppress the oil creation. There's been an oil boom in the Dakotas. Private land. Oil exploration, oil discovery, oil marketing, not occurring on federal land. It's not permitted. Yet here comes this guy claiming credit for the oil boom. They've done everything they can to prevent it. Claiming credit for the new natural gas boom, fracking. They have done everything they can to shut fracking down. And now they're claiming credit for it and it's only slowed down because of the sequester, which, of course, is the Republicans fault, but it was Obama's idea.

So this is flat-out BS. I mean, this is just utter, utter misleading BS. But the low-information voters, to the extent that they pay attention to CNBC -- I don't think they do, they hear this, their impression is Obama's opposed to all this bad stuff, too, and he's really working hard to fix it but damn those Republicans. They just keep stopping every good thing Obama wants to do.

END TRANSCRIPT

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