RUSH: Washington Examiner: "Why is the Obama recovery the weakest recovery since the Great Depression?" This is the truth. An uptick in the economy? Morale coming back? Morale is subject here to being blown down? The real story is: "Why is the Obama recovery the weakest recovery since the Great Depression? According to a new study by the Federal Reserve Bank of San Francisco, it is not because the federal government failed to borrow and spend too little during the height of the economic downturn."
The Federal Reserve study -- and, by the way, there's nothing federal about the Federal Reserve. It's a name that's meant to fool you. The Federal Reserve is not part of the government. There's nothing federal about it. It's an entirely independent agency. But that's for another day. This report from the Federal Reserve Bank out of San Francisco says that tax increases are what's slowing the economy. Not the fact we haven't spent enough. Not the fact we haven't borrowed enough. Not the fact that we have had too little Keynesian economic activity. No, it's the fact -- and basically, without saying it this way, they're saying Obama's policies are retarding economic growth. And it just shows that if you look hard, you can find it.
Did you hear Obama says that Democrats do not want to tax all businesses out of business. He said, "I know there's some Republicans here in the audience." This was a fundraiser on Friday in Palo Alto, Democrat Senatorial Campaign Committee fundraiser. And he said, "I know there few Republicans here in the audience. If you talk to us, it turns out we're pretty common sense folks." He means liberal Democrats. "We don’t think government can do everything. We don’t think that top-down solutions are the right way to go. We believe in the free market. We believe in a light touch when it comes to regulations."
Folks, I can't give you a better illustration of how Obama himself implements what I call the Limbaugh Theorem. Here he is at a Democrat fundraiser in Palo Alto. Now, these are people who've gotten rich, filthy rich because of the free market. These are people of individual entrepreneurs exercising a great deal of freedom and ingenuity and entrepreneurialism in a highly competitive, open and free market. None of these high tech people have gotten anywhere near where they are because of government spending, government policy, handouts, tax increases or anything. It is strictly the result of capitalism.
So what does Obama go out and do? These are people who are brilliant in their field, but politically they are either blind or ignorant or they lie to themselves, or they simply love being close to power and they're willing to overcome whatever problems Obama causes for everybody else in order to maintain their close proximity to power. Because they are all leftists. Remember the big piece that we did last week on California and how the left in this country wants California to be the model for the way the rest of the country is.
The high tech people out there, the Hollywood people out there, the finance people out there are all doing phenomenally well, despite the taxes, despite the government that's in debt to the tune of $16 billion, despite the poverty, despite the division between rich and poor. It is emphasized like nowhere else in California, maybe New York and Boston as well, but the division between rich and poor is starkest out there. But they're on the rich side, and they're cool with that, of course. And we've learned how many of them corporate-wise don't even report their taxes in America. So they're not all that affected by tax policy.
The competitive nature in the high tech field right now is cutthroat. It is capitalism times 10. People wouldn't believe how vicious the competition is. There's nothing socialistic about it. So what does Obama do? He goes out, and he says, "We don't think government can do everything. We don't think that top down solutions are the right way to go. We believe in the free market. We believe in light touch when it comes to --" He doesn't believe any of that. His administration's policies are the exact opposite of that. But here he is talking to people who, I'm convinced, are somewhat ignorant when it comes to ideology politics. I mean they're all liberals, but they're liberals for social reasons, and feel good reasons, but when it comes to their business, it is cutthroat, competitive capitalism.
So Obama comes out and tells 'em that's what he's about, and they don't know any different or any better. So he goes back to Washington, and these people all think he doesn't want to tax businesses, he doesn't want to over-regulate anybody, he doesn't think top down solutions -- The architect of Obamacare, the guy that took over one-sixth of this economy, the health care industry, took it over, in the process of fully implementing it, is telling these people he doesn't believe in doing just what he did. And they sit out there and they believe it. This is how he does it. He goes out and he tells these people that he is in favor of things that he would no more implement than I would implement liberalism.
It's astounding to me. Why would the president say, "We don't want to tax all businesses out of business? But we do think that there's a role to play for government." Why would the president say we don't want to tax all businesses out of business? Snerdley, take a stab. Why would he tell these people that? Why would he say that to anybody? "We don't want to tax all businesses out of business." Well, the reason is because it is obvious he does want to tax all businesses out of business! He certainly wants to tax the health care business out of business and convert it to government control. He certainly would love to put the oil business out of business, if he could. That's what Solyndra and green energy and wind and solar is really all about.
How about the coal industry, folks? Here's an industry that he promised he would sink. So it's another example of the Limbaugh Theorem. We don't want tax all business out of business, and these high-tech guys in his audience, "Yeah, see, those right wingers like Limbaugh, they don't know what they're talking about. The president just came out and told us he doesn't want tax all businesses out of business." What about taxing them 50%? What is taxing them out of business? "But we do think there's a role to play for government." What role? What possibly could people at Apple learn from you, Mr. President? What could anybody at Google learn from you? Why are you hiring Google to do your data mining? Why aren't you show Google how to do it, if there's a role for government? Why aren't you showing Bill Gates and Microsoft how to do it? Oh, I'm sorry, Steve Ballmer.
Or why haven't you come down here and shown me how to do what I do? What role for government is there in the private sector when it comes to running businesses, seeking success, producing profit, tell me, what role for government is there? In his view, the government is there to regulate it, supervise it, and tax it. And, if it gets too big, to punish it. Hello Apple, before the committee explaining why they aren't paying any more in taxes when what they're paying is fully legal.
"The president's remarks came at a private residence during a fundraising tour last week for the 2014 midterm elections," which is what it's all about as far as the Democrats are concerned. Obama says that the Democrats don't want to tax all businesses out of business? Just the conservative ones then, huh? He just wants to tax the Tea Party businesses out of business. He just wants to tax Tea Party fundraising groups out of business. You might tell this to Gibson Guitars. He might want to go tell people in Las Vegas how he doesn't want to tax people out of business. What did he say within his first three months in office? The days of getting on your private jet and going to Las Vegas, those days are over. What business is it of his where anybody goes to spend their money? It's none of his business.
But the real question is, what does Obama know about the health care industry? Who in the world can he tell how to improve that business? He doesn't know the first thing about it. What he knows is what he thinks is compassionate liberalism, and that is that the businesses in health care are a bunch of cheats. And he's fair. And he'll see to it that everybody gets health care, or a pain pill, if they're denied health care. But he'll do a fair way. We don't want to tax all businesses out of business. What a thing to say. There must be some fear that that's what he wants to do if he's gonna go out there and deny it.
RUSH: By the way, we've got the sound bite of Obama at the Palo Alto fundraiser, Democratic Senatorial Campaign Committee. I just want you to hear him say this. He's talking to these high-tech people. This whole appearance, saying what a free market guy he is, he doesn't believe in very much government, just a little overlook here or there. I mean, just abject lying to these people about his entire government philosophy. And that's when he said this.
OBAMA: We don't think government can do everything, don't think that top down solutions are the right way to go. We believe in the free market. We believe in a light touch when it comes to regulations. We don't want to tax all businesses out of business. But we do think that there's a role to play for government.
RUSH: "We don't want to tax all businesses out of business?" Why you say that? I mean, out of the blue, there must be some fear that that is a desire, for him to have to stand up and deny it.