RUSH: One-tenth of 1%. One-tenth of 1%! Let me say it again. One-tenth of 1%. That's first quarter economic growth, and the Regime is blaming the cold weather. I thought it was supposed to be global warming. That was the reason for the cold weather. Now the cold weather, which, because of global warming, is what the Regime is using to explain economic growth. One-tenth of 1%.
Ladies and gentlemen, the ChiComs have overtaken us. The ChiComs are the world's biggest economy, a communist country. I warned everybody about this March the 4th of last year, this McKinsey & Company study, report that chronicled the ChiCom population purchase of luxury cars outpacing the sale of luxury cars in America, even a year ago. One-tenth of 1%.
And you want to hear something else? This is a real clincher. If it weren't for the government spending on Obamacare, economic growth would have been negative. Meaning there isn't any private sector economic activity. And I guess we can understand that. Of course the American economy has stopped growing, because all of our citizens are busy online barking about who said what, who can say what, who can't say what, and applauding the hammer being dropped by the NBA commissioner on Sterling. One of the stories I had from yesterday that I didn't get to, 20% of American families don't have anybody in them employed, 20%! You add to that the 93 million Americans not working.
RUSH: One-tenth of 1% economic growth -- one-tenth of 1% -- and if it weren't for the government spending on Obamacare, it would have been negative growth. Folks, this is... I've run out of words. "Disaster" doesn't cover it.
RUSH: This is March the 4th, 2013 on this program, your host issuing a -- ah, warning/prediction.
RUSH ARCHIVE: McKinsey & Company says that the ChiComs -- folks, this is a communist country now -- the ChiComs are going to become the world's largest luxury car market. That's troublesome. Because that says more about the direction we're headed than it does about the direction the ChiComs are headed. ... In many cases the average price of a new car now exceeds the annual income of a significant percentage of the population. (interruption) Now, I'm getting snarky comments in the IFB. People are saying, "No, no, that's horrible, that's terrible." Folks, it's emblematic of the direction our economy is headed. It isn't good. There's a lot of truth wrapped up in that statistic.
RUSH: The update of the statistic is that China's economy is expected to have grown 24% between 2011 and 2013. The American economy grew 7.6% in the same period of time. I forget the details, but the Regime has changed the way they calculate the GDP. I think Heritage or somebody (I forget who, but somebody that I trust) credibly analyzed the new way they're calculating GDP so it adds a phony 3% on the positive side to it.
I do remember that there was an announcement that there's a new way of calculating GDP. It's not just the old, standard way of measuring economic growth. It's designed to make the Regime look better. Of course, one-tenth of 1%? The ChiCom economy had 24% growth from 2011-2014, while we're at 7.6%. Do you know when the United States became the world's economic leader? Would you like to take just a wild guess?
I mean, there's no wrong answer here. (interruption) Oh. Yeah, you're close. It was 1872. The US had been the global leader, the world's number one economy since 1872. That means we have held the record for 142 years, and in less than five years Barack Obama is causing the United States to lose the top spot. There's no excuse for this, particularly losing to a communist country where the average wage is $1.50 or $2 a day all throughout the country.
I think about these Millennials. We had this guy on the phone the other day who didn't hang on who wanted to say, "No, we're not blaming Obama. We're just blaming ourselves. We have no confidence. We're blaming ourselves. We look at ourselves as not being able to succeed. We look at ourselves as failures." You think of people who are 17, 18, 25, and this kind of stuff matters.
They don't have, in their short lives, any memory of a robust American economy. Stop and think what somebody 25 today has heard since they were 12, 13, 14. They've heard all that garbage about the Iraq War. They've heard all that garbage about America and torture and America's horrible and America's unjust and America's immoral, and then they hear Obama's campaign 2008.
They see Obama running around apologizing for the country.
Who knows what the 25-year-olds may think. They have no memory in their lives of a robust economy, of a winning United States in a military conflict. They don't have any positive memories whatsoever in the time of their lives, and if they're not taught -- which we know they're not. If they're not taught anything about the greatness of America in our history, can you imagine what their attitudes might be?
It would make perfect sense that they would be down on America, down on themselves. I mean, they've heard about the American dream, and they know in a general sense about America's greatness, but to them it's all a mirage. It's all in the past. None of it's for them. In their lives, they haven't seen it. Stop and think of the media mindset. I mean, George Bush was elected in 2000.
You think of just the last 14 years of what mainstream media has been. And then you add all the social media that they have begun to access, and you clearly understand that they probably end up having this view. They've been taught, they believe, and they've seen the racist, sexist, bigoted, homophobic country that can't produce any jobs. "Our best days are behind us."
So why would they blame Obama? Obama's just the latest guy in a long line. 'Cause they have no historical perspective of anything positive, unless they come from a family where there's been something positive going on. But, gosh, it's kind of a self-repeating cycle of doom. We have to find a way to overcome this -- which we will, by the way.