{"id":12458,"date":"2013-05-09T17:58:20","date_gmt":"2013-05-09T17:58:20","guid":{"rendered":""},"modified":"2013-05-09T17:58:20","modified_gmt":"2013-05-09T17:58:20","slug":"the_economy_will_rebound_eventually_despite_obama_s_policies_not_because_of_them_but_he_will_take_credit","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2013\/05\/09\/the_economy_will_rebound_eventually_despite_obama_s_policies_not_because_of_them_but_he_will_take_credit\/","title":{"rendered":"The Economy Will Rebound Eventually Despite Obama\u2019s Policies, Not Because of Them &#8212; But He Will Take Credit"},"content":{"rendered":"<p><a href=\"\/\/videos\/37\/49818\" target=\"_blank\"><img decoding=\"async\" class=\"alignright\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/listentoit.jpg\" alt=\"Listen to it Button\"><\/a><\/p>\n<p>RUSH: James Pethokoukis, who is a fellow at the American Enterprise Institute, published a blog post yesterday. I didn\u2019t see it until last night after the program yesterday. &#8220;Is the US on the Verge of Running a Budget Surplus? &#8212; The US government ran a surplus of $112 billion in April 2013, according to the Congressional Budget Office, $52 billion more than a year ago. Now, April is usually a good month for the treasury thanks to income tax payments. Still, the surpluses recorded in April 2012 and 2013 were the first seen in that month since 2008.&#8221;<\/p>\n<p>These are the first surpluses since Obama took office.<\/p>\n<p>&#8220;More good news: Revenue for the first seven months of the fiscal year is up 16%, or $220 billion, from the year-ago period. To the number crunchers at Potomac Research, the combo of those surging revenues and the sequestration spending cuts points to a stunning possibility.&#8221; Are you ready? &#8220;[O]fficial forecasters will have to radically alter their projections this summer. The CBO forecast of $845 billion in red ink [deficit] this year, 5.3% of GDP, is hopelessly outdated; the deficit will fall well below 5% of GDP, perhaps to about $700 billion.<\/p>\n<p><img decoding=\"async\" id=\"eZObject_76176\" class=\"aligncenter\" align=\"middle\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaDebtEconomyPIX.jpg\"\/><\/p>\n<p>&#8220;Then the improvement really takes hold. Instead of the official forecast of a $616 billion deficit in fiscal 2014, we\u2019d anticipate something like $500 billion, close to 3% of GDP. And in fiscal 2015, the deficit could drop below 2% of GDP, perhaps to $300 billion.&#8221; Do you understand? After we fully implement Obamacare, the deficit is maybe gonna disappear! Right in time for the 2016 presidential campaign. Obamacare is going to be seen as wiping out the deficit, creating all kinds of unexpected revenue flowing into Washington.<\/p>\n<p>Now, these guys at Potomac Research finish their post with this: &#8220;Call us crazy, but if the economy finally lifts off in 2014-2015, with GDP growth in the 4% neighborhood &#8212; with the sequester still in place &#8212; a surplus by fiscal 2015 is not totally out of the question.&#8221; Pethokoukis: &#8220;With revenue coming in above expectations and spending below, the deficit numbers are turning out way better than expected. Merely a sharp drop might greatly influence the current austerity debate. &#8230; If the federal government runs an actual surplus&#8230;&#8221; This is Pethokoukis writing.<\/p>\n<p>&#8220;If the federal government runs an actual surplus [in 2014 or 2015] few politicians are going to want to hear much about&#8221; deficit reduction or entitlement reform. There\u2019ll be none of that. If we\u2019re running a surplus, then everything is gonna be fine, and we\u2019re gonna be able to spend even more money! &#8220;And not only might pressure mount to rejigger the sequester, but good luck to the Obama White House in getting any more tax hikes out of Congress,&#8221; because Obamacare and tax increases will be seen as the explanation for rising revenue and shrinking deficits.<\/p>\n<p>Now, I remember making a prediction.  It wasn\u2019t really a full fledged prediction.  I was just speculating, many, many moons ago, about the US economy and the American people.  And when I speak about the American people, folks, I\u2019m talking about you, those of you in this audience.  I know how resilient you are, and I know that you people don\u2019t just sit out there and take it.  You\u2019re gonna do what you can to overcome whatever economic obstacles there are, whether they are market oriented or placed there by government.  You\u2019re not just gonna sit there and take it. <\/p>\n<p>The American economy is filled with ingenuity.  It\u2019s filled with creativity, and it\u2019s filled with entrepreneurs.  And at some point the American people will say, &#8220;To heck with this,&#8221; and they\u2019re gonna start doing whatever they can to prosper, and they\u2019re gonna do whatever they can to overcome whatever obstacles are there.  And if that happens, we could see an economic rebound. I said this five years ago, four years ago, we could see an economic rebound and then guess what?  Guess who gets the credit?  Guess whose policies are gonna get the credit? <\/p>\n<p>We ought to do a search of the archives of this program.  I would like to know for sure just exactly when I first posed this possibility, \u2019cause it was quite a while ago. It was multiple years ago, at least three, and it was purely a political analysis, and it was based on the belief that the American people as I know them, and I\u2019m talking about you, you people in this audience. I know who you are.  You\u2019re not waiting around for Santa Claus.  You don\u2019t wait for things to happen.  You make them happen.  I know exactly who\u2019s in this audience.  At some point you\u2019re gonna get fed up with whatever the numbers are and you\u2019re just gonna try to overcome \u2019em yourselves and you\u2019ll succeed.  But you won\u2019t get the credit for it.  Obama\u2019s policies will. <\/p>\n<p>Now, if you\u2019re feeling rotten today, can you imagine how you\u2019re gonna feel if all this stuff happens to be right?  The fact that we\u2019ve got a 17 or $18 trillion national debt will not matter, folks, it will not matter at all.  If we ever get, while Obama\u2019s still in office, to a budget surplus of even just one dollar, then you better get ready, because Obamacare will be credited, the stimulus will be credited, all of his jobs bills will be credited.  The sequester, not so much, because that\u2019s spending cuts.  It will all be Obama\u2019s policies have caused this growing economy with new money pouring in. <\/p>\n<p>Obamacare and the stimulus and the home mortgage relief program, all of those things will get the credit if this actually happens, and these guys that are cited by Pethokoukis say that the timeline for this is 2014, 2015, right about the time that we\u2019re all gonna be electing the next president.  Just keep it in mind.  I\u2019m gonna search the archives, try to find out when I first posed this as a possibility.  No, no, no, folks, folks, if all this happens, it\u2019ll be in spite of Obama; it won\u2019t be because of him.  But that\u2019s not gonna be what the story is, obviously.<\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p>RUSH:  Ladies and gentlemen, I found it.  I looked it up in the break.  It was almost four years ago to the day, <a target=\"_blank\" href=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/?p=32404\">May 12th of 2009<\/a>, where I first posited the notion that the economy would recover on its own, despite Obama, because of you, because of people like you who are not just gonna sit here and take it.  May 12th of 2009 when I posited the idea that the people of this country will cause this economy to rebound, and guess whose policies will be credited for it? <\/p>\n<p><a target=\"_blank\" href=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/?p=32404\"><img decoding=\"async\" id=\"eZObject_76180\" class=\"aligncenter\" align=\"middle\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaHeadinSandAmericaPIX2.jpg\"\/><\/a><\/p>\n<p>Now, one other thing. James Pethokoukis has another post today in which he says that good economic news is bad news for the Democrats.  The reason is they\u2019ve been claiming that the sequester is killing the recovery.  There is no bad news for the Democrats.  That just doesn\u2019t happen anymore.  The low-information crowd, which still today can\u2019t get enough of Jodi Arias, is not gonna put two and two together and get four, and they\u2019re not gonna think anything of it even if they do.  I think this is where people trip themselves up, &#8220;Boy, yeah, the Democrats, you know, they\u2019re really gonna get killed. They\u2019ve been out there claiming the sequester is bad, it kills the economy, kills the recovery, and now the sequester is contributing to a recovery.&#8221;  Maybe in real world terms, but the Democrats aren\u2019t gonna get criticized for this. <\/p>\n<p>In fact, the sequester is going to be hardly mentioned when it comes time to start crediting the things responsible for a recovery.  And notice we\u2019re already talking about a recovery in the midst of this economy, which is still in the tank.  All of a sudden now we\u2019re talking about a recovery and a surplus in 2015?  And people still can\u2019t find the job they want.  This is mind-boggling.  But the idea that a recovery, that economic growth is bad news for the Democrats, with Obama in the White House?  In whose world is that gonna happen?  Is Dana Milbank gonna write a story, &#8220;Oh, man, this is really bad for the Democrats. Look at that, the sequester is causing the economy to recover at faster rates than anybody thought.  Wow, the Democrats are in deep doo-doo.&#8221;  That\u2019s never gonna be written. <\/p>\n<p>The Democrats are always vindicated by all facts.  The Democrats are never wrong.  The Democrats never make a mistake.  The Democrats are always right.  And right is always wrong.  And wrong is always right.  Even when they\u2019re wrong it\u2019s right, even for the wrong reasons.  Now, in the old days, not too long ago, it might have been true that the Democrats bellyaching about the sequester, causing the recovery to come to a screening halt, just the opposite happens.  They might have egg on their face, but that ain\u2019t gonna happen now. <\/p>\n<p>Just like, you know, Dick Morris was out there saying at the Benghazi hearings, &#8220;That\u2019s it for the Obama administration, totally complete, that\u2019s done. It\u2019s over for them. Once the American people learn that their president is lying to them that\u2019s it, that\u2019s the end of the relationship.&#8221;  They don\u2019t have any idea he\u2019s lying to \u2019em and they\u2019re not going to be told that he\u2019s lying to \u2019em.  Benghazi\u2019s over.  As far as the low-information public in this country are concerned, it was a cheap political stunt by the Republicans that failed.  The only thing that came out of it was a bunch of storytelling that might end up as a great movie someday.  But that\u2019s it, nothing to see here.  <\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p>RUSH: Ladies and gentlemen, I\u2019m not trying to depress you. Far from it, and I don\u2019t think all is lost. I\u2019m just telling you: Benghazi is what it is. It\u2019s being portrayed exactly as we knew it would be. There was no way the media was gonna report this accurately, or even cover it. When it was over, there was no way that this was gonna lay a hand or a glove on Obama. It was never in the cards. It\u2019s not gonna be an event like this that trips them up. It\u2019s gonna be something totally surprising that you and I think is inconsequential and uneventful that\u2019s gonna trip \u2019em up, if anything ever does.<\/p>\n<p><img decoding=\"async\" id=\"eZObject_76181\" class=\"aligncenter\" align=\"middle\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaMoneyCapitolGOPDEm.jpg\"\/><\/p>\n<p>On this economics business, I know there two stories in the New York Times that Jim Pethokoukis cites when he says that the good economic news is bad news for the Democrats. It really isn\u2019t. There is no bad news for the Democrats, and this isn\u2019t gonna be, either. But there are two stories. New York Times: &#8220;Economists See Deficit Emphasis as Impeding Recovery.&#8221; That\u2019s the sequester. Everybody worrying about the deficit! Why, that\u2019s just gonna get in the way of the recovery!<\/p>\n<p>The National Journal: &#8220;Who Says Fiscal Policy Is Hurting the Economy? (Almost) Everyone,&#8221; and that\u2019s the sequester. So you got two stories out there just whining and bellyaching about the sequester. I guarantee you, the New York Times and the National Journal do not know about this Jim Pethokoukis post. It\u2019s the American Enterprise Institute; that\u2019s a foreign country. But they\u2019ll hear about it because I\u2019ve talked about it.<\/p>\n<p>They\u2019ll learn that there are now projections for a surplus in 2015, and they\u2019re gonna dump those deficit stories. They\u2019re gonna dump those sequester-is-bad stories like a hot potato. By tomorrow, you won\u2019t be able to find those two stories, and everything\u2019s gonna shift now with this talk of a possible surplus in 2015 to the miraculous, wonderful ways of Obama\u2019s policies. &#8220;It just took longer than people thought, because it was so much worse than anybody thought, because Bush didn\u2019t tell the truth of how bad it was when Obama took over for him.&#8221;<\/p>\n<p>I mean, this is so simple to lay out, your kid could do it. Your kid could write this scenario. &#8220;Surplus by 2015? Yeah, we thought it would happen by 2010 or 2011, but it was so bad, it was so much worse than even we knew. Bush really kept it secret how bad it was. I mean, the depression, the recession, the financial crisis, it was so much worse. It turns out that if Obama had a surplus twice as large as it was, why, it mighta happened sooner. If Obama had put Obamacare into play two years sooner, why, we would be two years closer to a surplus!&#8221;<\/p>\n<p>That\u2019s what\u2019s gonna happen here &#8212; and then the lesson they\u2019re gonna take from it is, &#8220;Government spending led to this recovery, and it woulda happened sooner if they woulda just spent more. Oh! And tax increases. We\u2019ve raised taxes on the top 1%. So the tax increases and all this new spending? Pshew! Obamacare gave us a budget surplus. If we\u2019da just raises taxes higher and sooner and spent more money quicker, we would be in Fat City now.&#8221; Lessons to learn for the next Democrat president, you see?<\/p>\n<p><img decoding=\"async\" id=\"eZObject_76182\" class=\"aligncenter\" align=\"middle\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamacareTaxes.jpg\"\/><\/p>\n<p>So that\u2019s how it\u2019s gonna play out, if indeed this surplus stuff happens. Now, that\u2019s the big IF. Frankly, I can\u2019t believe that. Honestly, I can\u2019t believe a surplus, not with Obamacare being implemented. Look at all the people losing their jobs. Look at all the businesses shutting down. I don\u2019t see how that\u2019s gonna happen. But they\u2019re out there hoping and praying. That\u2019s what all these projections are about: Hoping and praying that we do end up there.<\/p>\n<p>So they\u2019re already setting the stage for it, just like in 2005 they started talking about a recession three years before it happened. The media started talking about it, trying to convince you that we were heading that direction, making it a self-fulfilling prophecy. The world was hating us \u2019cause of Iraq. Bush was horrible; people were dying. It was unnecessary, global warming and all that. For three years you were pounded with it. By the time it was over, you hated Bush. You thought America was hated.<\/p>\n<p>We were in a recession because of Bush and the Republicans and all that, and there we go. The same thing\u2019s gonna happen here on the upside. &#8220;We might be headed to a surplus because Obama\u2019s policies are wonderful and great, but it shoulda been even bigger!&#8221; So a case has been made for raising taxes and spending. &#8220;Therefore we should never, ever even discuss again cutting taxes or cutting spending. That\u2019s what gave us the recession: The Bush tax cuts.&#8221; I can see all of this with just that one report by Pethokoukis projecting a possible surplus in 2015. You wait. We\u2019ll see. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: James Pethokoukis, who is a fellow at the American Enterprise Institute, published a blog post yesterday. I didn\u2019t see it until last night after the program yesterday. &#8220;Is the US on the Verge of Running a Budget Surplus? &#8212; The US government ran a surplus of $112 billion in April 2013, according to the [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-12458","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Economy Will Rebound Eventually Despite Obama&#039;s Policies, Not Because of Them - But He Will Take Credit - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2013\/05\/09\/the_economy_will_rebound_eventually_despite_obama_s_policies_not_because_of_them_but_he_will_take_credit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Economy Will Rebound Eventually Despite Obama&#039;s Policies, Not Because of Them - But He Will Take Credit - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: James Pethokoukis, who is a fellow at the American Enterprise Institute, published a blog post yesterday. I didn\u2019t see it until last night after the program yesterday. &#8220;Is the US on the Verge of Running a Budget Surplus? &#8212; The US government ran a surplus of $112 billion in April 2013, according to the [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/listentoit.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"GeorgePrayias\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2013\/05\/09\/the_economy_will_rebound_eventually_despite_obama_s_policies_not_because_of_them_but_he_will_take_credit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2013\/05\/09\/the_economy_will_rebound_eventually_despite_obama_s_policies_not_because_of_them_but_he_will_take_credit\/\"},\"author\":{\"name\":\"GeorgePrayias\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/9a33276eb9dc5b6d3f8218957f30e6b4\"},\"headline\":\"The Economy Will Rebound Eventually Despite Obama\u2019s Policies, Not Because of Them &#8212; 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