{"id":13712,"date":"2012-12-13T17:39:18","date_gmt":"2012-12-13T17:39:18","guid":{"rendered":""},"modified":"2012-12-13T17:39:18","modified_gmt":"2012-12-13T17:39:18","slug":"economics_101_small_business_cuts_back_on_spending_after_obama_election_victory","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2012\/12\/13\/economics_101_small_business_cuts_back_on_spending_after_obama_election_victory\/","title":{"rendered":"Economics 101: Small Business Cuts Back on Spending After Obama Election Victory"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: We have some news here. It\u2019s not surprising to me. “US small business owners\u2019 net capital spending intentions for the next 12 months plunged to minus 14 in November, the lowest level in more than two years, according to the Wells Fargo\/Gallup Small Business Index. This is down from net capital spending intentions of minus 1 in July and suggests the nation\u2019s small business owners are likely to pull back on their business investments even more, given their negative expectations for the next 12 months.”<\/p>\n

<\/p>\n

Now, I give you an illustration. In 2004, 2005, 2006, 2007, this index — the Wells Fargo\/Gallup Small Business Index on Capital Spending Intentions — was at anywhere from plus 28 to plus 16. Its low was minus 23 in 2009. Now it is minus 14. We\u2019ve had, therefore, a net drop-off of 30 points. When you see it on the graph, it makes a little bit more sense. But as recently as 2008, small business net capital expenditure expansion spending was big, it was huge, and now it\u2019s at minus 14 for the next 12 months.<\/p>\n

So it means no economic growth.<\/p>\n

It means small business, which does most of the hiring, isn\u2019t gonna be doing any.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: It is Rush “Stonewall” Limbaugh<\/a> here on the Excellence in Broadcasting Network. Great to have you here. <\/p>\n

So the small business guys are not going to expand in their businesses this year, according to the latest survey that we just had. By the way, the survey came out in November. What happened in November to dampen the spirits of small business people, I wonder? But their projections on net capital investment in the next 12 months, negative 14. This dovetails with a story from the Federal Reserve, ladies and gentlemen. The Fed is projecting the unemployment rate will stay elevated until late 2015, suggesting that it\u2019s going to keep short-term interest rates low for the next three years. <\/p>\n

<\/p>\n

The latest economic forecast released yesterday after the Fed\u2019s final meeting of the year, little changed from September, but they coincided with a new communication strategery announced by the Fed that links future interest rate increases with unemployment below 6.5%. The unemployment rate\u2019s now 7.7%, and the Fed says that\u2019s not changing. For three years. I want to take the occasion of this report to go back and revisit something that the Washington Inside the Beltway intelligentsia uses in their analysis of the fiscal cliff and what Obama wants.<\/a> <\/p>\n

If you\u2019ve heard it once, I\u2019m sure you\u2019ve heard it a gazillion times that Obama doesn\u2019t want to start the second term with a recession. He doesn\u2019t want employment going back up. He wants a great legacy. Blow that out of the water. No way. Obama doesn\u2019t care about economic growth. That\u2019s not what he\u2019s into. He\u2019s into government growth. It isn\u2019t going to get any better. There are no expectations, even, that it\u2019s going to get any better, folks. The sad fact is that among people who vote, we appear to be outnumbered. We appear to be outnumbered by people who don\u2019t care <\/a>whether the economy\u2019s going to grow or not. And the sad reason for that is that they simply don\u2019t understand economics. They don\u2019t understand the relationship of price to supply, for example. Something as simple as that. They just don\u2019t understand the economics 101 characteristics. <\/p>\n

It\u2019s really an amazing thing to see how successfully the left has blown up education in this country. Before the election we\u2019re all speculating have we reached the tipping point or not. I don\u2019t know how you can say we haven\u2019t, among people who vote. Now, maybe nationwide we haven\u2019t, but what difference does it make. We are governed by the people who vote. And the people who voted, it was pretty clear the takers dominate. And that\u2019s exactly what this was. A lot of people want to try to sugarcoat this, “No, these are people that were morons, Rush. They didn\u2019t really know what they were doing.” I have decided to formally reject that, just like I reject the notion that people voting to raise taxes on themselves in California was the result of them being fooled. <\/a> I don\u2019t believe that. I think they knew exactly what they were doing. <\/p>\n

I think of the people who vote in this country, the low-information voter is dominating, and the low-information voter is not aware of how low-information he or she is. And they are voting for the status quo. They\u2019re voting for more of what life was like the past four years. They clearly didn\u2019t vote for any change in it. And don\u2019t tell me that Obama convinced them he wanted the economy to grow. That\u2019s not what he convinced them of. He convinced them that the problem is that the rich aren\u2019t paying their fair share. That was his theme. His theme was the successful and the achieved are not paying their fair share and that he was gonna get it from \u2019em. The inference is that once he gets it from them, they\u2019re gonna end up with more than what they\u2019ve got now.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: We go to Peoria, Illinois. Hi, Eddie. Great to have you on the program. Hello.<\/p>\n

CALLER: Mega dittos, Rush. I appreciate you. I appreciate your show.<\/p>\n

RUSH: Thank you very much. I appreciate you saying you appreciate it.<\/p>\n

CALLER: Earlier in the program you made a very interesting point, and your point was something along these lines, and correct me if I don\u2019t have it exactly right, that, you know what, the people who elected Obama, these people from the left really don\u2019t understand how the economy works. They cannot appreciate supply and demand. <\/p>\n

RUSH: They don\u2019t understand the basics. They don\u2019t understand the relationship of price to supply, for example. It\u2019s just not being taught.<\/p>\n

<\/p>\n

CALLER: Well, I agree with you 110%. Now, I have a little different spin on this, and, you know, straighten me out if I\u2019m incorrect. Here\u2019s what I believe, Rush. I think that there is a certain segment of that population that really is ignorant, I mean, ignorant. However, I believe the greater side of that population, that is these people who lean to the left, these people who suck off the taxpayers\u2019 dollars, actually really have a very good understanding of exactly how the economy works. And you know what they want? They want the status quo. That\u2019s why they voted Obama. It\u2019s not because they didn\u2019t think, oh, well, you know, jeepers —<\/p>\n

RUSH: I agree with you. I said, of the percentage of Americans who vote, those who voted for Obama knew exactly what they were doing. I agree with you. At the same time, those same people are wrong. They do not know where prosperity comes from. They\u2019re looking at prosperity purely in a selfish sense. I don\u2019t think they look at themselves as prosperous. They don\u2019t have to work, everything\u2019s fine. They\u2019re still eating when they don\u2019t have a job. They still have a car, phone, cell service, don\u2019t have a job. What\u2019s to not like?<\/p>\n

CALLER: And that is, in their view, in my opinion, prosperous. Why work? Why get educated? Why do what you need to do to help pull yourself up by the bootstraps? Why not do that? You know why? Because people like Obama give it to them. They don\u2019t have to earn it. <\/p>\n

RUSH: Well, there\u2019s something a little bit more insidious than that. Obama\u2019s role in this is to make those people feel justified in this because the really rich and successful have come by it dishonestly. So if the game is rigged and the people who have stuff haven\u2019t really earned it, then it\u2019s okay for these people to be taking a little bit back from \u2019em. That\u2019s Obama\u2019s message. Obama\u2019s message is that everything about this country is illegitimate, particularly success and achievement. It\u2019s been phony. It\u2019s been preordained and selected by a select group taking care of itself.<\/p>\n

CALLER: I agree with you, and I believe that, you know, Obama\u2019s message went even further. What Obama\u2019s message sent to these people is, hey, let\u2019s keep the status quo. You know what? That way all you people here who are getting —<\/p>\n

RUSH: Well, I know what you\u2019re saying, but if you listen to Obama — and I do — if you listen to Obama, he says repeatedly that what he\u2019s about is making sure everybody has a share shake, a fair shot. America is a place with a fair playing field, level playing field, you work hard, then that\u2019s what we want. He talks like that. But at the same time, he is excusing people who don\u2019t get involved that way because everything\u2019s stacked against \u2019em anyway right now until he fixes it.<\/p>\n

<\/p>\n

CALLER: Rush, that\u2019s exactly what they buy into. They buy into the fact that, okay, we need to level the playing field. Well, how do we do that? Here\u2019s some money for you.<\/p>\n

RUSH: No. The level playing field is achieved by tax increases on the rich. The level playing field is achieved by taking money from the successful, by taking money from people that have even a dollar more than you do.<\/p>\n

CALLER: And that\u2019s exactly what they buy into. And so there\u2019s no incentive for them to move themselves from where they are into a better place. You know, these people who —<\/p>\n

RUSH: Well, that\u2019s true because if you go down that path you might be looking at 10, 15 years for the payoff. It takes awhile to be successful. If you go the hard-work route, you might get fired a couple times. You might work for a boss who\u2019s a creep. It\u2019s really hard. It\u2019s really hard, versus the status quo.<\/p>\n

CALLER: Heaven forbid that you go to school and work two part-time jobs —<\/p>\n

RUSH: No.<\/p>\n

CALLER: — and educate yourself —<\/p>\n

RUSH: That\u2019s for suckers.<\/p>\n

CALLER: — goals. Heaven forbid.<\/p>\n

RUSH: That\u2019s for suckers. That\u2019s for suckers.<\/p>\n

CALLER: Oh, yeah, yeah, suckers, and you know who the suckers are is everyone who voted for Obama. <\/p>\n

<\/a><\/p>\n

RUSH: You understand something here, Eddie. There are a lot of people listening to you and I and think that we\u2019re full of it and we have not got to that point yet. I know a lot of people think, “Come on, Rush you lose one election, you go over the deep end with this kind of thing. We haven\u2019t gotten there yet.” I\u2019m afraid among the people who vote, we have. I think this is something we\u2019ve got to admit. Why do you think the left gets so ticked off at me when I describe their party as Santa Claus and Obama as Santa Claus? <\/a> They get ticked off because it\u2019s right. <\/p>\n

You gotta understand Obama\u2019s level playing field is not about opportunity. You and I, we come from an opportunity society. Everybody has a fair shake at opportunity. That\u2019s not what Obama means. When Obama talks about a level playing field, he\u2019s talking about outcomes. And he is going to administer the outcomes. He is going to be in charge. Obama\u2019s gonna determine. He\u2019s gonna pick the winners and losers. And right now, the losers are people who are the winners in our society, because they have won unjustly. They have made obscene profit. They have charged people way too much for their service. They have cheated, maybe, stolen, in fact. So today\u2019s winners are actually the cheaters, and they are Obama\u2019s losers. He\u2019s gonna get \u2019em.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: We have some news here. It\u2019s not surprising to me. “US small business owners\u2019 net capital spending intentions for the next 12 months plunged to minus 14 in November, the lowest level in more than two years, according to the Wells Fargo\/Gallup Small Business Index. This is down from net capital spending intentions of […]<\/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},"categories":[],"tags":[],"yoast_head":"\nEconomics 101: Small Business Cuts Back on Spending After Obama Election Victory - 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:\/\/www.rushlimbaugh.com\/daily\/2012\/12\/13\/economics_101_small_business_cuts_back_on_spending_after_obama_election_victory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Economics 101: Small Business Cuts Back on Spending After Obama Election Victory - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: We have some news here. 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