{"id":19137,"date":"2011-07-20T00:18:22","date_gmt":"2011-07-20T00:18:22","guid":{"rendered":""},"modified":"2011-07-20T00:18:22","modified_gmt":"2011-07-20T00:18:22","slug":"no_matter_how_the_media_spins_it_obama_owns_this_economic_crisis","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2011\/07\/20\/no_matter_how_the_media_spins_it_obama_owns_this_economic_crisis\/","title":{"rendered":"No Matter How the Media Spins It, Obama Owns This Economic Crisis"},"content":{"rendered":"
\n

RUSH: The media doing what they can to spin this for Obama, we have here a montage. We got PMSNBC\u2019s Kristen Welker, Deutsch advertising\u2019s Donny Deutsch — we have Scarborough on MSNBC, somebody from Bloomberg TV, Betty Liu — and a couple of other people here talking about the unemployment numbers.<\/p>\n

WELKER: Make no mistake about it, these numbers put the president in a vulnerable position for 2012.<\/p>\n

DEUTSCH: (haltingly) This … president … is … incredible … vulnerable.<\/p>\n

SCARBOROUGH: The president has so few good options right now.<\/p>\n

LIU: Certainly, uh, an — an opportunity to criticize the Obama administration on jobs.<\/p>\n

SIMON HOBBS: No US president has EVAH been reelected with unemployment above 8%.<\/p>\n

CHRIS WALLACE: It\u2019s very, very bad news for Barack Obama.<\/p>\n

RUSH: Actually I think it\u2019s 7.2% is the new number now, and the last president who was was FDR. And so the regime is saying, “Well, that cuts both ways, you know, \u2019cause we\u2019re the new FDR! So we\u2019re very, very proud of this.” You see? Vulnerable. But once again, you people are on the cutting edge, because last week you were assured President Obama was vulnerable. You were assured last week that Obama is beatable. These people actually think he\u2019s a shoo-in, up until this week when the stock market crashed — well, it didn\u2019t crash — everything just imploded, all their signs, they really thought he was a shoo-in. Republicans, half of them thought he was a shoo-in. Unbeatable. <\/p>\n

And now listen to \u2019em. And next week they\u2019ll change. If there\u2019s any rebound in the economic news, all it would take is one economic statistic showing an uptick and they\u2019ll be right pack, “He\u2019s unbeatable! Hey, look what he did in less than five days: Removed all of the vulnerability from the equation, he\u2019s back, which they can\u2019t wait to report.” Skip number three. I have decided, you know, Jay Carney\u2019s got enough problems without having to be embarrassed being heard by millions of people in this audience. So we\u2019ll skip the Jay Carney sound bites. Here\u2019s CNN “American Morning,” the chief business correspondent Ali Velshi and Christine Romans, the business correspondent. They had this little exchange about the May employment numbers, they\u2019re shocked, they\u2019re dismayed, they\u2019re trying to understand.<\/p>\n

VELSHI: Just in to CNN: The May jobs report, and it\u2019s disappointing.<\/p>\n

ROMANS: (dejected) Unemployment rate going up slightly to 9.1%, but what\u2019s really disappointing to people is that after three months of gains on average of 220,000 jobs a month, we only saw 54,000 jobs added in the month of May.<\/p>\n

VELSHI: Disappointing week in general in the economy. A number, duhh, like this is substantially lower.<\/p>\n

ROMANS: You know, the pace couldn\u2019t be continued. It was natural to think that the pace of job creation that we had seen was likely not to continue, had to throttle back a bit.<\/p>\n

VELSHI: But the applications are still in the 150 to 175,000 range, now to come in at 54,000, this was the one thing we were looking at to say, “This economy is real.”<\/p>\n

RUSH: Oh, yeah, they wanted to say it was “real.” It hasn\u2019t been real; there hasn\u2019t been a recovery — and I don\u2019t get off saying that, you know? I don\u2019t revel pointing this out. “Well, everybody knew the pace couldn\u2019t be continued.” What pace? Creating 220,000, 180,000? We damn well better get to the point where we are creating 400 or 500,000 jobs a month, or this is all history. We are toast. I mean, that\u2019s what we\u2019re looking at here for a genuine recovery to bring everybody back within a certain number of years, it\u2019s gonna take that kind of job creation. The number out there, it\u2019s gonna take 400,000 a month, it\u2019s gonna take half million a month.<\/p>\n

By the way, Biden promised us we\u2019d already be at that level by now. That\u2019s what it\u2019s gonna take to get us back to where we were at 2006, 2007 levels, folks — and there\u2019s not a soul alive that has any confidence that we\u2019re gonna get back to 400, 500,000 new jobs a month with these policies. Just isn\u2019t gonna happen. It isn\u2019t possible. And everybody knows it, including those in the regime. They know it. Everybody knows that the policies that we are hearing about which are designed in the name of recovery, they\u2019re not growing anything. No growth is taking place. Here\u2019s Scarborough making it plain here that he knows he works at MSNBC and making it plain here that he\u2019s not one of us. Don\u2019t think of him as some wacko right-winger.<\/p>\n

SCARBOROUGH: So much of the exclusive growth in the late nineties was based on a bubble, an Internet bubble — and then so much of the growth during the Bush years was based on a real estate bubble. We have been… (stammering) It — it — it — it\u2019s been… You — you g-g-go… You have to go back to the early 1990s to see where this country actually innovated in a big, transformational way. You can\u2019t say, “Oh, the numbers are bad; this is Barack Obama\u2019s fault,” or, “This is the Republicans\u2019 fault.” This is a much bigger issue.<\/p>\n

RUSH: No, you can say that. You can say that it\u2019s Obama\u2019s fault — and, you know, we like Joe Scarborough here, don\u2019t misunderstand. I\u2019m not picking on Scarborough, and I was not picking on Krauthammer yesterday, either. I got some vicious e-mails, probably from seminar e-mailers, just three or four of them that said, “You know, I\u2019ve been listening to you for 20 years and I never heard you so petty; I never heard you so jealous.” I wasn\u2019t ripping Krauthammer at all yesterday<\/a>. I was quoting from an American Thinker piece. But you can\u2019t blame Obama for these numbers? Joe, come on! Daniel Henninger, the Wall Street Journal: “Obama\u2019s Cloud Economy.” <\/p>\n

The pull quote: “It is sometimes unfair to tag presidents with blame for an underperforming economy. Not this time. This president made conscious policy choices during a deep recession to reorder vast swaths of American industry. Strong-performing economies need clarity,” and there isn\u2019t any here. Nobody in small or large business has any idea what the rules are gonna be six months from now. “The economy,” says Mr. Henninger, “is flying without instruments because of the White House\u2019s policy choices,” and see, that takes us back to what was very timely monologue yesterday about the silliness that you can somehow take issue with Obama\u2019s policies, but you can\u2019t take issue with him. He is his policies. <\/p>\n

The man is — any politician is — the sum total of his policies, and when you go in to vote, by the way, what are you voting on? Names, right? Candidates are on the ballot by name, not by issue. “You just know the American economy is out there somewhere,” Henninger opens. “If only someone knew which buttons to push to retrieve it from the storage cloud. Here are three headlines that floated by on yesterday morning\u2019s screens alone: ‘U.S. Manufacturing Growth Slows Substantially\u2019 ‘Housing Imperils Recovery\u2019 ‘Private Sector Added Few Jobs in May\u2019 Let it be noted for the record that presidents normally do not take ownership of a weak economy. <\/p>\n

“Jimmy Carter owned the 1980 election-year economy. George H.W. Bush owned the 1992 election-year economy. Both were one-term presidents. Happily for his opponents, Barack Obama has taken ownership of the 2011 economy, a full year and half before he has to face the voters. The Obama self-confidence is famously limitless. Still, a doubter might ask if President Obama hasn\u2019t suffered his John McCain moment on the economy. John McCain\u2019s presidential bid blew up for good when he announced in September 2008 that he was suspending his campaign and returning to Washington to address the national financial crisis.”<\/p>\n

That was it for McCain. He “suspended the campaign.” Never recovered. McCain had nothing to contribute. Do you remember what happened at that meeting? (interruption) Well, I don\u2019t know if Obama “took charge,” but it was reported that he “took charge.” The story was, “Obama took charge of the meeting.” The story was, “Bush couldn\u2019t even stop Obama, he was such a commanding presence! Why, Obama went in there and he\u2019s the guy that had all the answers.” That\u2019s what was reported, and they released ubiquitous McCain sitting there seemingly not knowing where he was. That was the message conveyed in the pictures, so, “Bye-bye, McCain campaign” at that point. The White House thus, at that point, passed to Barack Obama. <\/p>\n

“Mr. Obama\u2019s McCain moment — raising expectations of economic seriousness and then dropping them over the cliff — was his hyperpartisan deficit speech at George Washington University in April. The day before that speech, all Washington expected Mr. Obama to make a major policy statement about the big deficit-reduction debate then unfolding. Agree or disagree, Paul Ryan\u2019s budget released the week before was all about policy. The Republicans were actually offering to take part-ownership of the economy by spending the year in dense discussions about the deficit and spending.” That\u2019s an interesting way for Henninger to put this. They were willing to take “part ownership of the economy,” willing to risk political capital. <\/p>\n

I mean, here your opponent is self-immolating. You get out of the way; you don\u2019t get involved in it. Your opponent\u2019s drowning, you don\u2019t go in after him. The Republicans did. “Expectations raised, the president contributed nothing. Instead he dumped ridicule and derision on the Republican leadership seated before him. With that speech, Mr. Obama kicked off his 2012 presidential campaign, and in so doing politicized the economy.” Now, this is Henninger. I… (chuckling) I think everything about Obama has been politicized since before he assumed office, but that of course is just me. Henninger says, “The timing was not good. <\/p>\n

“Whether it\u2019s this week\u2019s report that consumer confidence has fallen to a six-month low or anecdotal conversation … the sense grows that people are starting to freak out over the economy — over persistently high unemployment and persistently weak growth. … Private forecasters have reduced their estimates for economic growth the rest of the year well below the 3%-plus the Federal Reserve predicted in April. The Fed\u2019s 2012 growth forecast runs as high as 4.2%,” but it isn\u2019t going to happen, and everybody knows it. “Barack Obama, believing that $800 billion of injected ‘demand\u2019 would lift the economy,” the stimulus bill, “decided to devote his political capital and congressional majorities to reorganizing two major American industries, health care and finance. … <\/p>\n

“[B]oth creations rose from the table as 2,000-page laws. Hundreds of thousands of economic actors across the country now wait while the bureaucracies struggle to interpret 4,000 pages of ‘smart\u2019 legislating.” Obama said, “We\u2019re gonna do it better. We\u2019re gonna do it smarter!” So here you had — and, by the way, what was it that created the Tea Party? This kinda stuff, and what is this? People understood automatically, “Two thousand-page bills that they admit with pride they don\u2019t read? We don\u2019t want government this big. This is not what we want.” <\/p>\n

We don\u2019t want big there. Finally the term “big government” had something tangible, it wasn\u2019t just an esoteric phrase. Big government was 4,000 pages of legislation that nobody had read. Ergo: Hello, Tea Party. “What evidence do liberals cite for their vestigial faith that these industries, employing millions of people … can grow long term at greater than 3% from beneath the morass of Dodd-Frank and the Obama health-care law?” These two pieces of legislation kill the industries they regulate, and people know it. “It is sometimes unfair to tag presidents with blame for an underperforming economy. Not this time.”<\/p>\n

Obama owns it, Joe. He owns this morass. He is its architect.<\/p>\n

END TRANSCRIPT<\/p>\n

*Note: Links to content outside RushLimbaugh.com usually become inactive over time.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: The media doing what they can to spin this for Obama, we have here a montage. We got PMSNBC\u2019s Kristen Welker, Deutsch advertising\u2019s Donny Deutsch — we have Scarborough on MSNBC, somebody from Bloomberg TV, Betty Liu — and a couple of other people here talking about the unemployment numbers. 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We got PMSNBC\u2019s Kristen Welker, Deutsch advertising\u2019s Donny Deutsch — we have Scarborough on MSNBC, somebody from Bloomberg TV, Betty Liu — and a couple of other people here talking about the unemployment numbers. 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