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RUSH: That is Peter Yastrow, by the way, Peter Yastrow, he\u2019s a market, DT trading market strategerist just, you know, one of the analyst talking heads from the Street. Got a panic out there, nothing\u2019s working, the recovery is gone. There never was one. Who are these people to miss real life right in front of them. Here\u2019s former labor secretary Robert B. Reichhhh last night on MSNBC during a discussion about the debt ceiling. The host said, “Explain what uncertainty is over the debt limit deadline and what it could do ultimately to the economy if we drag this out until August 2nd?”<\/p>\n
REICH: This debate is becoming increasingly disconnected from where most people in this economy are. I mean, the reason that the stock market plunged today is because, uh, ADP — which is a payroll…employee payroll firm, — uh, projected that in this month — that is, last month of May — ehhh, there were only 38,000 jobs created. We\u2019re in an economic crisis right now. We\u2019re heading back toward a double-dip recession, the whole recovery is stalling, and Washington is debating budget deficits five or ten years from now. This is ridiculous!<\/p>\n
RUSH: It\u2019s not what Washington is debating, Secretary Reich. We are in this mess precisely because of economists like you. We\u2019re in this mess precisely because people with your beliefs have been running the economy and running the show for two-and-a-half years now — actually longer in the House of Representatives starting in 2007. It\u2019s an abject mess because your ideas are flawed and do not work. We can\u2019t continue to raise the debt ceiling, we cannot continue to spend money we don\u2019t have and borrow money we don\u2019t have. We just cannot continue on this path. We can\u2019t kick this can down the road. It\u2019s what everybody seems to want to do.<\/p>\n
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GERGEN: It is really this picture darkens, and it is — was particularly stark today with manufacturing, with housing, auto sales, jobs, all of these issues. We obviously have a — an economy that\u2019s stalling out, and we\u2019re in very great danger of a double-dip here now which would be a very big disaster for an awful lot of Americans. As the news comes in there\u2019s gonna be a jolt out of this. I mean, all of us are looking at this, “Oh, my goodness, this is terrible. We\u2019ve got to get this economy up and running again.” You have to have a good-running economy, you\u2019ve got to get some growth in order to deal with the deficits.<\/p>\n
RUSH: Such wizardry! Well, you believe that? You gotta get some growth in order to deal with it? What happened to the increased taxes argument, Mr. Gergen? I guess that\u2019s kind of out the window now? Yeah. Growth is a new idea to you guys. All of a sudden now we need growth? Where\u2019s that been for the last two-and-a-half years? Oh, we\u2019ve had growth? Oh, I\u2019m so sorry! Oh, we have been in a recovery, right. Let me tell you something: Obama\u2019s stimulus plan has had about as much effect on this economy as the Weiner photo would have on a woman: zilch, zero, nada. In fact it\u2019s a turnoff, not a turn-on! What a derelict. So now there\u2019s abject panic setting in. Look at the lies these people are willing to tell themselves.<\/p>\n
You have to be filled with self-loathing to lie to yourself that these past two-and-a-half years that we have been in a recovery. You talk about a major, major disconnect opinion? Folks, it looks like even Obama\u2019s staunchest acolytes in the media are giving up trying to spin these unemployment numbers now. The AP has come out with an article this morning that basically says the unemployment numbers are only as low as 9% \u2019cause of all the shirkers who aren\u2019t even bothering to look for work. They actually have a story about all the people who quit looking. AP can\u2019t carry the water anymore. They have run out of “unexpectedly,” “surprisingly.” They\u2019ve run their gamut on it. Did you see…? This was funny. I don\u2019t know if you saw this, Snerdley.<\/p>\n
But earlier this week Michael Barone had a column in which he chronicled all of these instances where the media\u2019s experts have expressed shock and surprise over the performance of the economy, as though somebody had just discovered that. We\u2019ve been having fun with that for how many years here? But they can\u2019t even go back to that well. “In surprisingly unexpected news, job creation was unexpectedly lower than expected.” They\u2019ve expired, they have run through every possible credible explanation. Now AP finally says: You know, it\u2019s really even worse than this because people have stopped looking for work — which is something else we\u2019ve known for a long time. Yep, unemployment is only as low as it is because of all the shirkers who aren\u2019t even bothering to look for work.<\/p>\n
AP tells us: If everybody who has given up looking for work were counted, the real unemployment number would be 11.5%. This is AP. These are the shock troops from Obama\u2019s Praetorian guard, and they can\u2019t carry the water anymore. Speaking of unemployment, there were only 422,000 new unemployment claims last week. By the way, remember Biden? He said 500,000 new jobs a months, that\u2019s what was gonna happen here? I\u2019ve got quotes from Biden here. He can\u2019t believe how great the stimulus was working, never dreamed it would work this well. I\u2019ve got it all here, folks. We\u2019re gonna run through it. Obama: “We\u2019ve begun remaking America,” April 29th, 2009. “President marks end of a hundred days, says he\u2019s pleased with progress but not satisfied.”<\/p>\n
Newsweek: “The Macho Democrat — Obama looks unbeatable now, but the GOP sees weak spots.” “The Fast Fix: Is Obama Now Unbeatable? This is CNN: “Cancel the Election! CNN Anchor Asks, ‘Obama Unbeatable in 2012?'” That\u2019s one series of stories. Then we\u2019ve got Biden and his promise of 500,000 jobs. The AP headline is: “More Job Seekers Give Up,” finally admitting what we\u2019ve been pointing out for a year and a half. They say that there were “only” 422,000 new unemployment claims last week. That means that they\u2019re down by, what, a whapping 6,000 claims — and never mind, folks, that the previous week\u2019s number was quietly revised up by 4,000 just like it always is.<\/p>\n
But there\u2019s no hope (you have to keep this in mind) for any real reduction in the unemployment rate as long as that number is above 400,000, and economists are saying it will be for years to come. That 400,000, you have to get sickle below that before you even start talking about replacement level jobs. It\u2019s a disaster. The real question is whether or not this is what Obama intends. The real question is: “Is this the objective?” I still maintain that that must be seriously examined, because nobody in their right mind– with a modicum of experience, economic intelligence, and education — would ever double down, triple down on failed policies like this, to whom this mess can be directly traceable. Something is really, drastically wrong with all of this, and it\u2019s not the United States of America. This is not deserved, this is not called for, this is not just what happens to be up next for us.<\/p>\n
There\u2019s more going on here than just it is cyclical nature of economics.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Here\u2019s a David in Norwood, ah. David, great to have you on the program, sir.<\/p>\n
CALLER: Hey, I wanted to know how do we fix this horrible economy?<\/p>\n
RUSH: David, how old are you?<\/p>\n
CALLER: I\u2019m 43.<\/p>\n
RUSH: You\u2019re 43. At what age were you — no wrong answers here, don\u2019t misunderstand, I\u2019m trying to ascertain what might be your baseline of experience, knowledge, and paying attention to things. At what age were you when you started caring about any of this?<\/p>\n
CALLER: Twenty-eight.<\/p>\n
RUSH: Twenty-eight. Okay, so you have roughly been paying attention here for, what, 15 years?<\/p>\n
CALLER: Yes.<\/p>\n
RUSH: Okay, so those 15 years takes you back basically to the Bill Clinton administration. You know nothing prior to the Bill Clinton administration in terms of —<\/p>\n
CALLER: No, no, I\u2019m quite affiliate — I\u2019m a teacher. So, yeah, I know all about all of that, but I\u2019m scared \u2019cause lately —<\/p>\n
RUSH: Well, I want to try to help you come up with this. I could tell you this in 30 seconds. I want you to come up with this yourself. At what point in your past was the economy healthy, in good shape, roaring, and very little of it concerned you, how old were you, what were you doing, and where were you?<\/p>\n
CALLER: It was during the Reagan administration. I was fine with Reagan, and then something keyed off, something went off kilter, and I suddenly as a teacher for, you know, I\u2019ve been teaching for —<\/p>\n
RUSH: Let me tell you bluntly what went off kilter.<\/p>\n
CALLER: Well, it\u2019s a long story.<\/p>\n
RUSH: No, it\u2019s very simple. What went off kilter was —<\/p>\n
CALLER: A divorce.<\/p>\n
RUSH: No, two things, Reagan worked. Reagan\u2019s policies posed the biggest threat to the Democrat Party they could ever imagine. The Democrat Party right now needs Reagan. Obama needs Reagan. That\u2019s why these clowns are now all of a sudden starting to talk about growth \u2019cause they got reelect numbers internal. I finally heard Pat Caddell say this. I knew it was the case. Pat Caddell has said that the internal reelect polling numbers the White House are awful. They are awful, and what they need is economic growth. That\u2019s what Reaganomics gave us. But economic growth with reduced tax rates, smaller government, less government involvement in people\u2019s lives, argues against the need for liberals. They could not allow that. So revision history began, writing what a dunce Reagan was, how bad those policies were, killed America, blah, blah, blah, blah, blah. If you want to fix the US economy, then you defeat every person with a D next to their name every November election there is.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: We were told during the campaign that Barack Obama would fundamentally change the way the United States economy works, and he has. We are finding out, getting to see exactly what he meant.<\/p>\n","protected":false},"excerpt":{"rendered":"
The AP: “The economy is tiring again.” The press, they\u2019re so depressed because Obama had a week of “no negatives.” There were no negatives, and then all this rotten economic news hit. This rotten economic news never went away! This rotten economic news has been what has defined this administration since the stimulus bill. There […]<\/p>\n","protected":false},"author":20,"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":"\n