RUSH: We always hear about riots. We’re going to have riots if that happens, going to have riots if that happens. Who are the people rioting? Who are the people protesting? Well, when you look at who they are the vast majority of them are supported by those of us who play by the rules, we go to work every day, and we pay our taxes. What do they have to riot about? When do we get to riot? Look at what we’ve had to pay for. We’ve had to pay for the second New Deal. The Great Society, LBJ comes along with the war on poverty, the Great Society. Now we’re learning that we had to pay for a totally corrupt mortgage housing scandal in which Obama and ACORN are deeply embedded.
We have people who were given loans who had no way of paying them back, they weren’t even asked to state their income. And when we hear about all those foreclosures, people losing their homes, and we think, “Oh, my gosh, our fellow citizens are being thrown out.” No! It’s the people who shoulda never been given the loans in the first place. It’s the people who weren’t paying them in the first place. It was people who were put into these homes when they had no business being put in these homes. It’s not a brief against them. But this was a scheme and it was a tactic employed by the Democrat Party exclusively to create a never-ending and growing percentage of our population that was totally dependent and owed everything to the Democrat Party. Now their candidate and their guy, James Carville, “Going to be very traumatic out there, very, very traumatic.” We know what he means.
When do we riot? When do we stand up and say, “We have paid for all of this; we have played by the rules, and now you come to us and you tell us that the whole reason this happened is because we are unfair and we are too advantaged and we are too lucky, that it’s not right that not everybody can win life’s lottery?” I’m not suggesting riots, don’t misunderstand, folks, I’m just suggesting here that the people who are going to riot are the people who ought to be getting down and thanking every damn one of us, because the New Deal number two — and, by the way, I think we’re in the midst of the New Deal number three here. And why do we need a New Deal number two if the New Deal number one didn’t work? The New Deal number one did not work.
It did not stop the Great Depression. World War II did. The New Deal number two, the Raw Deal, the Great Society and all of that, what did it do? Why are we having all these problems? Why do we still have poverty? Why do we still have people who are uneducated? Why do we still have people who are down and out with no future in sight? Why do we have families, particularly in the black community, who have been busted apart by all these well-intentioned — which I even suspect that’s not true — programs such as the old AFDC promising, “Go ahead, have another kid, pop it out of the oven, here’s another $1,500 bucks a month.” So we destroy the family with a New Deal number two, the whole community, and, well, we do deal number three, which is what we’re looking at now with all these massive bailouts that might be required. So it’s a variation on the theme of Atlas Shrugged by Ayn Rand. After awhile John Galt said, “Screw it, I’m checking out. I’m through supporting everybody else, not my job, not my responsibility, not when they’re not trying to help themselves.” Atlas Shrugged.
To the phones, because it’s Open Line Friday. Normally we don’t go to the phones for at least 90 minutes on this program, but we’re going to get there early because it’s Open Line Friday.
We’re going to start in Goshen, Indiana. This is Jamie, and it’s great to have you here.
CALLER: Rush, first I gotta say, thank you and God bless you for all the work that you do, and you don’t know how much people appreciate the truth that you bring to us.
RUSH: Well, thanks, Jamie, very much. I appreciate that.
CALLER: My question is, I’m a little confused with the liberals and the Democrats. You said earlier that they have, you know, the liberals are all these rich people that have all this money, but all they want to do is tax us. Won’t they be taxing themselves and getting rid of their own money?
RUSH: This is an excellent question, it’s an excellent question, and if this crisis were not going on right now, the answer to the question would be what I’m going to give you, but it’s changed a little bit. The first answer to the question is there’s a big difference in income and wealth. When you hear we’re going to raise taxes on the rich, we’re starting at $250,000 and going on up. Now, if you make a lot of income, earned income, it’s called, in tax lingo, then the income tax rates, as you earn more, the marginal rates increase apply to you. But if you are wealthy and you have inherited a lot of money or you’ve earned a lot of money and now you don’t take any earned income, you live off of the interest or the growth of your portfolio, then you’re paying and living off capital gains, which is 15% right now. You’re not paying anywhere near 39 to 50, and you’re not paying any state income tax.
And so when we talk about the rich, we had a great call here yesterday, Jamie. This guy was so right on the money. The Democrats out there, Obama talking about the American dream. Well, the American dream stops with Obama when you make $250 grand. Once you make $250 grand, that’s when they’re going to start taking it away from you. That’s when your tax rates goes up and that’s when you keep less of what you earn by a significant amount. The rich Democrats that always seem to not mind when taxes go up are genuinely wealthy. They’re not working and earning, and I’m talking about Democrats in Congress, Democrats in think tanks in Washington, Democrats in New York. I’m not talking about the rank-and-file Democrats across the country who have no idea how they’re being scammed. I’m talking about the elite Democrats who pass tax increase legislation. I for the longest time said, “What am I missing here? Why do these guys want to raise taxes on themselves?” It’s not about raising taxes on themselves. They don’t do that. It’s about controlling everybody else’s life, by limiting your freedom, by limiting how much disposable income you have.
Now, this has changed, however. This is a dual-edged sword for Obama because everybody says this is a slam-dunk, why, this economic collapse is going to send him over the finish line. There are a lot of Democrats who make a lot of money who had pretty big portfolios like everybody else, they’re down 20, 30%, depending on how much they’re invested in the stock market. And nobody likes losing 20 to 30% of what they have saved or more. It scares them, and then you pile on top of that the new president is going to raise your taxes even more? So I think your question, why would Democrats want to vote for somebody that’s going to raise taxes? Some of them may not this year. I’m talking about rank-and-file Democrats across the country, not the elitists in the Senate and the House and everywhere else, bureaucracies, New York, Wall Street, who write tax law, support it and so forth.
These people in New York that we’re talking about on Wall Street and all this corporate greed stuff, these guys, they’re all Democrats that run in these financial places with the exception of one big place, they’re all liberal Democrats, and they have been hurt. And when you have 50 million and all of a sudden it becomes 25 or 30, you are not happy. You don’t sit there and say, “Well, I’ve still got 25 or 30 left.” You are not happy just like when you lose 25 or 30% of what you have.