RUSH: Isn’t this just rich, President Obama just concluding another economic session and announcement at the White House. He announced a program that we’ve heard before, starting in 2007 from Nancy Pelosi, paygo. We are no longer going to spend money we don’t have. See how easy this is? You go ahead and bankrupt the country, you destroy the American dream for two generations, and then all of a sudden you find religion. Ah, we can’t go on this way. Pelosi promised paygo, by the way, back in 2006 when they won the House, and it’s never happened. Let me tell you how to translate this. Paygo is just another ruse for tax increases. It’s all it is. This is no different than touting the fact that we can no longer spend our way into deficits like this. This is just a setup for more tax increases on the rich. This is gonna start to slip away from him, folks. He is implementing this stuff regardless of economic circumstances, and people are going to figure this out at some point. We will not rest until they do.
RUSH: I think, ladies and gentlemen, President Obama is in panic mode. I think he is in a full panic now. They have scheduled the Sotomayor hearings for July 13th. Republicans, there’s no bipartisanship on this. They’re trying to ramrod her through. They know there’s trouble with Sotomayor and they’re trying to ram that through. He had another press event today announcing saving 600,000 jobs, grabbing on to pay-as-you-go again, three-year-old rhetoric. They know they have a problem on their hands. They know that 9.4% unemployment is directly related to their policies. Folks, I’m telling you, they are in panic at the White House. Trust me. They are not going to ever say this in the State-Run Media, but that’s why Obama is showing up everywhere, every day, touting this, all these new jobs created and saved, blah, blah, blah, blah, blah. There’s panic. Not because of what is happening on the ground. The destruction of the private sector, that was the plan. The panic is that people are starting to see it and they don’t like it. The power of Obama’s personality is no longer strong enough to get people to sit idly by and watch their country destroyed. That’s the panic, and the reason for it, and that’s why you’re going to see even more of Obama because they think he’s the magic weapon, just get him out there talking, put him and his teleprompter out there and whatever angst that there is, he will be able to solve it.
RUSH: I believe the Obama White House is in full panic. I am not exaggerating. We go to the audio sound bites. Obama is flat-out lying now. He had a paygo press conference today. Paygo! All of a sudden we gotta pay for everything we spend after we’re $12 trillion in debt? That’s just a setup for tax increases. Here’s the first of four sound bites.
OBAMA: Several financial institutions are set to pay back $68 billion to taxpayers.
RUSH: Stop the tape and recue it. ‘Several financial institutions are set to pay back…’? They have been begging to pay it back for weeks, and this administration has said ‘no’. Finally the administration has relented and said, ‘Okay, you can pay some of it back.’ Here’s the rest of it.
OBAMA: Several financial institutions are set to pay back $68 billion to taxpayers. It’s worth noting that in the first round of repayments from these companies, the government has actually turned a profit. This is not a sign that our troubles are over. Far from it. The financial crisis this administration inherited is still creating painful challenges for businesses and families alike —
OBAMA: — and I think everybody sees it in their —
OBAMA: — own individual districts.
RUSH: Just gutless.
OBAMA: But it is a positive time. I’ve said repeatedly —
RUSH: Stop the tape. I can’t hear this. Gutless! ‘The financial crisis this administration inherited is still creating painful…’ $68 billion they’re turning back, and we’re gonna do it a profit? We just lost 1.8 million jobs. We are $3 trillion in debt, and he’s talking about a meager profit on $68 billion? By the way, even though they’re giving some of the TARP money back, he’s still going to be able to regulate how much executives who work at these firms are going to make. Now, this business about what he inherited drives me batty. He keeps blaming it on his ‘predecessor.’ No president has ever done that. This is childish. It is immature. It’s narcissistic. Let me tell you what Barack Obama ‘inherited,’ as president of the United States. Barack Obama inherited greatness. He inherited the birthplace of the individual. He inherited the defender of liberty at home and abroad, the United States of America. He inherited American exceptionalism.
He inherited the concept of equal opportunity and the right to fail and to try again. Barack Obama, as president, inherited the financial center of the world. He inherited the country that has successfully championed capitalism and widespread prosperity. Something else that President Obama also inherited: great responsibility. He inherited the great responsibility to lead the world’s lone superpower. He inherited the responsibility to preserve and to strengthen free markets. He inherited the responsibility to continue the philosophy and tradition of a country founded on Judeo-Christian morals, ethics, and principles. He inherited the Constitution of the United States. He did not inherit the right to unilaterally rewrite it or to remake it. He swore to uphold it! Barack Obama did not inherit a mess.
He inherited the United States of America, where anything is possible, where greatness has been delivered to the world time after time in the form of private sector inventions, innovations, and advancements in products that improve people’s lives for over 200 years. Barack Obama inherited all of that and a country of individuals energized by their liberty, individuals strengthened by their character. Barack Obama inherited a country that liberates the oppressed. Barack Obama inherited the greatest economy in the history of human civilization. That’s all. Nothing more; nothing less. There is nothing to apologize for what he inherited! He may as well be a five-year-old crybaby spoiled brat. (crying) ‘I inherited this mess of my predecessor.’ He has nothing to apologize for regarding what he inherited. There is so much to be proud of in the United States of America. There’s always a lot of work to be done to preserve it and to grow it, but not in the way Obama is proceeding. Obama is destroying what others before him created. He did not inherit a mess. He has created one — and as the mess he creates deepens, so does his blaming it on his predecessors. That is gutless. It is childish. It is immature. It is unbecoming someone who serves as president of the United States. (sigh) I don’t even want to listen to the rest of this garbage, but here it is. Here’s another sound bite.
OBAMA: I have no interest in managing the banking system.
RUSH: Screw that, go to next one. I don’t want to hear this. Just go to number 24.
OBAMA: All told in the next four years the deficit will be cut in half. Over the next decade nondefense discretionary spending will reach its lowest level as a share of our national income since we began keeping records in 1962!
RUSH: It’s just a lie.
OBAMA: But we must go further. And one important step we can and must take is restoring the so-called pay-as-you-go rule, or paygo.
OBAMA: This is a rule I championed in the Senate —
OBAMA: — and called for time and again on the campaign trail.
OBAMA: Today, with the support of these legislators —
OBAMA: — including the speaker of the House —
OBAMA: — my administration is submitting to Congress —
OBAMA: — a proposal to codify this rule into law.
OBAMA: I hope that the House and Senate will act quickly to pass it.
RUSH: Your party, your party’s leaders promised us paygo in 2007. Your party has been running this country’s economy for two and a half years. Your predecessor didn’t do diddly-squat to damage this country’s economy, your party did. You want to blame people? Blame Harry Reid, blame Nancy Pelosi, blame Chris Dodd, blame Barney Frank! I’m sorry for shouting. Paygo? Nancy Pelosi’s byword: paygo. We haven’t paygoed anything, and all this is now, this is panic. This is a result of people starting to ask serious questions about why the Obama magic is leading to disaster: more unemployment, more reductions in standards of living. So now we gotta do paygo, after he’s already spent $12 trillion that he doesn’t have, that hasn’t even been earned yet? Now we need paygo? He knows that people have caught on. Enough people have caught on to know that this kind of deficit spending is unsustainable and will not work and is not working.
So all of a sudden now we’re going to do paying going to we’re only going to spend what we can pay for. Guess what that means? Hello tax increases! That’s the next phase in destroying the private sector economy. You take as much money out of the private sector economy as you can, you transfer it to government so they can redistribute it to, in Obama’s case, the people who got him elected the first time and are going to reelect him the second time: the unions and the leadership and whoever else, the civil rights coalitions. Because, you see, Barack Obama doesn’t have a dime until he takes it from you. Harry Reid doesn’t have a dime to give anybody else ’til he takes it from you. Nobody in Washington has a dime unless they take it from you — and even when they print it, they’re taking it from you, because they are devaluing dollars that you will earn and produce in the future. They’ve got nothing to give anybody without taking it from you first, and it’s never been done on this grand a scale before.