RUSH: By the way, CNN, you wizards over there, consumer confidence plummeted this month. Your report on the rebounding economy yesterday didn’t have much influence out there with people who are living in it. ‘A private research group says Americans’ mood darkened further in July as worries about job security offset any enthusiasm about the resumed stock market rally that has helped bolster retirement accounts.’ Who wrote this? Oh, yeah. State-Run AP. Helped bolster retirement accounts. Retirement accounts are down what from their top, 60 percent, 40 percent, whatever it is. Property taxes are going up. Do you realize that 61,000 Californians in the next five months are gonna expire their health care benefits? And that’s going to be happening all over the country. People are going to, unless they pass extensions, and they’re already extensions upon extensions. Now, watch what happens when that happens. We’ll see all of a sudden employment numbers go up as those people fall off. They’re not looking for jobs; they’re not finding any jobs; they’ll no longer get benefits. They’ll cease to exist as far as government reporting statistics are concerned.
So, anyway, the economy is in the toilet. ‘The Conference Board said Tuesday that its Consumer Confidence Index, which retreated last month, fell to 46.6, down from 49.3 in June. Economists were expecting a reading of 49.’ Idiots. ‘It would take a reading above 90 to signal that the economy is on solid footing.’ Somebody needs to tell ’em this at CNN. CNN thinks the recession’s over. The recession is over. Eight thousand jobs canceled by the end of the year at Verizon and Bank of America is closing 10% of their branch. Recession’s over out there.
RUSH: You know, folks, there are days that I feel like a schizophrenic — and you know me. I’m one of the most normal, solid, well-adjusted guys walking the planet today. I mean, I’m a rock. But there are days I feel like a schizophrenic and this is one of them. I’ll tell you why. I have in the stack two or three stories (they’re from wacko environmental blogs) and one of them basically says we just need to stop doing everything. Let the government do it all. Some people even say we just need to stop working in order to save the planet. ‘Just sit around and do nothing. Government can handle it. We got a planet to save!’
By the way, do you know that China has three power firms that emit more carbon than all of Great Britain? Yes, it’s true. It is true. I have it. Like I say, I’m loaded today. So these idiots think we ought to sit around and do nothing. On the other hand, I got all these stories here, I’ve shared some of them with you already, about how low people’s confidence is in the economy, that people aren’t spending, and people aren’t consuming, and we gotta get in gear. ‘We gotta start consumin’! We gotta start spending. We’re saving too much.’ That’s another thing causes schizophrenia. You know a year ago we weren’t saving enough. Now we’re saving too much. We’re not putting it in circulation. And on the other hand, we shouldn’t do anything to save the planet.
Spend, not spend? Consume, not consume? Be confident I’m saving the planet? Be confident I’m saving the economy? What are we supposed to do here? And all of this is courtesy of our famous Drive-By, state-controlled media, which is constantly confusing people day in and day out. It’s no wonder consumer confidence is at a low. You know, during last three to four years of the Bush administration, state-controlled media did everything in its power to try to create a consumer confidence rating such as that which was produced today and they weren’t able to do it. But they tried. Now consumer confidence is really low. Why? Because it’s genuine! The economy is not in good shape for more and more and more people. And CNN is doing its level best to tell everybody that what they’re seeing and feeling and experiencing isn’t accurate.
>That we’re coming back, that the stock market’s rebounding, that your 401(k) is all of a sudden expanding. Everything’s okay now. In the meantime, more and more people lose their jobs, and there’s actually… I hate to see consumer confidence this low, but it is heartening in one regard, and that is that it’s not helpful to the people in charge — who are in the act of destroying the economy, it’s not helpful — for them to see that the American people aren’t buying any of this. For example, ‘Americans are fairly evenly divided on the health care reform proposals working their way through Congress. However, most remain convinced the plans will raise costs and hurt the quality of the care they receive.
‘Only 23% believe health care costs will go down if reform passes Congress. Seventy-six percent of Democrats favor the proposal. Seventy-six percent of Republicans are opposed to it. Among the unaffiliated, 35% are in favor; 60% are opposed. And notably, just 16% of the unaffiliated strongly favor health care reform, while 47% strongly oppose it. Now, let’s put this in perspective.’ President Obama has been on TV 24/7 since he was inaugurated. He has been on television multiple times a day talking about health care reform, the stimulus, getting the jobs back, getting people back to work, and it’s not working. He has been unable sell this monstrosity. He’s been unable sell it to anybody.
It’s 24/7 talk about this damn thing, how it’s going to ‘cut costs,’ and he’s convinced a gigantic 23% of the American people that what he’s saying is true. In other words, only 23% believe what Obama is saying about his own plan. So we know, a lot of us know he’s lying to us about this — and most people, when they learn about this, don’t want any part of this health care reform in the first place. So it’s relevant to ask the question: Since state-controlled media has yet to, in any detailed way, analyze the contents or the guts of this proposal, how is it the American people are learning about this? Maybe it’s from me and talk radio, where, of course, we need to elevate the discoursing, according to Robert Gibbs. Where Bill Moyers said yesterday that I fan… No. I get Moyers’ and Gibbs’ lines confused. Gibbs said I ‘fan the flames of racism’ to sell advertising.
That’s the second White House administration that’s tried to call me a racist. Clinton was the first. Gibbs is second. But what did Moyers say? I incite riots in the public mind. Now, it’s just the opposite. These people — Moyers, Gibbs, all these other people — are doing everything they can to not tell the people the truth of any Obama proposal. But yet the truth is getting out, and it’s heartening. ‘As joblessness soars, more Americans are losing their homes.’ I thought the recession was over! That’s what CNN said yesterday. I thought the recession was over, the 401(k)s are coming back, stock market’s ticking up. Hey, everything is hunky-dory! Ah, ah, ah. And from CNNmoney.com: ‘As a growing number of Americans default on their mortgages the Obama administration is set to meet today with industry executives to discuss their efforts so far to help people save their homes.’
Are you gonna kneecap them, too? ‘As joblessness soars, more Americans are losing their homes, the Obama administration meeting with loan servicers to find out why this is happening.’ Round three of some kind of foreclosure reform, round three of trying to keep people in their homes. So what we’re doing isn’t working, so it’s…time to do more. It’s no different than if they get serious talking about a second stimulus. Now we’re just going to give money in the form of grants to cover people’s mortgages? That’s what this story implies. Just give money in the form of grants to cover people’s mortgages.
You know, folks, I don’t want anybody to lose their home, and I certainly don’t want anybody to lose their job, just the exact opposite. I want everybody to succeed. I want this country growing. I want prosperity for as many people who care to try to achieve it. But the answer to people losing their homes is not to pay for their homes. The answer is to create jobs. The answer is to create a growing, thriving economy. That’s how all of these problems would be fixed. And anybody who is economically literate in a private conversation would tell you that this is the exact opposite way to do it.
You don’t go out and give people grants so they can pay for their mortgages. You’re just delaying the reckoning. Do you know how much debt that we’re going to buy this week, or sell? Your government, our government is gonna borrow $200 billion this week. This week alone. Do you know what that brings the total we’ve borrowed so far this year — and we’re just barely halfway through the year — $1.15 trillion we’ve borrowed this year with more to follow. As if the debt itself isn’t bad enough, who do you think is going to end up paying the interest? You and I, folks. And when this money is borrowed guess where it’s not available? Private sector. Government getting bigger.
RUSH: Seriously, folks, we are going to borrow $200 billion if we can find somebody to buy it, $200 billion. The ChiComs will get in line and who knows whoever else, $200 billion this week alone. That’s going to bring the total that we’ve borrowed to $1.15 trillion this year, and there’s more to follow. We’re just barely halfway through the year. As if the debt’s not bad enough, who do you think is going to end up paying it, and the interest? I’ll give you a hint. It isn’t going to be Congress. It’s not going to be the liberals. And it won’t be everyone but you. It’s going to be you. Now, the debt itself is bad enough. One of the greatest problems with government budget deficits, all of this debt is it takes that much money out of the free market. When the government borrows one-and-a-half trillion dollars to finance its waste, that’s one-and-a-half trillion dollars not available in the free market for you, a small business or whatever to borrow. This is how Obama is depleting the capital of the private sector. This is by design. This is making the private sector smaller. We’re not growing. People are not confident our economy is getting better. People are smart enough to have their own experiences tell them the truth.
So that one-and-a-half trillion dollars so far this year is money that could be used to create new industries, new services, new technologies, as the president likes to say, new jobs. We’ve had so much focus on the 4,000 troops that we lost in Iraq and we can’t even get a wink and a nod at the $4 trillion in debt that we are losing. This budget deficit this year is going to end up being over $2 trillion. People hear me say, ‘They’re doing this on purpose. They’re purposely shrinking the private sector, growing the public sector government.’ And people ask me, ‘Do liberals realize what they’re doing? Do they even care?’ It’s a good question. Yes, they know exactly what they’re doing. They think they can’t be stopped. And right now, they can’t. There isn’t enough opposition to stop anything they want to do if they remain unified.