RUSH: Ladies and gentlemen, once again, you are facing a challenge. Who do you believe? Your own life and your at-present experiences and what you see and feel around you, or do you believe President Obama? Well, Washington Post, ‘Hey America, you’ve been rescued.’ ”Economic policy is working,’ Obama says. Administration says recovery effort has moved from rescue stage to rebuilding.’ … There is no recovery. There has been no rescue. We are in the biggest economic mess we’ve been in since the thirties. We had the news yesterday that tax receipts, revenue to the Treasury is at a low not seen since the thirties. And Obama says, we’ve been rescued now and we’re in the rebuilding stage now, we’re in the recovery stage.
And of course State-Run Media, the Associated Press: ‘Consumers Increase Their Spending in June.’ Oh, wow, oh, wow they so giddily report this, they’re so happy it’s a roaring comeback out there. Yeah, consumers increased their spending in June for the second straight month even as incomes fell sharply. ‘The Commerce Department said Tuesday that consumers boosted their spending 0.4 percent in June, slightly ahead of analysts’ estimates. That comes after spending rose 0.1 percent in May.’ The department says that personal income fell 1.3%, after rising by the same amount in May. Now, what do we make of this? Well, you’ve come to the right place, ladies and gentlemen, because the real number here is US personal incomes tumbled 1.3% in June, more than forecast, and the biggest drop in four years, signaling that consumer spending will take time to recover.
Okay, so if we’ve got 1.3% fall in income, how did consumer spending go up? Well, ladies and gentlemen, it’s very simple. There is no recovery. There is no rescue. Spending is up primarily because I’m sure you’ve noticed gasoline prices are up. It’s something that you have no control over buying. You’ve got to buy it. They want to pass this off as though discretionary spending, people are getting lose — nope, nope, nope. Not at all. There is no recovery. Income is down. Tax receipts are down. Spending and the deficit is up. Obama has added $1 trillion to the national debt in six months. Unemployment continues up after how many trillions of dollars have been spent.
And this from CBS News, of all places: ‘So rapid is the pace of deficit spending by the federal government, that the National Debt has increased over a trillion dollars since President Obama took office. On Inauguration Day, the Debt stood at $10.626 trillion. The latest posting from the Treasury Department shows that as of July 31st, the debt hit $11.669 trillion. During the last administration, it took over 2 ½ years for the National Debt to increase a trillion dollars.’ What was Mr. Obama’s budget? What was the name? ‘A new era of fiscal responsibility,’ is how he titled his budget.
And to continue the great news, this is from the French News Agency: ‘US companies are increasingly turning to offshoring their functions to achieve cost savings and few US companies plan to bring those jobs back to the United States, said the Conference Board Monday. The number of US companies with a corporate offshoring strategy in place more than doubled from in the past three years. Of the companies surveyed, 53 percent had a corporate offshoring strategy in place, up from 22 percent in 2005, said the Conference Board. ‘Sixty percent of companies that had already offshored say they have aggressive plans to expand existing activities, and very few plan to relocate activities back to the United States.”
Now, why do you think this is? We’re in a recovery now, don’t forget. We’ve been rescued. Now we’re rebuilding. President Obama said so. Economic plan is working. This is right out of Saul Alinsky, folks. You sell what you want to sell by using terms that are comfortable to people within their own experience. They really think that the power of this guy’s personality, his aura and his credibility is going to pull them out of the fire on this. So we got more taxes, we have more taxes coming. We have health care mandates coming, and it’s going to help this situation? People are fleeing this situation.