RUSH: Yeah, I just got an e-mail from a guy who made a great point about this unfunded liability stuff. Remember, now, we’re at $61.6 trillion in unfunded liabilities in what we owe, Medicare and Social Security. Another way to look at it is, the people who work owe $61.6 trillion in promises to people who don’t work. However, they were funded at one time. What these unfunded liabilities actually are is IOUs. We’ve all been paying FICA tax. We’ve all been paying Medicare tax. Despite the taxes, we have still spent $61.6 trillion more than has been collected. So these liabilities were funded at one time. That puts it in perspective, makes it even worse. It’s not as though the money was never there. It was. It’s just been irresponsibly spent and spent and spent again. I don’t know how you get out of this. I really don’t have the slightest idea and you’ve got a political party here who’s proud of this, and they want to add to it.
Greetings, folks, great to have you back. Rush Limbaugh, serving humanity, half my brain tied behind my back just to make it fair.
Austan Goolsbee, known affectionately here as Ichabod Crane. He’s got a ten-inch neck, that’s the circumference. The length of the neck is 18 inches. “Longtime adviser to President Barack Obama, will resign his post as the chairman of the Council of Economic Advisers this summer to return to teaching at the University of Chicago Graduate School of Business.” So a failed economic advisor quits so he can return to academe and teach young skulls full of mush how to destroy jobs and run up the deficit. And we wonder why the country’s in trouble. Failed liberals in government go back to their overpriced universities to teach liberalism to young skulls full of mush who don’t know squat about the real world.
GOOLSBEE: Let’s not conclude too much of anything from one report. Let’s look at what’s happened over six months. And what has happened over six months is we’ve added a million jobs in the —
GOOLSBEE: — private sector, the president has passed a tax policy in December which has come into place this year and will continue over the course of this year to give a payroll tax of a thousand dollars plus to 150 million workers and to give direct incentives for business to start investing, and they’ve accumulated money on their balance sheet. Our effort now, as a government, should be to get the private sector to help them stand up and lead the recovery. The government is not the central driver of recovery.
RUSH: Whoa, there you have it, that’s why he’s leaving, that’s why he’s gone. Obama is not the central driver of the recovery. Why do we need Porkulus programs? We’d probably be better off without Porkulus. You know, in fact, what they were saying, Christina Romer and Goolsbee both said — correct me if I’m wrong — they said that without the stimulus, unemployment would reach as high as 8.8%. With stimulus we keep it at eight. Now, Romer definitely said it. Well, if Goolsbee didn’t say it, he thought it. He agreed with her. And remember it was Austan Goolsbee who gave Rahm Emanuel a dead fish back as he was leaving the White House to go steal the elections in that mayoral run in Chicago. These guys are as thick as thieves.
So Goolsbee is gone, saying that the government’s not the central driver of the recovery. He-he-he. Is it any wonder that two days after he says that, he’s gone? He-he-he-he-he. Basically he said, “Hey, Obama can’t do anything about it.” Obama spoke about it today, had a joint presser with Angela Merkel, the German chancellor, and during the Q&A the Reuters White House correspondent, Steve Holland, said, “How worried are you about the threat of a double-dip recession? What specific policies are you considering to help head that off? And abroad, do you expect Germany to fund another bailout of Greece?”
OBAMA: I’m not concerned about a double-dip recession. I am concerned about the fact that the recovery we’re on is not producing jobs as quickly as I want it to happen. Prior to this month we have seen three months of very robust job growth in the private sector.
RUSH: No, we didn’t.
OBAMA: And so we were very encouraged by that. We don’t yet know whether this is a one month episode or a longer trend. But the overall trend that we’ve seen over the last 15 months, over two million jobs created over the past 15 months —
RUSH: What is that?
OBAMA: — a rebounding of the manufacturing sector in the United States —
RUSH: Two million jobs.
OBAMA: — as exemplified by the recovery of the Big Three automakers here, all indicates that we have set a path that will lead us to long-term economic growth.
RUSH: Two million jobs created and Anthony Weiner didn’t send the pictures. (laughing) Two million jobs created. (interruption) Yeah, the auto recovery thing is just a sham. You mean the auto bailout? Yeah, it’s a sham. They’re not profitable. They haven’t repaid their loans, anything like that. Obama, these guys infect each other. He’s acting a little bit like Weiner here, lying like that. Two million jobs. (laughing) (imitating Obama) “No, I’m not worried about a double-dip recession. I’m concerned over the fact the recovery we’re on is not producing jobs quickly.” Well, that wasn’t enough for ’em, so another reporter: “On the European economic question, did you ask Chancellor Merkel specifically to drop her insistence that the private sector become involved in the Greek debt bailout which is holding up that bailout and considering you’ve blamed the European sluggishness for America’s own stalled recovery?”
OBAMA: It’s just very important for folks to remember how close we came to complete disaster.
RUSH: Here comes the campaign.
OBAMA: The world economy took a severe blow two and a half years ago.
OBAMA: And in part that was because of a whole set of policy decisions that have been made and challenges that had been unaddressed over the course of the previous decade.
OBAMA: And recovering from that kind of body blow takes time, and recovery is gonna be uneven. Our task is to not panic, not overreact, to make sure that we’ve got a plan, the need for us to get a handle on our debt and our deficit is gonna be important.
RUSH: I don’t know, folks. He’s the architect of our debt and deficit here. He’s the architect. He’s the author and he’s getting exactly what he wants. Goolsbee is the fifth member of the economic team to quit. And my guess is they’re saying, “Okay, mission accomplished, time to go back to academe, make some money, publish, write, make some side money, make some speeches, I got the job done.” What was the job? This was the job. Now, some of you might be saying, “No, no, no, Rush, Goolsbee’s quitting in shame. He’s getting out of there because none of his policies worked and he’s getting out while the getting is good.” No, no, no, no, folks. These guys are gonna admit that they’re failures? They don’t have it in ’em.
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