RUSH: It’s official. Obama’s deficit spending for his first term, $5 trillion. This is why there’s a Tea Party. This is why the 2010 midterms happened. Five trillion in deficit spending added to the national debt. Now, I remember when I was 15, 20 years old, I remember the adults that I knew and hung around, my parents’ friends, were always worried about the national debt. This is in the 1960s, the early seventies. I constantly remember hearing them worried about the national debt. Of course I wasn’t. I wasn’t old enough to even really understand what it was, but as I got older and I kept hearing people talk about it, I said, “For my whole life I’ve been hearing about the national debt and how it’s gonna crush the country. It hasn’t happened so it must not be that big a deal.”
Well, guess what I’ve become? I have become one of those people that’s now very much concerned about the national debt cause it’s never, ever been anywhere near as large as it is expressed any way you want, as a percentage, total dollars, or what have you. We are nearing collapse. The old adage was the national debt never really mattered because we owed it to ourselves, therefore we never really had to pay it back. But we don’t owe it just to ourselves now. We owe it to the ChiComs. We owe it to the Japanese. We owe it to a lot of people who expect to be paid back, who expect their interest payments to be made. So it’s not just something that we owe ourselves and can forget about or forgive or what have you. It’s a far greater problem because the tax rates required to make a dent in this, coupled with the spending cuts that nobody so far has had the guts to propose or implement, are unthinkable to a lot of people.
That’s why the total income tax, here’s a stat I heard the other day, for those of you who have grandkids, their total life tax payments have already been spent, at current income tax rates. If they went out and got jobs out of college, worked until they’re 65, somebody ran the numbers, and your grandkids, two generations from now, their lifetime taxes have already been spent. Now, what are their tax rates gonna be if something isn’t done about this? This is why there is a Tea Party. This president has rung up more debt than all previous presidents combined. And the horizon we can now see, it’s Greece, it’s Spain, it is Europe.
RUSH: I’m thinking about this $5 trillion that Obama has rung up here. That will be the total indebtedness, the total of deficits for Obama’s first term. And I gotta tell you: As dumb as they are about economics, I would bet your average stay-at-home mom wouldn’t even be dumb enough to run up that much debt in three-and-a-half years. Hilary Rosen says they don’t know what they’re talking about; stay-at-home moms never worked a day in their life. It’s $5 trillion! It’s incomprehensible. A hundred billion is what is it, 10,000 million? I mean, it’s incomprehensible. It’s just as incomprehensible as the amount of power required to get a Boeing 747 off the ground and fly any distance.