TODD: We ask our friends, “At what point are we broke?” We’re nearing a point where 98% of our GDP will be in debt, and what that means is 98% of our income will be in debt — and, at that point, there is no digging out. And the Democrats are brilliant at structuring heads-they-win, tails-we-lose situations.
This can only be interrupted by absolute truth telling from Republicans as Biden’s dementia by way of Obama’s teleprompter is seeking another $1.9 trillion package that was gonna come with neat things, like tracking you wherever you drive by way of this per-mile-driven scam. The GPS tax is a per-mile tax. You drive, you burn gas, you pay tax when you refill your car.
It’s gonna come with payouts for Big Labor, big unions. It’s coming with something else, though. It’s coming with the ability of leftists to turn to our national debt and say, “See? Capitalism is broken.” It turns with an opportunity for them to say we need to restructure our whole world’s currency. “This isn’t working. We need a universal basic income,” which becomes a universal basic ceiling.
Here’s what I mean by that: A good percentage of people will take what they’re given and say, “This is enough for me. Subsistence is enough.” Already a fourth so-called stimulus check is being considered. They’re installing a universal basic income, as I see it, getting people habituated to this. It’s easy to take things away from people.
It’s a back-door to installation of a universal basic income. I believe… I don’t want to steal thoughts. I believe a gentleman from Breitbart had made that exact point. I think that’s correct. I’m not remembering his name. These are the realities that we’re functioning in, and it’s our job to put our friends in the uncomfortable position of realizing it.
At what point are we broke. Now, this was true 12 years ago. You know, this has just gotten worse, it really has. You know, with Biden as figurehead, it’s like we’re trapped in an Obama-type capsule. Listen to Rush explain the depressive nature of these so-called stimulus spending plans.
RUSH: Obama, ladies and gentlemen, this is an economic press conference, he admitted — and it is only I, your host, El Rushbo, I am certain who has picked up on this — the President-select Barack Obama, the Most Merciful, admitted that his stimulus plan will not work. He admitted it. Not in those words. He went out there today and said, “We’re going to inherit a $1.2 trillion deficit,” and he said, “Even with my stimulus plan we are going to have trillion-dollar deficits for years!”
Well, that, to me, is admitting that the stimulus plan isn’t gonna work. The stimulus plan ought to reduce the deficit by causing economic growth and employment. So he just admitted what the game plan is here. In fact, the New York Times headline today: “Economists Warm to Government Spending but Debate Its Form.” Rampant government spending is now mainstream thinking. The New York Times providing cover for this. But the stimulus plan, he is admitting it’s not gonna work.
In the New York Times today: Obama warns trillion-dollar deficit potential, and that is without counting his stimulus package. He actually said that his stimulus package will not alleviate trillion-dollar deficits for years to come. Now, wouldn’t a legitimate stimulus plan prevent these kinds of deficits? This is why I say that the main point here, uh, ladies and gentlemen, is that Obama has admitted that he is clueless when it comes to the economy and job growth.
But the bigger point here is that Barack Obama is predicting that his stimulus package will not work. Why would we have trillion-dollar deficits for years to come if Congress passes Obama’s brilliant plan, ladies and gentlemen? What’s with all the hype about the geniuses that he has nominated? These are the wizards of smart, after all. One would think a stimulus plan would bring in more revenue, right? Stimulus of what? They want to stimulate the economy.
That’s what they say. If you stimulate the economy you’re going to reduce deficits. But they are not stimulating the economy. See, this, ladies and gentlemen, is where you need me, somebody who can read the stitches on the fastball. Yeah, he wants a trillion-dollar stimulus, of the government. He says that he wants to spend a trillion dollars to create or save three million jobs. It used to be two million, then it was $2.5 million, so the numbers keep changing, of course, because Obama does not know what he’s doing. He really does not know what he’s doing here.
Also in the New York Times today: “Economists Warm to Government Spending But Debate its Form.” The upshot of this story is that rampant government spending is now mainstream thinking. That’s from Janet Yellen, president of the Federal Reserve Bank of San Francisco. “The new enthusiasm for fiscal stimulus, and particularly government spending, represents a huge evolution in mainstream thinking.” Well, shazam, folks, this just happened overnight.
Do you realize just overnight, starting in October, with the October Surprise, all of a sudden mainstream thought has now come to embody huge, huge government spending for years and years and years. And then, ladies and gentlemen, listen to this, page two of this New York Times story. This is from Peter Gottschalk, a labor economist at Boston College, “Our models are built on the assumption that on average people behave rationally and they do the right thing, but this time people did very much the wrong thing.
“It’s like thinking you have a disease under control and then being hit with a new strain of it.” People didn’t do the wrong thing. Government did the wrong thing. Government enabled people doing the wrong thing in the subprime mortgage business. Government encouraged them to do the wrong thing; government told them to do the wrong thing.
People didn’t do the wrong thing. This is outrageous. Our models are based on individuals doing the right thing, and those models have to be changed because the individual doesn’t do — So the government’s blaming you. All of these think tank economists are blaming you for the economic crisis that we’re in because you can’t be relied on to do the right thing anymore.
And that, ladies and gentlemen, represents a supreme triumph of one of the building blocks of liberalism, and that is elitism, and that is that you are incompetent, you are incapable, you have to be protected from yourself, government, some big state organization, some nanny-like person or bureaucracy has to do things for you because you can’t do it. So now these economists have to change their models, because their models were always predicated on the assumption that people behave rationally and will do the right thing, but you didn’t this time, and you’ve blown it.
Socialism is socialism. Collectivism is collectivism. Transfer of payments is transfer of payments. Wealth redistribution is wealth redistribution, it’s what it is. You don’t need to wait to see what happens here because we have evidence around the world throughout human history what happens. This is time for opposition leadership. They have to get on their chairs, they have to stand on the top of the Capitol, they have to do whatever it takes to get on television and tell the world that this plan is a disaster.
Look, there’s nothing they can do anyway, folks. What’s the risk here? They’re barely present in the House of Representatives. Pelosi is gonna shut them out from being able to change anything, offer amendments. They’ve got nothing to lose. They’ve got to stand up and take this opportunity, seize it for what it is. Signing on to trillion-dollar deficits for years to come is insanity.
TODD: And who did Rush just mention, and who’s back in place? Janet Yellen. See? His wisdom lasts into this era, and I think it always will.