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Aug. 5, 2011 - Rush Limbaugh Program
36:46
August 5, 2011, Friday, Hour #1
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Welcome to today's edition of the Rush 24-7 podcast.
Man, we can't even hold a small rally.
We open up at 151, and now we're plumbing and we're back down to 190.
Yesterday, the birthday, they tell us, the Barack Obama.
He had a big party at the White House last night.
Hollywood celebrities, food drink, you name it.
Partying hearty on a day, the American people lost 1.1 trillion dollars of assets.
1.9 trillion.
Yeah, but I'm talking about one day.
1.1 trillion dollars of wealth lost in one day, and that night our esteemed dear leader sits there at the White House with a massive party with Stevie Wonder singing tunes and all this kind of stuff.
He doesn't care, folks.
Live from the Southern Command in sunny South Florida.
It's open line Friday.
Where the views expressed by the host on this program really tick off the liberals.
We have some funny sound bites to illustrate that.
Oh man, are they mad at me?
For the way I accurately described Kingsey in economics.
MSNBC actually played an audio soundbite of me from a year ago, claiming I had said it yesterday.
Making a joke about how do we really know it's Obama's birthday?
You know, tweaking them on the birther stuff, and they fell for it again.
Ah, the fun.
The fun just keeps on happening.
Great to have you with us, my friends L Rushbow as we uh head into the weekend.
Our telephone number, if you want to be on the program, 800 282-2882.
The email address is L Rushbow at EIBNet.com.
Ladies and gentlemen, I wanted the unemployment news is out, and as always, it falls to me to explain the truth of it to you.
And it's not pretty, and we are being lied to.
We are being really lied to about this unemployment number, and of course, the media sycophants, particularly at CNBC.
I got a I got a question.
I had an email today from a from a friend of mine.
How can these people on CNBC be saying that the job numbers are so good?
So 70,000 more jobs are added than estimated.
117,000 total.
After spending how many trillions?
It's a joke.
The answer is CNBC is owned by Comcast, but still 49% of it's owned by GE, which is Jeffrey Immelt, uh, which is a who is a corporate crony of Obamas.
Now you've heard the news that uh the unemployment rate fell from 9.2 to 9.1%, and you've also heard that we added 11,000 jobs.
Let me give you a little statistic that will put this all in perspective and explain it at the same time.
In one sentence.
Look at me, listening.
The unemployment rate today, if the active labor force was as big as it was when Obama was inaugurated, would be 11.7%.
In other words, what they've done here, and I'm sure there's some monkeying around with this number today because of the crisis that happened yesterday in the Eurozone and the market plumbing.
I I am I am positive they're still monkeying with this number to try to stave off more of what is happening.
I mean, the NASDAQ is now what NASDAQ?
90.
Now it's a rallying a little bit.
Now it's only down 70.
But none of this has been has been um has been warded off.
The word over from the Eurozone is that the Germans are not gonna bail out the Italians or the Spanish.
Angela Merkel is on a hiking vacation somewhere in the hills and isn't coming home for six weeks, and that's what she says.
And so there's no confidence whatsoever.
And the only way that they can get to this number of 9.1%, the only way they can they can possibly do that is to reduce the universe of people working in this country, and that's what they've done.
Once again, if the labor force was as big today as it was when Obama took office, if there were as many people in the universe of if there were as many jobs available today as there were then, the unemployment rate would be 11.7%.
And the real unemployment rate, the U6 number would be over 20%.
This is a bogus number that was that's been put out today.
What's happening to this country is just it's it's it's it's a damn shame.
Record number of people on food stamps, race riots in Wisconsin at the state fair in Wisconsin.
I mean, you expect race riots in LA, but at the at the Wisconsin State Fair.
So, let's look at some of the actual facts of this.
Non-manufacturing jobs, worse than expected.
In the current report, non-manufacturing jobs worse than expected.
Manufacturing jobs far worse than expected, as in below even the lowest guess.
GDP, far, far worse than expected.
We had a gross rate, growth rate of 1.3% in the second quarter, four-tenths of a percent in the first quarter.
Consumer sentiment is worse than expected, consumer confidence and employment is unexpectedly up.
This doesn't work.
The math doesn't work unless you simply subtract from the universe of available jobs a sufficient number to give yourself a reduction from 9.2 to 9.1%.
And by the way, I don't doubt that that I don't think they're monkeying with this.
I think this number of jobs actually has been destroyed.
I think the number of jobs possible in this country, no question about it, have been destroyed.
The labor market, forget unemployment itself, the overall labor market, the opportunity for a job is way down after two and a half years of Barack Obama.
The number of people who are on the unemployment rolls over 40 weeks is at an all-time high.
And they're trying to trying to tell us in the media that this great economic news today signals perhaps an economic rebound.
And it's an insult to everybody's intelligence.
And by the way, folks, politics aside, I would I would love for this not to be happening.
I would love for the stock market to be going up.
I I that what's happening to this country is just I don't know, it's a shame.
It's it's it's I sit here and I say, look at what's happening to America.
I see these numbers of people on food stamps, record number.
By the way, that stat comes from our buddy Jim Petakoukas at Reuters.
And Jim Pathacoukas has another stat.
There were more Americans working in June than there were in July.
There were more Americans working In June than there were in July, and yet we're told today that unemployment went down.
In June, there were 139,334,000 Americans working.
In July, there were 139,296,000.
139,296,000.
There were more Americans working in June than were working in July.
So we're dealing with trumped up fake numbers.
It's just, it's it's a shame.
It is sad.
And it's unacceptable.
And furthermore, it's unsustainable.
Yesterday, 1.1 trillion dollars of wealth vanishes.
This is people's futures.
This is on top of what they've already lost.
And the New York Post page six has a detailed story of this massive party at the White House last night.
The second birthday party for Obama.
And next week, the great filmmaker Harvey Weinstein is hosting a dinner at his uh at his West Village place that is a $2 million fundraiser for Obama.
At this point in his first term, George W. Bush had held seven fundraisers.
Obama's now held 38.
It'll be 39 or 40 by next week.
We have an emperor.
We have somebody who is totally disconnected from life in this country.
And flaunting it, by the way.
Flaunting it.
Not trying to do it on the down low.
Average length of unemployment surges to new all-time record of 40.4 weeks.
This is Tyler Durden at ZeroHedge.com.
So Obama sure is historic.
He's achieved what has never been done before.
The average length of unemployment now surges to a new all-time record of 40.4 weeks.
That's just a month shy of a year for those of you in Rio Linda.
We already learned that the one biggest red flag in unemployment data had been raised when we found that the labor force participation rate was the lowest since 1984.
That's how you get Pathacoukas' number.
That if the unemployment rate, active labor force was as big today as it was when Obama was inaugurated, the unemployment rate today would be 11.7%.
The labor force participation rate, the lowest since 1984.
And now we find that the other critical data point, average length of unemployment, just hit a new all-time high of 40.4 weeks in July, which was up from the previous record of 39.9 in June.
The average American is rapidly approaching one year in average unemployment.
Thank you.
And the stock market soared for a while on good unemployment.
I mean, it's just it lasted for 10 minutes.
They say the stock market soared today on the unemployment news.
Who really knows why the market did what it did.
But whatever it did what it did, it ain't doing it right now.
Bloomberg has a story on unemployment, and they buried the lead.
The jobless rate declined as 193,000 people left the labor force.
The number of unemployed dropped by 156,000.
The share of the eligible population holding a job declined to 58.1%, the lowest since July of 1983.
That is the only way that we can have an unemployment rate below 11.3%, which is what it really would be if Obama had not done the damage and the wreckage and the destruction that he has done.
The share of the eligible population holding a job.
Folks, put this in context for you.
The share of the eligible population holding a job is 58.1%.
Forty-two percent of the country is not working.
The largest the share of the eligible population holding a job is now fifty-eight point one percent.
Sorry.
I don't want to hear about recovery or turning the corner or back from the brink.
It's impossible with these numbers.
It is simply impossible.
And these people say they're out of bullets.
They are out of bullets in what they consider ammo, but there's plenty of stuff that could be done.
The first thing that has to be done is this guy's not going to do any of it.
Got to take a break as we kick it off here open line Friday.
Now, one of the things we try to do is get the phones earlier, like in the first hour of the program on Friday than we normally do.
Then we're going to try to do that.
We're going to make that commitment.
Now you should have seen what just happened.
Snerdley hasn't even screamed yet.
He claims that Friday is the toughest day of the week for him sitting in there on his can, laughing and yucking it up at my monologue, and all of a sudden I said we're going to start taking calls maybe in this hour.
Whoa!
Leans forward, puts on the headphones and starts answering the phone.
Some I mean somebody around here's got to work, and it always falls to me.
Man, that is so cool.
NASA just launched a um a rocket carrying a spacecraft on the way to Jupiter.
I don't care how many times I see that, uh it blows me away.
They got a camera on the rocket now shooting down at Earth as it shoots for the heavens up there.
Man, it's just this is beautiful.
Yesterday the White House, Jay Carney, White House press secretary said, Well, we don't create jobs here.
Um we only create an atmosphere where jobs can be created.
We don't we don't create jobs here, uh, which means that you guys have created a lousy atmosphere.
This is yesterday in Washington reporters said to Carney, why should Americans believe that the White House can create jobs when the unemployment rate's been stagnant and we have record unemployment?
The White House doesn't create jobs.
The government, together, White House Congress creates policies that uh allow for greater job creation.
That's uh if I had more time in this segment, I'd annihilate that, but I've got a couple of more sound bites here.
I want to play Jake Tapper every few months decides to be a reporter.
Yesterday was one of those days.
Here he is with Carney.
What is the president doing?
What is we know that he went to a fundraiser?
He went to fundraisers last night.
What is he doing, Jake?
What is he doing?
What is he doing?
The President has the President has Congress about all the stuff that needs to be done to help create jobs that needs to take place and then he blew up.
Congress has the president is having meetings with his senior staff.
The president has called on Congress to move quickly on things that are have bipartisan support and are in Congress's lab.
Calling on Congress to pass things.
Congress has the power to pass uh legislation that the president can sign.
Now, this is the way White House reporters treat Republicans.
This doesn't usually happen here.
This is Sam Donaldson kind of stuff.
You're not supposed to do this to the Democrats.
And he called Mitch McConnell as it called John Bahner.
Is he working on things that they can do?
Jake, I don't I I know you weren't here yesterday, but I know you were here for most of the days before that when this president and those leaders and others worked seven days a week to avert a major economic crisis in this country.
It would have been a lot of people.
I'm asking you if you're not sure.
But what are Are you asking me what is he?
He is focused.
You've been calling on Congress to pass for months.
What is he doing to help the economy?
He is working very closely with his senior economic advisors to come up with new proposals to help advance growth and job creation.
You talk about lame Carney has no clue what to say here because Obama's doing nothing.
Because these people don't have the slightest idea how to create jobs.
All they know how to do is raise taxes and throw money at things.
And they think magic happens.
I don't even think they believe that.
I think everybody here is fully aware of what's going on.
A transformation of this country into a so-called socialist democracy, a la Europe.
He is sitting there, his senior economic advisors coming up with new proposals to help advance growth and job creation.
He's doing nothing of the sort, folks.
You know, I wonder if somebody's going to take Jay Carney to the woodshed.
Jay Carney said, you heard it.
We just played a soundbite.
Grab it again.
What was the number 13?
Number 15.
Yeah, here.
Play it real quick here.
This is Jay Carney yesterday, a reporter wanting to know why should Americans believe anything the White House is saying about unemployment, blah, blah, blah, blah.
Listen to the answer again.
The White House doesn't create jobs.
The government, together, White House, Congress creates policies that uh allow for greater job creation.
Now maybe poor old Jay hasn't heard Obama all those times talk about all the numbers of jobs that the White House has created or saved.
Yeah, they tried unloading a new reporting statistic on us.
Saved jobs.
You remember that fiasco.
You remember that farce.
Jobs created or saved.
Now their own spokesman says White House doesn't create jobs.
So Carney, you know, he must not be in the daily loop.
Uh in his uh his uh tete with uh with Jacob Tapper kind of indicates he's he's really not in the White House policy loop because they just send him out there because he really has no answer when he's asked, what's Obama doing today?
What is he doing about the economy?
Big birthday party, big fundraiser, what is he doing today?
Well, he's meeting with senior advisors.
That would be Austin Goolsby.
Meeting with senior advisors to come up with policies that are designed to create jobs and atmospherics and um you know, do all kinds of uh wonderful things, new proposals, double advanced roles.
But that's after he said the White House doesn't create jobs, and yet we've heard all this rigamarole about jobs created or saved.
All right, now to the uh oh, one one thing here.
Folk, very interesting since we're into statistics today, and the uh unemployment statistics are uh just fascinating in the way that we're being spun.
It's as bad as the way we were spun on this debt deal.
You know, the more look at this debt deal, what a disaster that that is.
This is and I'm gonna explain why.
As the uh program unfolds, a report.
This is from the UK Daily Mail.
You're not gonna see this in the American media.
By the way, speaking of the American media.
Remember all of those years, the Bush years.
The media apparatus on TV were trying to talk down the economy and trying to talk down the market, did everything they could to talk down the economy.
Why it was almost as though they wanted Bush to fail.
It was.
It was almost as though they wanted Bush to fail.
You remember for four years running at 4.7% unemployment, at 5% unemployment, at 5.6% unemployment.
They were proclaiming we were either on the verge of a recession or we're in one.
They were out trying to find the worst sob stories.
We were getting all kinds of now they're doing everything they can to talk it up.
Did they do they really think we're we're such fools that we don't see this?
When unemployment started spiraling upward, what did we get from them?
We got stories on how wonderful that is.
Families are finding one another again.
Friends have social time, the stress and strain of working no longer a part of anybody's day.
It really is a new perspective on life.
All the wonderful aspects of not having job, all the great things you could do if you didn't have any work you had to do.
Fun employment, they called it.
And now they're doing everything they can.
They're just incapable of telling us the truth.
Totally incapable.
And the question here is who will tank first right now.
It looks like we're in a race to see whether the country or Obama will tank first.
And it looks like it's running neck and neck here.
And the trick here is to make Obama tank first.
Now, this UK Daily Mail story that you will not see in the U.S. media.
Soak the rich, eh?
They don't have the money.
A report from the IRS.
A report from the Internal Revenue Service found the rich and the rich are defined this way.
8,007 four people with incomes of 10 million dollars per year or more.
What do you think those 8,274 people earned combined in 2009?
Take it.
Snurtly, take a wild guess.
All of you out there, take a wild guess in your mind.
I mean, I'm not asking you to call and tell me because I'm going to tell you what the number is here in a second, but just think about this.
8,007 four people with incomes of 10 million dollars per year or more.
Now, you got Buffett in there and Gates at their 40 to 50 billion, but that's their net worth.
What do they earn?
What it's a that's a different number.
But you take all of those people, just give me a number.
What do you think?
8,274 people with incomes of 10 million dollars per year or more.
What was the combined total income earned all those 8,274 people in 2009?
One trillion dollars.
250 billion.
That's what you say, Brian.
Snerdley says a trillion.
The answer is 240 billion.
Brian, you were 10 billion dollars off.
That's it.
That's right.
That's it.
The 8,274 people with incomes of 10 million dollars per year or more earned a total of 240 billion in 2009.
Even if you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.
In fact, this 240 billion, I mean, that's pretty close to the actual real number of budget cuts in the debt deal when you strip everything away.
Now about 25% of that money already goes to the federal government for federal income.
So actually that $240 billion would run the government for 18 Days.
Now, another 227,000 people earned $1 million or more in 2009.
The millionaires average taxes of 24.4% of their income.
Up from 23.1% in 2008.
Now you might be asking, how did that happen?
Well, the Bush tax cuts, folks.
Obama's tax, you know, the tax increases hadn't started.
This is in Obama's not immaculated yet.
But they too did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year.
So $1,274 people who earn $10 million per year or more earn a total of $240 billion in 2009.
Another $227,000 people earned a million dollars or more in 2009.
But it doesn't come anywhere close to covering the deficit of $1.5 trillion.
Barack Obama was the first president to sign a budget with a $1 trillion deficit into law.
In fact, all the taxpayers.
All the taxpayers, including the ones who get a refund check bigger than the withholding taxes they paid, have the money.
The point of this is, the next time you hear Obama or a Democrat say, we've got to raise taxes on the rich, it's not about getting revenue to run the government because they don't have the money.
Now, I've been doing this show for 23 years, and I have been employing this data, whatever the accurate data was for the year I was disclosing it.
It hasn't changed in terms of percentages.
Confiscate every dollar earned by people who make $10 million a year or more, and you run the country for barely over two weeks.
That has not changed since I first heard of this statistic 23, 25 years ago.
It hasn't changed.
As it is, these people are already paying 70% of the total income tax burden.
So there's no economic growth hidden away here in a tax increase on these people.
How does taking money out of the private sector grow it?
And that's what tax increases do.
How in the world does taking money out of the private sector cause it to grow?
Mathematically impossible, folks.
From Reuters total adjusted gross income reported on tax returns, measured in 2009 was $7.6 trillion, down from $8 trillion in 2008 and $8.9 trillion in 2007.
Total adjusted gross income was up only slightly from the $7.4 billion reported in 2001 when there were 10 million fewer taxpayers.
Individual tax collections totaled $1 trillion.
No, this can't be right.
They've left out some zeros here in this.
Individual tax...
Let me forget the number, let me give it a percentage.
individual tax collections equaled 15.4% of all income.
So doubling federal income taxes for everybody would still leave us $400 billion or so shy of balancing the budget.
That's the bottom line.
Doubling federal income taxes for everybody would raise $1.1 trillion.
400 billion dollars shy of the deficit.
I know these numbers are hard to follow, but all this is going to be on Rush Limbaugh.com later today.
And I suggest you go there, print it out, or email it, make electronic copies, PDF whatever you want, and spread this around.
needs to be seen by as many people.
It's not going to be in the U.S. media.
Okay, somebody, somebody needs to tell Jay Carney.
Somebody needs to let Jay Carney in on the meetings at the White House.
He just got through saying, of course, yesterday, well, no, we don't create jobs at the White House.
We don't do that.
We create atmospherics.
This morning at the Washington Navy Yard, Obama spoke to veterans about the economy.
And among the well, here's what he said.
That's why I directed the federal government to be a model employer and hire more veterans, including more than 100,000 in the past year and a half alone.
Well, so the federal government's hired a hundred.
Well, he directed it.
What about all those green jobs, Mr. President?
Why is the federal government having to hire all these veterans?
What about all those green jobs that were supposed to be happening?
You know, the green jobs.
Clean energy, renewable, all that.
What's happened to that?
Well, this shovel ready stuff, all the infrastructure jobs, Mr. President.
Where's where is all that?
And to the phones we go on Open Line Friday.
We're going to start Columbia, South Carolina.
It's Eric, great to have you on the program, sir.
Hello.
Rush.
Thank you so much for taking my call.
You bet.
Mega Rush baby diddos.
Thank you very much, sir.
I had a question for you.
Yeah.
And the question is this being a man who can say more in one sentence than some people can say in their entire lifetimes.
And you always use the phrase brevity is the soul of wit.
I wanted to know why you are not on Twitter.
Hmm.
Why am I not on Twitter?
Uh.
Well.
Trying to figure out how to say this.
Um just uh trying to be very diplomatic here in how to say this.
Um I think Twitter is for followers.
I think everybody's tweeting because somebody else tweets.
You have to be a twit to tweet, and I'm not a twit.
You are.
And I think everybody I think I well look at uh look at how much news is made now by what you've got journalists just scouring Twitter and reporting what somebody says.
I I don't know.
It's an instinct.
It's just an instinct.
We're we're we are going to be using Twitter to link to monologues.
I'm not going to tweet thoughts, but we're going to use Twitter to link to monologues to try to actually make it worth something.
Other than just 140 characters.
But I don't know.
I I I just a member of the herd.
I don't, and I'm not, I'm not trying to insult people here.
This is why I'm I'm trying to be very diplomatic about this.
But I'm a nonconformist.
And if everybody else is doing something, if everybody else is thinking the same thing, then somebody's wrong.
And I'm just it's it's uh uh I guess it's a part of my whole nonconformity thing.
I just everybody else does it.
It's a bunch of followers.
It's just a bunch of people following the herd, just a bunch of people doing it because everybody else is doing it.
Um besides, you know, why why tweet what I think and cannibalize my own radio show?
I want you to come here to find out what I think.
Not go twit tweeter places and stuff like that.
There's also another reason, folks, that I don't tweet.
And that's because there's a word tweet, twit, there's a if if you miss if you if you mispronounce it, it's it's not worth the trouble that uh we get in.
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