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Nov. 29, 2012 - Rush Limbaugh Program
30:26
November 29, 2012, Thursday, Hour #3
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Time Text
I guess I guess I'll go ahead and do this hour.
I don't know what I could do to top the first two hours, but we'll give it a go.
Happy to have you here, folks.
Uh L Rushbow at 800-282-2882.
Half my brain tied behind my back just to make it fair.
That's a country's interested in fairness.
That's my sacrifice.
Email address L Rushbow at EIB net.com.
By the way, Time magazine is not the only one floating this idea for the regime to claim your 401k.
And coming up in a moment, we'll go back and play the uh sound bites from October 27, 2008.
Teresa Gillarducci, that's how she pronounces it.
Gillarducci at the uh the new screw for social research professor of economics.
It was her idea to basically take away your 401k and compensate you for it in a kind of screwy way, because the government needs the money.
It was a mistake to allow people to contribute to an IRA and deduct that from their gross taxable income as costing the government too much money now.
Back in 2008, it was costing the government 80 billion dollars.
Do you believe that?
That's so much.
And they have to have to get that back now.
And Time Magazine, six hours to seven hours ago now with a headline and a story about the advisability of this, but they're not the only one.
From November 26th, a story from the Atlantic Monthly with the headline, the 401k is a 240 billion dollar waste.
The Atlantic piece is about the same study, a Danish study that Time magazine mentions.
They think it's a great idea to do away with the tax deduction because it's basically only the rich.
Anyone over 150 grand this matters to.
They're rich.
It's it's just not it's not right.
It's it's not fair that those people should have a tax deduction, and the poor don't.
Everything's been done on the backs of the poor since this country was founded.
You realize the poor used to have homes on the beach and everything, but it got taken away from them.
The people in the beach now.
You realize before the founding fathers founded this country, the poor had everything.
And then the country was founded, and those guys took everything, and the poor became poor, and they've been poor ever since.
And then all the immigrants that came here, if they weren't white, they got lumped into the poverty stricken poor, and they've been given a shaft for the last two hundred and thirty-six years.
And now it's payback.
And a majority of people who voted voted for that.
It's not the way it happened.
Well, let me tell you something.
If a number one television show in this country is two and a half men, then you can make them think that's the way it happened.
Okay.
If you can run ads, picture of a station wagon, a mom and dad and 2.8 kids in it with a dog in a cage on the roof, and claim that Mitt Romney hates dogs, then you can portray that story of America.
Get away with it.
If you can put some local weed on television, Mitt Romney killed my wife, and a majority of Americans believe it, then you can convince them that the poor used to own all the beachfront property.
Now the Atlantic piece, the Atlantic piece about that Danish study.
Here's the final uh paragraph of the Atlantic Monthly piece.
A system of forced or nudged saving would not replace this social insurance, but rather the wasteful dinosaur that is the 401k.
It's mostly the well-off who have retirement savings to move around, who move their savings to where the subsidies are.
The 401k doesn't do much if your goal is to get people who don't have much to save more, and it doesn't do this at quite the cost.
We need to tell Congress we can't afford this anymore.
There is an all-out assault, forget the word rich.
There's an all-out assault on successful people.
There is an all-out assault on prosperity.
And and the future is the government will determine prosperity and will assign it.
And they're also going to punish it.
Because there's been a lot of people who've been prosperous who really haven't deserved it.
So...
Because they were mean or they stole it, or whatever the allegation will be.
But the Atlantic piece, the 401k is a 240 billion dollar win.
Do you realize 240 billion compared to our national debt of 16 trillion is not even a rounding error?
It is so insignificant.
The amount of money we're talking about here saving is so insignificant that it isn't about the money.
It is about transforming this country and penalizing success.
And I'm telling this is why the first hour of the program, I said, I simply do not buy this belief that Obama's worried about a recession leading to unemployment and causing a bad legacy for his second term.
I just don't believe he cares about that.
I think looking at Obama through the conventional prism, presidential politics is to totally misunderstand who he is.
But that's just me.
The vast majority of people who vote in this country uh don't think that, see that, comprehend that at all.
But I'm telling you what, if a vast majority of college students, students at institutions of higher learning think the daily show is the real news.
And if the rest of them think that two and a half men is worth their time, then you can make them believe anything about Republicans.
Thank you.
And notice they're calling, by the way, this tax, both Time Magazine and the Atlantic are calling the 401k tax deduction now a subsidy.
It's a government subsidy.
That's important because that means it's the government's money.
You didn't earn it, the government allowed you to have it.
And the the only way you can you're calling it a subsidy is I mean, that's uh that's a dog whistle term for people.
Why are we subsidizing the rich is the shout from Middle America and Central California, why are we subsidizing the rich?
Mabel.
So a tax deduction is now a subsidy.
Here is Teresa Gilarducci.
Uh we got this soundbite from from uh uh the Seattle affiliate at the time, or Seattle affiliate, and the host there said, Look, your plan as I understand it, uh very briefly uh let you fill the details, you would end the tax deferral or deduction status of 401ks.
That is, I have a 401k, I put in a certain amount every month, and that's deducted from my gross, so I don't pay taxes on that until I pull it out when I retire.
And so it would end that.
Your plan would end that, it would bring about a new government retirement plan.
Is that correct?
Whatever you have in your 401k now will keep its tax break.
So everybody who has their 401k plan will be grandfathered in.
But what I propose, instead of getting a tax deduction, like a decrease in your taxes by whatever your tax rate is.
So if you're at the very high income, your tax rate 39%.
And if you're at the very low, you're at 15%.
And 40 million people make so little they don't pay any taxes at all.
Instead of the deduction coming from your tax rate.
So if you're hot, whatever you put in your 401k, like a dollar, let's say or a hundred dollars, you get back thirty-nine cents or thirty-nine dollars if you get the high rate.
Fifteen dollars or fifteen cents if you're at the low rate, or nothing if you're at the low rate.
I propose that we just transfer the deduction to a credit so that everybody gets six hundred dollars.
So I'm not taking away the tax break.
I'm actually giving everybody a flat amount so that it's more equal.
Everybody will get six hundred dollars a year that will accrue under her plan.
Right.
We're gonna it'll be equal.
We're gonna take yours and and and give it somebody else to equalize it all so everybody gets the same amount.
And so then the host said, well, now wait a minute, there will there'd be a new plan where we all of us bring in a paycheck, would put five percent of our income into a retirement plan administered by Social Security, but guided by the pension people, uh, who who do Congress and the Federal Reserve investing that money into, as I understand, government bonds, guaranteeing at least a three percent return, and the government would supplement that with a six hundred dollar annual payment to the plan.
The government would guarantee three percent plus inflation.
Okay, three percent okay, plus inflation.
So the bonds would be adjusted.
As I understand the six hundred dollars would be adjusted as well, right?
It would, it would.
Um and what's amazing about this is that it's actually doesn't cost the government anybody.
I'm just rearranging the tax breaks um that are available now for 401ks and spreading the wealth.
Where have we heard that before?
Where have we where have we heard that uh Joe the Plumber heard that?
And after and then the state of Ohio began an in-depth investigation.
It's a wonder he didn't not in jail with the video guy.
Joe the plumber.
Okay, so t to review this, because these two sound bites that's I just wanted to get them out there uh uh Teresa Gillarducci.
Here is the plan.
What she wants to do is take your 401k at the August 2008 level, whatever it was worth then, that's what you are going to be given the equivalent of.
That will be put in your social security account, and then the government, not you, is going to invest that money, your social security plus whatever the amount of your 401k is, they're gonna invest that money that they take from your retirement account.
We're gonna buy a government bond with what we take.
That will guarantee you three percent plus inflation, and then we will require that you put five percent of your pay into your four o' one K every year, although it's not yours anymore, it's the government's.
So the government is getting all of the money up front.
There is what they're doing is eliminating the deduction.
You don't get a tax break anymore.
The government is taking all the money and holding it at a promised three percent plus inflation return for your retirement.
And so whatever the amount of your social security was in August of 2008, added to your Social Security trust fund account, whatever the hell that is when you retire, divided by whatever uh monthly is what you will end up with.
And the reason they're doing this is because the tax deduction is costing the government two hundred and forty billion dollars a year.
All the 401k holders combined are are contributing 240 billion total to the 401k.
Government doesn't get that.
Now they need it now.
See?
Government needs it.
I mean, we got a real problem.
We got fiscal cliff, they they they need the money, not uh you.
And so the original rule that you started your 401k is now being yanked out from underneath you.
And so whatever you have in your 401k now, you will keep.
It's it's it's tax break.
Everybody has their 401k plan will be grandfathered in.
But instead of getting a tax deduction, like a decrease in your taxes by whatever your tax rate is, then you're you're gonna get six hundred dollars a year.
This was four years ago, folks.
And now today two magazines have revised this, and by the way, the magazines just didn't out of thin air, you know what?
Let's do a 401k story.
Somebody at the regime calls them and leaks it.
It's okay, time to put this into play now.
So time is complying with the regime and the Atlantic complying with the regime and they're putting it in play now.
But that's just tip of the iceberg.
Up next, of course, is the alternative minimum tax.
The fiscal cliff could put millions of taxpayers into AMT shock.
And that's part of the plan, too.
And the AMT scam is one of the ways that they might be able to avoid raising anybody's tax rates per se, their marginal tax rates.
I will be back.
Okay, Las Vegas and Charles, great to have you, sir, the EIB network.
Hi.
Hey, Russia, first time caller.
Thank you, sir.
You know, you know, Russia, I I think that you are spot on when you say that Barack Obama could care less if we go over this physical cliff.
In fact, he probably I think he probably doesn't want us to.
And I think that he realizes that we can never pay off this debt.
Bingo.
Bingo.
No matter how much we, no matter how much we raise revenues, no matter how much we cut spending, we can't pay off this debt.
You know, the number that people throw around is the 16 trillion.
We all say, oh, yeah, we understand that.
Hey, let me add something to it.
How about sixty-eight trillion dollars in unfunded social security pension, all that liability that the real debt that we have is.
But you you've nailed it.
There's no way, and a long time ago it was true.
We can't pay this back.
But we have to, for credit rating purposes, in order to be able to continue to borrow.
We have to make it look like we're trying to.
Hello, tax increases.
That's what that's about.
Exactly.
So here's what happened.
So why not let us why not let us go over the cliff?
Why not let us go into recession?
What happened?
What do we do?
It gives doesn't it give us our buddy Ben?
It gives him the green light to keep two weeks to eat infinity to keep creating.
Look at your you're you're you're singing from my hymnal.
And if that's too religious for some of you, screw it.
You are singing from my hymnal on this.
Because it said the Republicans hold all the cards here, because Obama really doesn't want to go over to Cliff.
Right.
Well, see, I don't think he I think going over to Cliff is his agenda, folks.
We'll be back.
Okay, we're back.
El Rush Ball and the excellence in broadcasting.
A couple of the things out here, folks, be f besides all this destruction.
And yes, I'm gonna get to the um AMT stuff here just a second.
Uh have you have you seen the news, ladies and gentlemen, according to her most recent personal finance report covering 2011, filed in May of 2012, Susan Rice and her husband owned between 300,000 and $600,000 in trans-Canada oil stocks.
Those holdings brought them as much as $20,000 in income in 2011.
Rice's husband was born in um in Canada.
Uh and it is been discovered here by a bunch of environmentalist wackos that Susan Rice has a conflict of interest when energy investments.
Now what's happened here?
It's very convenient.
A leftist group has found the conflict.
The politico is reporting.
Information has uh from all appearances been public information for three months, but which the National Resources Defense Council's on-earth blog noted about nine o'clock, ten o'clock last night.
Now why?
Because it's time to throw her overboard.
The regime is throwing Susan Rice overboard.
She has served her purpose.
She has provided the distraction from what was Obama doing during the seven and a half hours of the attack on that consulate.
That's the question.
Where was Obama?
Was he asleep?
Was he disengaged?
The death of four Americans.
So it's lefties that have discovered this.
It's leftists, I'm sure with the assistance of the regime.
So Susan Rice is gone.
Now here's another example.
This is Niall Gardner of the UK Telegraph, and I like this guy.
He's a great conservative writer.
Here's the headline.
Really?
It isn't a disaster.
Would somebody show me where Obama is being harmed by this?
We look at this to the traditional prism.
Yeah, in the old days, when responsibility and uh owning up accountability and all those things when morality, when doing the right thing mattered, yeah.
This could be a problem, but it doesn't matter now.
President Obama hasn't even begun his second term yet, but his administration already struggling with a huge credibility problem on the Benghazi.
He's not struggling with anything on the Benghazi front.
He's getting exactly what he wants on the Benghazi front.
Total exoneration.
The filmmaker is still in jail.
Susan Rice has now been discredited.
She's paying the price.
And still nobody's asking, where was he during all this?
It is not a disaster for Obama.
It was furthermore not a disaster for Obama because Romney didn't make an issue of Benghazi after the Candy Crowley Obama gang up on him in the second debate.
We'll never know why.
Maybe that's why Obama wanted to have Romney in for lunch there.
Thank him for that.
in addition to demanding all of his tax returns.
Dawn here can't believe Romney accepted the invitation to have lunch with Obama.
It's a traditional thing.
Presidential combatants always meet and smoke the peace pipe...
Even after 2000, once the Florida recount was finally over and the Supreme Court had decided what they decided, George Bush drove over to Gore's house at the Naval Observatory, vice presidential residence.
He was in there for no more than a couple of minutes.
But it's a traditional thing.
Now, I don't know that lunch is traditional.
I don't know breaking bread is traditional, but but former presidential combatants meeting is a uh traditional thing.
And Romney, folks, is a great guy.
He's not the kind of person the president calls and invites you to lunch.
He's not gonna say sorry, can't make it.
Romney's a decent guy.
He's gonna do it.
Romney's one of these old-fashioned guys gonna do the right thing.
Hey, speaking of that, let me find it.
Let me find it.
What did I put it?
Do you guys remember the name Zig Ziggler?
You know the name Zig Ziglar?
Well, who was he?
What kind of speaker?
Zigzig Snerdley correctly remembers that Zigzigler was a motivational speaker.
He died at age 86.
Zig Ziggler, a deep-throated motivational speaker whose clever way with words inspired millions to stop looking for shortcuts to success and instead earn it the old-fashioned way by rolling up their sleeves and getting to work.
Folk, do you that uh the uh it used to happen in this country?
What used to happen is that uh people would uh well they would get jobs, hopefully jobs they liked, and they would work really hard.
Try to uh climb the ladder of success as it was called, but they would work really hard.
And some people didn't didn't have what we call self-starter characteristics.
Some people had to be inspired by others, and so Zig Ziggler made a career out of doing personal appearances, and they were always with a bunch of speakers.
Things that go on all day, and literally hundreds of thousands of people a year would show up to learn to be inspired to work hard to become successful.
Now, that that type of motivation's practically gone in this country now, and to the extent that it still exists, it is frowned on.
That that kind of uh uh route to success now has a bullseye on it.
You are if you succeed.
But it was it was on the job that Zig Ziggler developed a curiosity about human nature.
What made a person tick?
Why did some succeed where others failed?
And that led to his career in motivational speaking, try to light a fire under those who weren't successful to get them to believe in themselves.
Now, as I say, that's this is from a die bygone era.
Um this this kind of thing is frowned on now.
Because not everybody can work hard, and and even you know, a lot of people work very hard, don't ever have to show for it, and that isn't fair.
So hard work kind of frowned on now.
Like Obama, he really hasn't worked hard.
He's a kept man.
Well, I mean what, dangerously close to calling him incompetent?
Incompetent, yeah, that means racist.
Well, what is kept man?
That's true.
John Kerry was a kept man.
John Kerry is okay.
So anyway, Zig Ziggler passed away.
Just I uh uh because I I wanted to mention it to me, some of you may not have ever heard of Zig Ziggler, and I know you're laughing at the whole notion of inspiring people to work hard, but it did really once used to happen here in this country.
Okay, I'm gonna save the AMT discussion for tomorrow because it basically touched on this uh yesterday and on previous broadband basically it's a scheme to to capture even more taxpayers, and you put a 30% minimum, and that way you don't even have to raise the rates.
The Republicans would go along with it because they could say, hey, we didn't we didn't we kept the rates from the rich from going up.
I explain all this, how this could come to pass tomorrow.
I'll put on top of tomorrow stack.
Here's Rick, Pasarobles, California.
Great to have you on the program.
Hello.
Thanks, Rush.
It's good to talk to you.
First time caller.
Um I finally have woken up to the fact that money isn't free.
How old are you, Rick?
I am 45.
25 or 45.
Forty-five.
Forty-five.
And you've just awoken to the fact that money isn't free.
What precisely you mean, because this is going to be confusing to some people think it is.
What I'm sure it is, and that that gives me just a second to talk about something a previous caller talked about, that the American people got what they wanted when it came to re-electing Obama.
We've become so polarized in this society that we get singled in on one issue.
And I think that a lot of the people, at least this is my hope, that a lot of people, instead of really liking Obama, they just voted against Romney because of single issues like gays, women's rights, you know, those kind of things.
They just voted against him instead of thinking of the overall picture.
I just think we have a you know an uninformed public on that.
That's what I have to say about that.
Well uh some would hope that you're right about that.
Yeah.
So I just want you to know the Republican Party doesn't the Republican Party thinks they lost because they don't have a good enough immigration policy to appeal to Hispanics, that their uh uh social issues are angering too many young women the Republican Party uh on the verge of making some concessions in these areas.
Yeah the Republican Party is not what they used to be.
Well what do you mean look at your forty-five years old what happened to make you realize money isn't free.
Okay, well, this might be a little bad, but it actually has to do with a book that I read by Glenn Beck.
The book that he wrote, Broke, was such an eye-opening thing.
I'd always, you know, thought about some of these, you know, grants that people get for school, or you hear about government money being involved.
And, you know, when the stimulus came out, I saw that, you know, municipalities got some of the money from the stimulus, and...
But where did you think it came from?
I was just, you know, I never really associated it with...
with uh people's taxes and coming out of the general fund or anything you just think oh yeah oh government money okay the government's got a surplus or something or that you know there's just extra money that they've set aside but there isn't any where we're sixteen trillion dollars in debt there isn't any extra money.
Exactly and you know just reading that you know brought things you know full circle and then I started looking at all these five years.
Yeah and I just and I just woke up and I should have listened to my dad a long time ago.
Why didn't you I I don't know I guess I guess kids don't want to listen to their parents you know and my dad he used to read who were you listening to I wasn't listening to anybody because I thought that's it.
No somebody had to put somebody had to put the idea in your head that the money that the government had just existed.
And it was good money.
It was quality money it was fair money that had to come from somewhere you may not remember that it had to come from somewhere.
Well it was probably from politicians that you know they speak about the free money.
In fact being here in California you listen to all these programs that people want to talk about one of the things that got me on this to call in was I was listening to an ad about solar and I live in the state of Utah and they don't really have a good solar program but I have two friends that live in Nevada.
Guess what there's no such thing as a good solar program anywhere.
Anyway this eye opening I open it forty five years old thank God you discovered it but wow okay so the previous caller thinks that uh people just didn't like Romney because of uh same-sex marriage legalization of marijuana immigration it's not that they liked Obama just didn't like Romney.
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