Here's what Rush had to say today:
RUSH: News from Reuters: "Service Sector Growth Slowest Since 2010 -- The pace of growth in the services sector ticked down unexpectedly in July to the lowest level since February 2010, while the number of jobs created by the private sector also slowed, separate reports showed on Wednesday." And get this from the Reuters piece. "Economists say the economy could face a further drag from the budget deficit cutting plan approved by Congress this week." This is the kind of stuff that ticks me off. The kind of stuff that makes me think that they think that we are all saps and that we are all fools. We had to go through three weeks of what turns out to be a meaningless Armageddon, where the Republicans were compromising with themselves, negotiating with themselves over a totally made-up crisis, and that is the default of the US government.
It was never going to happen. And yet that became the equivalent of the financial crisis of 2008 where we had to have TARP and we had to bail out the auto companies, we had to do this, and we had to do it now or else. And they keep getting away with this. And so now we did this deal, and this deal was supposed to be the salvation, this deal was supposed to buy us time, this deal was supposed to ward off Satan and his sandwich. This deal was supposed to buy us some time, at least 'til Christmas. This deal was supposed to bring us a little peace. This deal was supposed to bring us a little compromise.
When did Obama sign this stupid thing? Yesterday? Last night? So in one day we got a story from Reuters: "Economists say the economy could face a further drag from the budget deficit cutting plan approved by Congress this week." Wait a minute. I thought this bill was the salvation. Now they tell us one day later that the economy could face a further drag because we did this deal. And why? Because it's a deficit cutter, and it's not a deficit cutter. So my prediction comes true in one day. Phantom, nonexisting spending cuts are reported today by Reuters to be the reason for an economic slowdown, and you know what that means. Well, since we've done all this massive cutting, and that has resulted in this slowdown, why, we've got to have some stimulus. We gotta have some stimulus, and we gotta have some tax increases, in one day, folks. One day.
Now, there's a story out there from the Challenger, Gray & Christmas bunch, this isn't based on their report. This is another report. More from Reuters. "The Institute for Supply Management said its services sector index fell to 52.7 last month from 53.3 in June. The reading fell shy of economists' forecasts for 53.6, according to a Reuters survey, though it was still above the 50 figure that indicates expansion in the sector." So what spending cuts led to our first quarter GDP of 0.4%, huh? What spending cuts? Reuters is telling us that spending cuts, the budget deficit cutting plan, what spending cuts gave us a growth rate of .4%? What spending cuts led to our second quarter growth rate of 1.3%? What spending cuts?
We're being lied to by the news media, by the administration, by all of Washington. There aren't any spending cuts. There have not been any spending cuts. Today we're being told after this wonderful deal that the deal itself has resulted in an economic slowdown, in one day. Cuba's gross domestic product is one and a half percent, by the way. Cuba's economy is growing faster than ours. Our GDP is 1.3. Cuba, 1.5. Of course, they're communists, they lie. Of course, our people are communists, and they lie, so who the hell really knows? We're being lied to by everybody about everything. Another damned Armageddon. Everybody falls for it hook, line, and sinker. The people out there claiming Armageddon get exactly what they want and in one day tell us that the salvation is responsible for a further decline in our economy. Hubba hubba hubba.
"Planned Jobs Cuts Surge 60 Percent in July." This is the Atlanta Urinal-Constipation, by the way. "A wave of private-sector downsizing pushed the number of announced job cuts by U.S. employers to a 16-month high in July, according to a report released Wednesday. The 66,414 announced job cuts last month were up 60 percent from the previous month, according to the report by the Challenger, Gray & Christmas," and what I just told you about the service sector cuts is not this. They're two separate reports. "July’s planned cuts represented the largest monthly total since March 2010." So two separate reports the day after we get utopia.
And here from CNNMoney.com: "Job Growth Stalls, Layoffs Surge -- The jobs recovery slowed for a third month in a row, according to two reports out Wednesday. Private sector employers added 114,000 workers in July, marking a decrease from the 145,000 jobs added in June, payroll processing firm ADP reported. ... Meanwhile, a separate report showed more firms are opting to downsize, rather than add to their payrolls." Now, we were supposed to be at 6.2% unemployment by this time after the stimulus.
We were supposed to have had two summers of recovery, all of the shovel-ready jobs that are now laughed at as a joke, all of the infrastructure stuff, all that spending was supposed to put everybody back to work. Just one lie after another, and the end result is the destruction of the United States economy. A better way to say it is, destruction of the American family, because that's really what is going on here, the destruction of the American family.
And from the Washington Post: "Stocks Plunge; S&P Turns Negative for 2011 -- Stocks posted their worst daily decline in nearly a year Tuesday, wiping out the year’s gains and raising fresh questions about the strength of the economic recovery." Who in their right mind has any fresh questions about it? This is what I mean, I don't suffer fools well. Raising fresh questions? These questions are three years old, for crying out loud. Questions about the economic recovery. In fact we got the answers, just nobody wants to employ them. And shouldn't this raise some question about the economic reports we've gotten from the media over the last few weeks, especially since we were told that the only way to avoid an economic Armageddon was to raise the debt limit. So we raised the debt limit and now we've got three stories on economic decline the day after we raise the debt limit. This can only mean that the stock market is racist.
How is the stock market racist? Because it's not doing what Obama wants it to do. Any criticism or any failure to go along with Obama obviously is racist.
BREAK TRANSCRIPT
RUSH: This was this morning on Morning Joe, and the guest, chief White House correspondent F. Chuck Todd, and they were having a discussion about the economy, and the cohost, Willie Geist, said, "F. Chuck, the president yesterday in the Rose Garden said that he wants to turn the page to jobs and the economy." Now, how can these guys look at each other with a straight face? How many times has Obama turned the page to the economy? How many times has he focused like a laser on the economy? How many times have these guys reported that that's what Obama has done?
If these guys, Willie Geist and F. Chuck, if they had any journalistic credibility, they'd be talking about Obama's incompetence at dealing with jobs and the economy. Two and a half years, ladies and gentlemen, Obama's been laser-like focused on jobs. He's had all these job summits. He even had one with Thomas "Loopy" Friedman from the New York Times. These guys report this as though, "Wow, hey, guess what, we got news here, Obama's focusing on jobs." So they talk about this as though they've never talked about it before, and Willie Geist said, "You know, this is a perilous turning of the page for Obama. Obama wants to turn the page to jobs, this is a perilous thing for him to do, F. Chuck." Why do you care, Willie, that it's a perilous thing for him?
See, Willie Geist does not want Obama to turn to jobs because Obama can't win on jobs. Obama is a net job killer. And so Willie Geist says, "How we gonna protect him here, F. Chuck?" And then Willie Geist, talking to F. Chuck, quotes George Will, says, "George Will puts out the question that he thinks all Republican presidential candidates should be asking on the trail this morning, 'Is this really the best we can do?' We got bad GDP numbers, we got revised numbers, we're gonna have a July jobs number on Friday that probably won't be great. How does President Obama answer that question, 'Is this the best we can do' over the next year?'"
TODD: This economy has to contract for a little bit before it can expand again. We only talk about the tech bubble or the real estate bubble. It was bubbled up every wherever, whether it was people making too much money on Wall Street because salaries got out of whack and then that messed things up or just the whole country just needs to contract a little bit, and the only thing that can soften the blow is if somehow global demand goes up. I don't think there's any plan that any president or member of Congress could actually put into place that actually helps. They could just do plans that don't hurt.
RUSH: And that's what passes for news. There's nothing anybody can do. This is as good as it gets. All those salaries that the Wall Street guys made, just messed everything up. How about your salary, F. Chuck? All those salaries that Wall Street made, man, it just messed everything up. Poor old Obama, I mean there's no plan any member of Congress could come up with. Now, that's just downright -- folks, I am not comfortable speaking this way. These guys all hear about what I say, and F. Chuck, he's a nice guy, but this is just plain stupid. To not know that there are things to do that create growth scenarios for an economy? To not know that or to profess to not know that?
I know what to do to grow the economy. I can think of some things to announce today that would cause an immediate reversal in the stock market and in the employers of this country starting to think about hiring people. You could have a tax freeze. He said the economy's got to contract a little more before it can -- it's gotta contract some more? What is that? We have been contracting for three years and we're still not through contracting? We need more contraction? We gotta get smaller before we can start growing? That's the cure? That's what we get from NBC. Here's Labor Secretary Robert B. Reichhhh....hhhhh...hhhhh...hhhhh...sha on MSNBC. He was on last night with Lawrence O'Donnell. They were talking about the debt deal. O'Donnell says, "What have we done to the economy with this legislation?"
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