Posted on 02/18/2010 10:27:39 AM PST by GOP_Resurrected
In a way, it feels a little difficult and presumptuous, from my perspective, to criticize Rush Limbaugh on the subject of economics. Had it not been for the Wall Street Journal and Heritage Foundation works he referenced on air when I began listening in the Clinton years, I would have probably never become as well-read and researched on the subject as I am now. Being a financial professional, following economic reports and analysis, is part of my daily routine.
Before I begin, let me clear the air: this is friendly fire! I am every bit as dismayed with policy coming out of Washington right now as Limbaugh. I think the "stimulus" bill was a wasteful monstrosity that bought us a tiny short-term gain, while putting a monumental screwjob to the U.S. taxpayer. I want with a passion to see Obama and his allies in Congress defeated at the ballot box, and lower taxes and free markets to again be on the agenda. And again, it was Limbaugh who planted the intellectual seeds to bring to where I am today.
But I just took in the first hour of his program today. And I can't sit by listening to his demonstrably untrue, sloppy economic commentary anymore and not make at least a small voice heard here on FR. He is not being an articulate, learned observer from the supply-side school of economics anymore, he's being a partisan and ideological hack.
I understand the natural inclination of a partisan to want to play up the negative and minimize the positive. Yes, employment is painfully high, and even the bullish forecasters expect it will remain so for sometime to come because it is a lagging indicator. So, high unemployment is the main metric by which Rush critiques current conditions. He did NOT do this under Bush in the 20 months after the recession of 2001 ended when the economy continued to shed jobs. He then argued - absolutely correctly - that it was always the last indicator to turn positive.
He has spent the past three weeks denigrating the 5.7% GDP growth rate of the 4th quarter, repeatedly asserting that it's "all government spending." This is simply not true. Government was a negative on GDP performance in Q4, and for all of 2009, federal spending accounted for only .3% of GDP growth, which is right in line with historical averages. This of course makes sense, since he can't argue in one breath that only a small portion of Porkulus has been spent (which is true) and thus wouldn't have been ABLE to have a huge impact, and in the next breath chalk all positive news up to a fiscal sugar high from government.
Limbaugh seems to coming from the all-too-common fatalistic perspective here on FR: that we are in a perpetual downward spiral heading towards bread lines as long as Obama sits in office. The bad measures of the economy are trumpeted from the rooftops. The positive ones, which are by far the most numerous these days, are to be pissed on, waved away, or chalked up to political manipulation. Of all people, Rush should have more faith in the U.S. economy than that.
Rush, I don't know if you surf FR regularly anymore, but consider this an open letter. Please, STOP! Stop the gloom, stop the pessimism, stop the sloppiness. I'd like to recommend a book for you: "It's Not as Bad as You Think," by Brian Wesbury, chief economist at First Trust Portfolios. And no, his is NOT a Rubinite Wall Street lefty, he's a supply sider and regular contributor to National Review Online. Inform yourself and stop shooting from the hip on the most important issue of the day.
The anklebiters at Media Matters need to be relegated to the inane hair-splitting and grievance mongering they're known for. But as of late, you are giving them REAL MATERIAL to call you out on. If you're going to be a figurehead for our movement, please know what the hell you're talking about.
You came up with this dissertation of yours in all of twenty minutes??? Color me suspicious.
Be suspicious all you want. It wasn’t hard to do with all the access to economic reports I have.
I guess if you think it was great work in such a short time, I’ll take it as a compliment.
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