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RUSH: Barack OBAMA Has DESTROYED the ECONOMY in Two-and-a-Half Years
www.rushlimbaugh.com ^
| July 14, 2011
| Rush Limbaugh
Posted on 07/15/2011 1:21:29 AM PDT by Yosemitest
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Thank you, Rush, for this great analysis.
May our Heavenly Father keep you safe and keep you wise.
To: Yosemitest
Hey Rush, why don’t you have a show on the Federal Reserve. You don’t have to get complicated. Just explain that it is a bunch of people who own a printing press and pay for paper and ink, and then they print numbers on the paper, and charge the government the amount of the numbers on the paper, plus interest.
And that’s our national debt - we borrow our own money from a private company who prints it up, with no backing, and “loans” it to us for the amount of the numbers.
And then we work ourselves to death to pay the interest, while the elite simply write themselves checks of borrowed money and laugh so hard they throw up.
Go ahead, Rush. Do it.
2
posted on
07/15/2011 1:37:26 AM PDT
by
Talisker
(History will show the Illuminati won the ultimate Darwin Award.)
To: Yosemitest
It is a great analysis, but it is wrong. The US economy is where it is because of a few decades of poor monetary policy, poor regulatory policy, and the resulting malinvestment on a massive nationwide scale. I don’t like Obama, but most of our public debt and almost all of our private debt were from things that happened long before O got into office.
To: Yosemitest
Amen! ( As long as I’m still awake. )
4
posted on
07/15/2011 1:39:44 AM PDT
by
dr_lew
To: Yosemitest
5
posted on
07/15/2011 1:39:49 AM PDT
by
GeronL
(The Right to Life came before the Right to Happiness)
To: AndyJackson
That is true but the last 2 years the deficit numbers have been staggering.
6
posted on
07/15/2011 1:41:35 AM PDT
by
GeronL
(The Right to Life came before the Right to Happiness)
To: Yosemitest
7
posted on
07/15/2011 1:47:09 AM PDT
by
NoLibZone
(Obama is investigating taxation without representation.)
To: AndyJackson
An update from
the previous show...
Terry Jeffrey, Cybercast News Service:"President Barack Obama told CBS News [yesterday] that there may not be enough money in the U.S. Treasury to cover Social Security checks after Aug. 3...
However, according to the Daily Treasury Statements published by the U.S. Treasury Department,
the ongoing flow of federal tax revenue since the Treasury declared that it had hit the debt limit on May 16
has been more than sufficient to cover the combined costs of federal spending
on interest payments, Medicare, Medicaid, Social Security, the Veterans Affairs department
and federal workers wages and insurance benefits (including wages and insurance benefits for military personnel)."
You know, this is an interesting point, and I'm glad he made it.
It totally slipped my mind. We are at a debt limit!
We are at a debt limit, and the world is still turning.
We are at a debt limit, and every payment is being made.
The world did not come to an end and country didn't, either. "Specifically, according to the Daily Treasury Statements, as of the close of business on May 16,
the federal government had taken in $1.333454 trillion in tax revenues since the beginning of fiscal 2011,"
which is October 1. "By the close of business on July 7, tax revenues for fiscal 2011 had grown to $1.629630 trillion.
"Therefore, between May 16,"
when we hit the debt limit, "and July 7 the federal government took in a total of $296.176 billion in new tax revenue,"
some of it mine. "In that same time period, total interest payments on the national debt equaled $14.632 billion."
So the income was $296 billion;
the interest payment on the national debt was $14.6 billion.
You make the payment with ease with just income and outflow, just tax revenue coming in, which comes in every week. "Also during that same period, the federal government's combined expenditures for interest payments on the national debt, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits
equaled $270.151 billion.
"Thus, since hitting the legal limit on the federal debt on May 16,
the federal government could have spent its $296.176 billion in new tax revenues
to pay for its combined $270.151 billion in expenses for interest, Medicare, Medicaid, Social Security, Veterans Affairs and federal workers wages and insurance benefits
and still had $26.025 billion in additional tax revenue to spend on other government activities.
For another $2.198 billion, for example, the government could have covered all Justice Department programs between May 16 and July 7...
"For another $11.233 billion, the government could have covered all its Housing and Urban Development programs between May 16 and July 7 -- thus bringing its surplus revenue for the post-debt-limit period down to $12.594 billion.
For another $6.988 billion, the government could have covered all its Federal Highway Administration ... between May 16 and July 7..."
All these calculations "are based on numbers reported in the U.S. Treasury Department's Daily Treasury Statements,"
government figures. The revenue is there.
There's no reason not to pay Social Security or Medicare or the interest on the debt or anything else.
We can pay our debts even beyond the debt limit.
"... but most of our public debt and almost all of our private debt
were from things that happened long before O got into office."
WRONG!!!!
The ILLEGAL IMMIGRANT IN CHIEF has wracked up more debt in two and a half years than all our presidents COMBINED from George Washington to Ronald Reagan.
Also, the word "TRILLION" wasn't even IN the political dialog BEFORE this INFERIOR Fascist Muslim.
So what lie do you want to try next, in defending
" 'da Kenyan Turd" ?
8
posted on
07/15/2011 2:03:57 AM PDT
by
Yosemitest
(It's simple, fight or die.)
Well Rush lets never forget he did have help including Barney Frank and a considerable number of SPINELESS Republicants. RINO’s who caved to Barney and Obama on almost every issue including bailouts.
9
posted on
07/15/2011 2:18:26 AM PDT
by
cva66snipe
(Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
To: Yosemitest
The ILLEGAL IMMIGRANT IN CHIEF has wracked up more debt in two and a half years than all our presidents COMBINED from George Washington to Ronald Reagan.While Obama has done his fair share of spending you are wrong on the math...
When Obama was sworn in the national debt was $10.626 trillion... right now its at roughly $14.500 trillion. Now that's a lot in less than three years for sure. But come on, I wish folks would stop regurgitating that some old completely wrong chain email....
If Obama had racked up more debt than all past presidents combined as you assert the debt would be somewhere between $18 and $20 trillion...
10
posted on
07/15/2011 2:21:55 AM PDT
by
The Magical Mischief Tour
(If you want a Socialist, vote Democrat. If you want a Democrat, vote Republican.)
To: Yosemitest
Yes. Thank you Rush.
But no thanks to the GOP-idiots that thought it was A-OK to let the Kenyan have his "turn".
So obvious... both sides were "in" on the last election. I don't care their so called strategy... they deserve blame right alongside the Rats for the situation this country is in. To them it was "just another election (pissing match)"
For the PEOPLE of this GREAT NATION... well, they deserve better than this.
So no kudos to either side... and GOP better realize that this is b@lls to the wall time...or they will be drinking the tea.
11
posted on
07/15/2011 2:46:01 AM PDT
by
antceecee
(Bless us Father.. have mercy on us and protect us from evil.)
To: AndyJackson
I dont like Obama, but most of our public debt and almost all of our private debt were from things that happened long before O got into office. "Most" may be true, but it's not terribly informative. The rate of growth of our debt is NOT reassuring, and the problem is the Obama regime. I don't like Obama either, but it's not personal. It's because Obama is the source of the destruction.
12
posted on
07/15/2011 2:55:05 AM PDT
by
Pollster1
(Natural born citizen of the USA, with the birth certificate to prove it)
To: AndyJackson
That’s like blaming the Korean and Vietnam wars on the Japs and the Nazis. Sure, they’re connected but at some point, you have to start dealing with these things “in the now”.
13
posted on
07/15/2011 3:19:33 AM PDT
by
equaviator
("There's a (datum) plane on the horizon coming in...see it?")
To: Yosemitest
Rush! We need a 2nd Party.
14
posted on
07/15/2011 3:29:28 AM PDT
by
screaminsunshine
(Socialism...Easier said than done.)
To: The Magical Mischief Tour
“all our presidents COMBINED from George Washington to Ronald Reagan.”
That’s not all presidents.
15
posted on
07/15/2011 3:51:37 AM PDT
by
ctdonath2
($1 meals: http://abuckaplate.blogspot.com/)
To: Yosemitest
16
posted on
07/15/2011 3:54:20 AM PDT
by
tutstar
To: The Magical Mischief Tour
“If Obama had racked up more debt than all past presidents combined as you assert the debt would be somewhere between $18 and $20 trillion...”
Whereas I agree that decades of bad fiscal policy have contributed to where we are now, I think the statement comparing Obama’s contribution to the deficit to the contribution of past presidents is based more on the absolute increases in spending, rather than the cumulative effects of things like interest on the debt etc.
The interest alone on the national debt in 2008 was something like $450 billion, and is similar each of the past several years. Seems like accumulated interest contributes significantly to national debt increases, which is why it's so important to at the very least stop running annual budget deficits.
To: Yosemitest
I'll say this though: the fact that the economy has
NOT recovered is going to doom Obama's chances in 2012--especially since we're essentially seeing a worse version of the last two years of the Carter Administration.
The next President may have to sign a huge stack of new laws just to undo the mess Obama created.
18
posted on
07/15/2011 5:12:31 AM PDT
by
RayChuang88
(FairTax: America's economic cure)
To: Yosemitest
Rush,
This is why I’m beginning to hear this period in history referred to as the Great Oppression.
It is more than a Recession or Depression. It is economic collapse that is designed to completely delimit the federal government, institute Socialism, and hence strip us of our freedom and, in effect, our Constitution.
I hope you’ll start using that term on-air. It says it all. Obama’s Great Oppression.
19
posted on
07/15/2011 6:22:37 AM PDT
by
fightinJAG
(TAXPAYERS OF THE WORLD UNITE.)
To: fightinJAG
You’re right. There’s a method to Obama’s madness.
Saul Alinksy, George Soros, Karl Marx.
These are the guys pulling the presidential strings.
20
posted on
07/15/2011 8:21:06 AM PDT
by
Deo volente
(God willing, America will survive this Obamination.)
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