JASON: With regard to some of the topics that — you know, that we like to discuss on the Rush Limbaugh program, economic growth is topic number one. I mean, without economic growth, you can’t fund the military. Without economic growth you can’t have a rising tide. We can’t have a reducing median income. Without economic growth, not much of anything is possible. And that’s why the Biden tax hikes are so deleterious. The United States just added 260 — what is it, 260,000 jobs last month. They thought they would add a million.
People always ask me, “Hey, Jason, what’s going on here? I mean, you’ve got a situation where the stock market’s going gangbusters. I thought Biden was gonna destroy it.” The stock market has factored in the failure of Bidenomics. They don’t think it’s gonna pass. Certainly not in the way Joe Biden wants and Kamala Harris and the rest of these dyed-in-the-wool socialists want. The market is saying, no, this isn’t gonna work. The midterms are gonna, you know, return a majority to the Republicans in the House. None of this stuff is gonna happen.
Now, if they start to believe that the Biden tax increases, the reregulation of the economy, the packing of the Supreme Court that threatens property rights, if they start to believe that, as they start to really think that companies’ intellectual property is gonna be handed off to the globe as they’ve done with the patents on the vaccines, then the market will start to say whoa, whoa, whoa, hold on, or employers will start to say, I’m gonna wait until next month or next year to hire somebody, and that may have happened last month. It was far below the expectations of a million jobs.
The unemployment rate rose slightly to 6.1%. If the market believes that employees think it’s better to take that extra $300 a month in unemployment benefits, which puts you over what you could earn working, better to take another check from government, better to go on Medicaid even if you’re able-bodied without dependents, then you’re gonna see this malaise kick in. And you’re going to see the government subsidizing people not to work, which is essentially what Democrats want to do. That’s why the Democrats are so excited about keeping the pandemic going. They can get every human being addicted to a check from them, which makes them very, very powerful.
Speaking of naps, President Biden yesterday — or was it this week? — in Lake Charles, Louisiana, talking about $3.3 trillion in taxes that aren’t really $3.3 trillion in taxes. Hit audio clip one.
BIDEN: We gotta compete. And it doesn’t cost anybody anything and deprive anybody of anything they have earned or deserve. The plan that I put forward meets the middle class and raises corporate rate. It also lowers it where lower than any point since World War II. And it’s gonna generate 90 billion each year, hundreds of thousands of jobs. We’re gonna put a lot of folks to work.
JASON: I have no idea what he just said. Unfortunately, neither does he. So a $3.3 trillion over the next 10-year tax hike doesn’t cost anyone anything. What, the tooth fairy — this is like calling social workers when you’re getting robbed. Don’t worry. You don’t need the police. Call Dr. Phil. He’ll be there in a minute. And this tax hike doesn’t cost you anything. What is he thinking? With my he’s not thinking. He doesn’t know what he’s doing, and his advisers are telling him what to say and how to say it and what to do. Biden is a puppet.
And the idea that we’re going to compete by raising taxes on small businessmen and women, on workers, anybody making over $200,000 a year, which you’d be surprised, a lot of — understand something, folks. Most small businesses file a pass-through tax return. They’re a Subchapter S corporations, they’re LLCs, they’re sole proprietorships, they’re partnerships. That means their business income flows to their individual return; so when the IRS and the Biden focus calculate, “Oh, you’re making over $200,000 a year,” 180,000 of it’s your business income. And that’s what they want to tax.
You notice they’re not raising taxes on private equity fund managers? There’s an easy way to do that. Eliminate carried interest. Carried interest is something that really is a commission. It is income flowing to a private equity firm that uses other people’s money to take companies that are public private and then hollow them out. And yet they get taxed only at capital gains rates. Why aren’t they going after that? Why are they offering a tax cut for the richest people in the country who live in California, New York, and Minnesota, Massachusetts, who make over $200,000 a year? They want to give them a new deduction for state and local income taxes. So their New York tax burden isn’t as bad as it otherwise would be. The answer there of course lies in Albany. Lower the damn taxes in New York. Don’t have other federal taxpayers pick up the tab so you can get a new deduction. Those are the tax breaks for the rich that Biden’s not talking about.
I want to tell you something, friends. There is two ways to look at economic growth. And it’s quite simple. One way is a supply-side way, that production creates demand, that production has the pride of place, that you must encourage people to take a risk and to go out and work. The other side is the demand side view, of Biden and the bond market, and says, oh, no, no. Consumers matter. We just take money from you and give it to somebody else and they spend approximate, why, that’ll work. And that’s why they love a big, fat public sector, to redistribute income from you to people or say the teachers unions. And they’ll just go out and buy a bunch of stuff and that will do it. Except that doesn’t incentivize anybody to produce. Rush put it best not long ago when he talked about the private versus public sector. Audio number 2.
RUSH: The Democrat Party, the American left, look at it this way, have had their boot on the neck of the golden goose for 50 years, and that golden goose is down to its last breaths. And when the golden goose is dead, when the private sector no longer generates the wealth necessary and hasn’t for a long time, all of this is fake money, all of this is unreal. Everybody who has anything from a state or federal government has it because of debt, borrowing, or what have you. It isn’t real. The golden goose got killed off long ago, in terms of reality.
This country’s not producing the wealth that will sustain all of the demands being made on the country. This country is not producing the wealth to provide for all the services we want — the military, border control and all. We’ve long ago pass — this is why I keep talking about how nothing’s real anymore. All of this is borrowed time. And yet the people who are living on all of this illusionary money, they don’t want to give it up. Where else are they gonna go to earn it? How are they going to replace it? What do they know? Other than having some thug negotiate a contract for ’em. What do they know?
If you are a public sector employee and you’re mad as hell at me right now ’cause I don’t get it because you think I have no compassion for you, because I don’t want you to have a decent life and decent living and so forth, when this does eventually implode, there’s one of two places you can go to complain. One would be Beijing. Go talk to the ChiComs. Another would be Havana. Go talk to Fidel Castro. Find some old Soviet communist still alive, go talk to him, because they’re the people responsible for it.
The people who have made you believe that you can score all these riches, people that have made you believe that all you need for everybody to be wealthy and fair and equal is a fair and just government redistributing wealth, when it all implodes and it’s not working and it’s not working now, don’t complain to me because I’ve been telling you for years it won’t work. You need to go to the people who’ve been lying to you from the get-go telling you it does work, ’cause they’re the ones that screwed you.
JASON: Amen, El Rushbo.
BREAK TRANSCRIPT
JASON: Apparently as we were in our first couple of segments here, Joe Biden was at the White House. Not that he knew it. But nevertheless, he was there, and he issued this statement on the economy and that jobs report. Let’s cue that before we go any further.
BIDEN: Today’s report makes clear: Thank goodness we passed the American Rescue Plan. Help is here, and more help is on the way, and more help is needed. Today’s report is a rebuttal for the loose talk that Americans just don’t want to work. I know some employers are having trouble filling jobs.
But what this report shows is that there’s a much better problem, notwithstanding the commentary you might have heard this morning. It is that our economy still has eight million fewer jobs than when this pandemic started. The data shows that more — more workers — more workers are looking for jobs, and many can’t find them. While, jobs are coming back, there’s still millions of people out there looking for work.
JASON: (laughing) This is just… I’ve lived through this my entire life, friends. Joe Biden proposes $6 trillion in new spending in the first three months of his administration; then when a bad jobs report naturally results, he says, “We haven’t spent enough!” When spending fails, when collectivism and socialism fails, we just haven’t done it enough.
So now the American Rescue Plan — subsidies for child care, parental leave, free paid leave, free tuition, more unemployment benefits, more food stamps, more Medicaid expansion, all of this — has no effect on the labor market. Workforce development, affordable housing. People respond to incentives, and when it costs you money to take a job, you’re not going to do it.
When it costs you money to invest in a business that if you fail, you lose everything; if you succeed, the government takes it, you’re not going to do it! So the Biden-proposed tax increases? Here’s a news flash for you, folks — and this is why the media dishonesty is so, so toxic right now. Biden would have you believe that the Tax Cut and Jobs Act that President Trump signed coming out of 115th (of which I was proud to serve, as I remind you frequently), revenues in the first year after the tax cut went up or down?
Ask CNN.
They will lie to you about that as well.
They went up. They went up.
The first year, 2018, post the Tax Cuts and Jobs Act, the Trump tax cuts, revenues were $3.33 trillion versus $3.25 trillion in 2016. We have no tax crisis. They have plenty of revenue. They’re spending money like drunken sailors — that, of course, is never fair to drunken sailors. All they want is to get people addicted. All they want is power. The more people they can get addicted to a check, the more people will vote for them. Hence, you open the borders. You use a pandemic to expand spending, to hand out freebies — and whatever you do, you don’t like Arizona recount the votes.