Rush Limbaugh on Budget & Economy

Conservative Talk-show Host


QE3 equals printing money equals inflation

Here it is, QE3, straight from the horse's mouth. The Federal Reserve statement: "To support a stronger economic recovery...the Committee agreed today to purchasing additional agency mortgage-backed securities at a pace of $40 billion per month."

It's basically a bond-buying program. It's being called another aggressive stimulus program: $40 billion of mortgage debt per month, and they're gonna continue to purchase the assets until the outlook for jobs improves substantially. Well, the outlook for jobs is not going to improve substantially as long as we have policies in place by Barack Obama and the Democrat Party. So this means forever, until the outlook for jobs improves substantially.

They're gonna purchase these assets until the outlook for Obama's job improves, is what they really mean. It's his job they're worried about.

So we're basically printing more money, QE3, quantitative easing, printing money, stimulate the economy. Printing money equals inflation, equals Zimbabwe, Third World.

Source: Rush Limbaugh Show, "QE3: Bernanke's Obama Bailout" , Sep 13, 2012

At Obama's inauguration: "I hope he fails"

The inauguration of Barack Obama drove Limbaugh further into a fit of anger against him. He told listeners he had been asked by a major publication for a 400 word statement about his hopes for the new administration: "I'm thinking of replying to the guy, 'OK, I'll send you a response, but I don't need 400 words. I need 4: I hope he fails.'" With those 4 words, Rush summarized his political philosophy and launched an unending assault on Obama.

Limbaugh was explicit in declaring that he not only wanted Obama's agenda defeated, he also wanted the country to suffer when Obama's proposals were enacted: "I hope it prolongs the failure. I hope it prolongs the recession. Because people are going to have to figure out here that this I not how economies recover. Government is not the central planner."

In fact Limbaugh had made it clear that he meant much more. He said "Of course I want Obama to fail. And after this stimulus bill package passes, I want it to fail."

Source: The Most Dangerous Man in America, by J.K.Wilson, p. 74-75 , Mar 1, 2011

FactCheck: No, 5.7% decline in '09 was before stimulus began

Limbaugh concluded, "Everybody knows the stimulus plan bombed!" He has declared, "The economy has dropped at 5.7% in the 1st quarter--5.7%. Folks, that is phenomenal. After all the stimulating, after all of the spending, after all of the pep talks, after all of the bailouts! Washington's solutions are not working." But the 5.7% percent decline in the 1st quarter happened almost entirely before the stimulus plan passed, and certainly before it had time to work. The fact that GNP only declined 0.7% in the 2nd quarter indicated the success of the stimulus plan in helping the economy recover and restoring economic stability.
Source: The Most Dangerous Man in America, by J.K.Wilson, p.132 , Mar 1, 2011

TARP is not constitutional, and unsustainable

[Obama is] going to overreach. At some point, people have got to realize none of this is possible. You can't have people living in homes they don't pay for. I mean, you can for a while. But after a while--you're already starting to see evidence of these.

Aside from the bastardization of the Constitution that the Obama plans are, that TARP is, it's not constitutional. Aside from that, where is the evidence that [anyone] has ever succeeded in any similar plans before? There is no evidence it works. The president's stimulus package, the TARP, the budget, relies on one thing for its success. Well, aside from authoritarian government power. It relies on the complacency of the American people. It relies on their belief that they can convince the American people that there's such a crisis that the only government, the only entity that can fix its government, as Obama has said. Liberals will never understand about America: we are a competitive people. We strive, enough of us do, to be the best.

Source: Speech to 2009 Conservative Political Action Conference , Feb 28, 2009

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