Thread: Rush Limbaugh: One-Tenth of 1% Economic Growth! Ladies & gentlemen, ChiComs have Ove

One-Tenth of 1% Economic Growth!

April 30, 2014


Windows Media

BEGIN TRANSCRIPT

RUSH: One-tenth of 1%. One-tenth of 1%! Let me say it again. One-tenth of 1%. That's first quarter economic growth, and the Regime is blaming the cold weather. I thought it was supposed to be global warming. That was the reason for the cold weather. Now the cold weather, which, because of global warming, is what the Regime is using to explain economic growth. One-tenth of 1%.

Ladies and gentlemen, the ChiComs have overtaken us. The ChiComs are the world's biggest economy, a communist country. I warned everybody about this March the 4th of last year, this McKinsey & Company study, report that chronicled the ChiCom population purchase of luxury cars outpacing the sale of luxury cars in America, even a year ago. One-tenth of 1%.
And you want to hear something else? This is a real clincher. If it weren't for the government spending on Obamacare, economic growth would have been negative. Meaning there isn't any private sector economic activity. And I guess we can understand that. Of course the American economy has stopped growing, because all of our citizens are busy online barking about who said what, who can say what, who can't say what, and applauding the hammer being dropped by the NBA commissioner on Sterling. One of the stories I had from yesterday that I didn't get to, 20% of American families don't have anybody in them employed, 20%! You add to that the 93 million Americans not working.
BREAK TRANSCRIPT
RUSH: One-tenth of 1% economic growth -- one-tenth of 1% -- and if it weren't for the government spending on Obamacare, it would have been negative growth. Folks, this is... I've run out of words. "Disaster" doesn't cover it.
BREAK TRANSCRIPT
RUSH: This is March the 4th, 2013 on this program, your host issuing a -- ah, warning/prediction.

RUSH ARCHIVE: McKinsey & Company says that the ChiComs -- folks, this is a communist country now -- the ChiComs are going to become the world's largest luxury car market. That's troublesome. Because that says more about the direction we're headed than it does about the direction the ChiComs are headed. ... In many cases the average price of a new car now exceeds the annual income of a significant percentage of the population. (interruption) Now, I'm getting snarky comments in the IFB. People are saying, "No, no, that's horrible, that's terrible." Folks, it's emblematic of the direction our economy is headed. It isn't good. There's a lot of truth wrapped up in that statistic.
RUSH: The update of the statistic is that China's economy is expected to have grown 24% between 2011 and 2013. The American economy grew 7.6% in the same period of time. I forget the details, but the Regime has changed the way they calculate the GDP. I think Heritage or somebody (I forget who, but somebody that I trust) credibly analyzed the new way they're calculating GDP so it adds a phony 3% on the positive side to it.
I do remember that there was an announcement that there's a new way of calculating GDP. It's not just the old, standard way of measuring economic growth. It's designed to make the Regime look better. Of course, one-tenth of 1%? The ChiCom economy had 24% growth from 2011-2014, while we're at 7.6%. Do you know when the United States became the world's economic leader? Would you like to take just a wild guess?

I mean, there's no wrong answer here. (interruption) Oh. Yeah, you're close. It was 1872. The US had been the global leader, the world's number one economy since 1872. That means we have held the record for 142 years, and in less than five years Barack Obama is causing the United States to lose the top spot. There's no excuse for this, particularly losing to a communist country where the average wage is $1.50 or $2 a day all throughout the country.
I think about these Millennials. We had this guy on the phone the other day who didn't hang on who wanted to say, "No, we're not blaming Obama. We're just blaming ourselves. We have no confidence. We're blaming ourselves. We look at ourselves as not being able to succeed. We look at ourselves as failures." You think of people who are 17, 18, 25, and this kind of stuff matters.
They don't have, in their short lives, any memory of a robust American economy. Stop and think what somebody 25 today has heard since they were 12, 13, 14. They've heard all that garbage about the Iraq War. They've heard all that garbage about America and torture and America's horrible and America's unjust and America's immoral, and then they hear Obama's campaign 2008.
They see Obama running around apologizing for the country.

Who knows what the 25-year-olds may think. They have no memory in their lives of a robust economy, of a winning United States in a military conflict. They don't have any positive memories whatsoever in the time of their lives, and if they're not taught -- which we know they're not. If they're not taught anything about the greatness of America in our history, can you imagine what their attitudes might be?
It would make perfect sense that they would be down on America, down on themselves. I mean, they've heard about the American dream, and they know in a general sense about America's greatness, but to them it's all a mirage. It's all in the past. None of it's for them. In their lives, they haven't seen it. Stop and think of the media mindset. I mean, George Bush was elected in 2000.
You think of just the last 14 years of what mainstream media has been. And then you add all the social media that they have begun to access, and you clearly understand that they probably end up having this view. They've been taught, they believe, and they've seen the racist, sexist, bigoted, homophobic country that can't produce any jobs. "Our best days are behind us."
So why would they blame Obama? Obama's just the latest guy in a long line. 'Cause they have no historical perspective of anything positive, unless they come from a family where there's been something positive going on. But, gosh, it's kind of a self-repeating cycle of doom. We have to find a way to overcome this -- which we will, by the way.

END TRANSCRIPT

Related Links

• AP: US Economy Slowed To 0.1 Percent Growth Rate In Q1
• Financial Times: China Poised To Pass US As World’s Leading Economic Power This Year
• ZeroHedge: If It Wasn't For Obamacare, Q1 GDP Would Be Negative
• CNSNews: BLS: In 20% of American Families, No One Works
• McKinsey & Company: Tapping China’s Luxury-Goods Market

http://www.rushlimbaugh.com/daily/20...conomic_growth

Rush Limbaugh

One-tenth of 1%. That's first quarter economic growth, and the Regime is blaming the cold weather. I thought it was supposed to be global warming.



One Tenth of 1% Economic Growth!

RUSH: One-tenth of 1%. One-tenth of 1%! Let me say it again.

Rush Limbaugh

The only thing for the First Family to do is to take a little vacation from this mess.
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Americans first in this magnificent country

American jobs for American workers

Fair trade, not free trade

Free Fall: GDP Plummets to 0.1 Percent

Katie Pavlich | Apr 30, 2014



New numbers show the GDP took a nose dive in the past quarter going from 2.5 percent to just 0.1 percent, prompting analysis that America could be headed for a double dip recession. More from the Wall Street Journal.

The U.S. economy slowed in the first quarter to one of the weakest paces of the five-year recovery as the frigid winter appeared to have curtailed business investment and weakness overseas hurt exports.

Gross domestic product, the broadest measure of goods and services produced across the economy, advanced at a seasonally adjusted annual rate of 0.1% in the first quarter, the Commerce Department said Wednesday. Economists surveyed by The Wall Street Journal had forecast growth at a 1.1% pace for the quarter.

High taxes, Obamacare and economic uncertainty are coming home to roost.

http://townhall.com/tipsheet/katiepa...rcent-n1831541

Free Fall: GDP Plummets to 0.1 Percent

Free Fall my ass... this is what a Democrat / RINO collapse looks like; this is almost every man, woman and child for themselves

Laura Ingraham

America in Decline:

This epic fall of America’s 140 year dominance lies squarely on the shoulders of the Establishment in both parties. There IS a trade war going on and American workers are suffering.

LISTEN to Laura discuss America falling to China as the largest economy in the world:



Establishment FAILS again: China overtaking our economy--we need to take it back

Laura Ingraham, China, rise, economy, United States

Source: Laura Ingraham

Video at the Page Link:

http://video.lauraingraham.com/-Esta...3#.U2HX5Ff7EnW

Drudge Report

CHINA TO SURPASS USA AS WORLD'S LARGEST ECONOMY THIS YEAR




China poised to pass US as world’s leading economic power - FT.com

The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies. The US has been...

Financial Times



CHINA TO SURPASS AMERICA AS WORLD'S LARGEST ECONOMY...

U.S. growth slows drastically...

.1

City Looks To Build 'Pods' To Shelter Homeless...

House to Hold Hearing on Poverty...





http://www.drudgereport.com/

https://www.youtube.com/watch?featur...&v=TYKAbRK_wKA

RPT: China to Surpass U.S. As World’s Largest Economy



by Fox News Insider // Apr 30 2014 // 10:13pm
As seen on The Kelly File

Video at the Page Link:

China could surpass the United States as the world’s largest economy as early as this year, according to some experts.


Read more below from Bloomberg.com:

China is poised to overtake the U.S. as the world’s biggest economy earlier than expected, possibly as soon as this year, using calculations that take purchasing power into account.
China’s economy was 87 percent of the size of the U.S. in 2011, based on so-called purchasing power parity, the International Comparison Program said in a statement yesterday in Washington. The program, which involves organizations including the World Bank and United Nations, had put the figure at 43 percent in 2005.
The latest tally adds to the debate on how the world’s top two economic powers are progressing. Projecting growth rates from 2011 onwards suggests China’s size when measured in PPP may surpass the U.S. in 2014, which would be years earlier than many economists had previously estimated, according to Arvind Subramanian of the Peterson Institute for International Economics.
“There’s a symbolic element to this, to China overtaking the U.S., and that seems to be happening,” said Subramanian, a senior fellow at the Washington-based Peterson Institute. The latest data “plays to the idea that China is very big and getting bigger. It’s not to be underestimated.”
In a book published in September 2011, Subramanian estimated China became the world’s largest economy in 2010. While this was too early, the International Monetary Fund’s projections in its World Economic Outlook show China will move to the top in 2019, which is too late, he said today.

Fox Business Network’s Stuart Varney spoke with Martha MacCallum tonight about the report.
“The bottom line is they are growing very very fast, and we are not,” he said of China.
“Our failure to grow is a policy failure,” Varney said, adding that China will catch up with the U.S. very quickly in the absence of real policy changes.
Varney says the U.S. should cut taxes, cut regulation, stop spending so much money, and explore the energy resources we have.
Watch the full interview above.

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Worries Over Chinese Economy Send Dow Plummeting

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Posted in: // Stuart Varney // China // Economy

http://foxnewsinsider.com/2014/04/30...argest-economy

GDP Shocker: US Economic Growth Crashes To Just 0.1% In Q1
Submitted by Tyler Durden on 04/30/2014 08:38 -0400

Despite consensus at 1.2% growth QoQ, the "weather" destroyed the fragile stimulus-led economy of the US which managed only a de minimus +0.1% QoQ growth (the lowest since Q1 2011). However, as Steve Liesman noted on the heels of Mark Zandi's comments "basically ignore this number" - ok then. Spending on Services, however, surged by the most since 2000 - heralded as great news by some talking heads - but is merely a reflection of the surge in healthcare and heating costs (imagine if it had not been cold and if Obamacare hadn't saved us). As a reminder - this is the growth that is occurring as QE has run its course, as stimulus ends, and as escape velocity nears... if the "weather" can do this much damage to the US economy, should stocks really be trading at the multiple of exuberant future hope that they are?

Oops!



The full breakdown of GDP components:



And here's what everyone's favorite economist, who was off only by around 1900%, thought:


Joseph A. LaVorgna @Lavorgnanomics Follow

We are projecting a weather-impacted +2.0% gain in Q1 real #GDP, a 1.3 point rise in the manufacturing #ISM to 55.0 and +240k on #NFP.


1:30 PM - 25 Apr 2014

http://www.zerohedge.com/news/2014-0...hes-just-01-q1