Boom! Where’s Your Recession Now?

RUSH: Wait a minute! Wait a minute! What the heck's going on? I thought we were headed for a recession. We were gonna have a recession. I mean, as recently as May and June, we were headed into a recession. Remember that? It was the consensus of all the financial experts in the media. They said, "Buckle up. A recession is coming." Well, it sure doesn't feel like that to me, folks.

JOHNNY DONOVAN: And now, from sunny South Florida, it's Open Line Friday!

RUSH: "U.S. Jobs Trounce Forecasts: 266,000 New Jobs." The aforementioned experts -- themselves dripping with hatred -- predicted 180,000 jobs. It's 266,000 jobs created. The economy is roaring. We have a 50-year low unemployment, 3.5% -- a 50-year low. More black men have jobs than ever before. The African-American approval rating for Donald Trump is hovering in the 34 to 35% range. Audio sound bite number 3, Jim Cramer CNBC this morning.

CRAMER: Cable, CNN, MSN, what do they cover? Number 16, 16th, is positive economic news. All the rest of 'em are negative! So you know what's going on here. People don't want to say good things, and this is the best number I've ever seen in my life! ... When we win the trade war -- which you know we're gonna win now because we have the better numbers -- then they're going to have to put the jobs here. That's what they're going to have to do. We're not even talking about that yet. In the end, the Chinese are gonna have to put the jobs here. Because this thing is... The president can walk away from the table with this number. You can't contradict these are the best numbers of our lives. It doesn't matter whether you hate him or like him, these are real numbers!

RUSH: There is nothing comparable to this, folks: 3.5% unemployment, a 50-year low, African-Americans with more jobs than they've ever had before -- expressed as a percentage and in real per capita numbers. Wage growth is commensurate with the job creation. What Cramer's talking about there with the ChiComs... I addressed this yesterday. The trade deals that we have had with the ChiComs for the last few decades literally added up to the greatest transfer of wealth out of the American middle class. It went to China.

How did that transfer of wealth happen? It's not that you were taxed per se and they took a certain amount of money from you and sent it to the Chinese. The way it worked was with trade deals, jobs were lost. That's middle-class wealth. Manufacturing and other jobs went over to China. In addition, the products that were then manufactured in China were allowed in, but the jobs remaining in America and products manufactured here, the Chinese did not buy, they did not import. But we imported their products that used to be made in the United States.

It was a never-ending cycle that repeated, and it was part of the deep state New World Order. And for who knows what reasons. Keeping the Chinese at bay. Ostensibly they could make the case they were trying to infuse a little capitalism into a communist system, and there may be a point to be made for that. But anyway, this was what Trump was talking about all during the campaign. Now, Trump never used the words, "Our trade deals with China have resulted in the greatest transfer of wealth ever out of the American middle class."

But when Trump talked about how much money it cost and how stupid it was, that is what he meant. Cramer is saying this upcoming trade deal with the ChiComs now, Trump's gonna win it, and he is. No matter how long he has to wait, he is gonna win it because this is something that fundamentally must be done, and the strength of the U.S. economy in the midst of this trade war with the ChiComs is gonna show them they've got nowhere to go -- and in the midst of all of this, what are the Democrats doing?

The Democrats have nothing. The Democrats are not even running on issues like this. The Democrats have openly, publicly decided that none of this matters. They've tried to make people think they care about the cost of prescription drugs. They've tried to make people think they care about health care and fairness and equality and rising incomes. They don't care a smidgen! They haven't been involved. There isn't a single Democrat fingerprint on any of this good economic news.

The only fingerprints you'll find attached to Democrats are on this bogus impeachment move because all it is is a campaign tactic. It's all they've got. And it is being driven... I was on Fox & Friends today, and I made the point, but I'm gonna keep pounding this point. This is driven by raw hatred. Raw hatred for you for electing Trump. Raw hatred for us. Raw hatred for him. It's on display each and every day when any Democrat goes on television.

They cannot hide their contempt, and now they're not even trying to hide it. And for some reason they believe that matched against all of this great economic news -- which has not abated. It has continued on its upward trend line since Trump was inaugurated. Actually, since before that. People were optimistic before Trump was even elected on the hopes that he would be elected. The trend line has been constantly upward. The Democrats literally believe they were elected to run the House to get rid of Donald Trump.

Donald Trump was elected for many reasons. One of the reasons was to drain the swamp -- to reduce the power, the reach, the impact of all of these elites who were responsible for transferring wealth out of the middle class to China and Iran and wherever else. Trump was elected to stop that. He was elected to expose these people. He's succeeding in doing that. He's gonna win in a landslide. Donald Trump's doing everything he said he was gonna do.

There's nobody that voted for Donald Trump that's unhappy with it. There's nobody who voted for Donald Trump who's mad at him. Well, I can't say that. They might be mad at him 'cause he hasn't build the border wall. They might be mad at him 'cause some of his agenda hasn't happened yet. But they're not mad at him because he's failed to lift the economy. How in the world could a Trump voter be upset with him?

If you want to know the real measure of voter sentiment, take a look at what happened with Plugs out in Iowa yesterday. That's where real voter sentiment is.

BREAK TRANSCRIPT

RUSH: I can't wait to get to these sound bites, all these Democrats and experts predicting an imminent rescission just this past summer. We'll get to that as soon as we get out of the break the next half hour. But listen to this. It looks like Donald Trump got the last laugh. A few days after Canadian prime minister Justin "Blackface" Trudeau was caught having a laugh at the expense of Trump, the U.S. economy is reported to have added 266,000 jobs in November while Canada -- dadelut, dadelut, dadelut, dadelut -- lost 71,200 jobs, the biggest monthly loss of jobs in Canada since the financial crisis.

Remember when that was? That was 2008. So maybe along with the French President Macron, maybe this little guy -- maybe this young whippersnapper up in Canada -- should stop making fun of Trump, and maybe, just maybe start learning from him. We added 266,000 new jobs in November. Experts forecast 180,000. Canada: Minus 71,000.

BREAK TRANSCRIPT

RUSH: I want to go back to the jobs numbers: 266,000 jobs, a 50-year record low unemployment rate, 3.5%. More African-Americans working and more African-American jobs created than at any time in history. African-American approval rating for Donald Trump hovering in the 34% range. You throw that little factoid in with what's happening to them in their primaries, and the falling by the wayside of their female and people-of-color candidates.

And then there's this: The United States just became a net oil exporter for the first time ever. Job creation high, wage increases high, disposable income high, and rising energy costs are low. No new wars. Peace and prosperity, as I said so eloquently today on Fox & Friends. The legacy every president hopes and dreams for: Peace and prosperity. Donald Trump, to date and so far, is the only president who has not started a war to excite the economy, to rev up the economy.

Donald Trump, in fact, is trying to get us out of places he thinks we have no place being, including such an exposed position in NATO. He wants us out of Syria. Bill Clinton launched a bunch of wars, little skirmishes during his impeachment.

BREAK TRANSCRIPT

RUSH: Now the economic news comes out, and it is just through the roof -- and I thought... Folks, I thought we were gonna have a recession. Why, it was not that long ago that every financial expert was predicting a recession, and I want to go back in time. I want to go back to the Grooveyard of Forgotten Montages and remind you of this. We're gonna start with Joe Biden actually from this morning. He's on the CNBC website, chief correspondent John Harwood, who is also a Democrat hack.

Well, he used to be at the Wall Street Journal, I think, the New York Times, you know, revolving door. John Harwood said to Biden, "Do you still favor the Balanced...?" Did this happen this morning? Yeah. "Do you still favor the Balanced Budget Amendment that you voted for in 1990?" Where does this question come from? The Balanced Budget Amendment? It's because nobody cares about deficits anymore, nobody cares about the budget deficit, nobody cares about national debt. So they're trying to take Trump's economy and say, "It's not good, it's irresponsible." So they're bringing Biden in, "Do you still support the Balanced Budget Amendment?"

BIDEN: No, because we're in a different place now. The Balanced Budget Amendment in the middle of basically is gonna be... We're gonna maybe... I hope it's not true but we're likely to inherit a recession, at least a significant economic slowdown.

HARWOOD: Right.

RUSH: On the day that jobs are through the roof, the lowest unemployment ever in 50 years, African-American unemployment all-time low, he's talking about the recession that he's gonna inherit if he's elected, and, "Therefore, I can't penalize myself, I can't put myself in handcuffs here by having a Balanced Budget Amendment because we're likely to inherit a recession, significant recession. The experts are right."

Here is fake news media flashback May 28th and 29th of 2019. Let me give you the names here of the voices that you will hear. Maria Bartiromo; Lisa Abramowitz of Bloomberg; Oriel Morrison, CNBC; Mike Santoli, Fox News Channel; Neil Cavuto; Michael McKey of Bloomberg; Becky Quick, CNBC; Charlie Smith; Joe Weisenthal; Sherry Ahn; Mark Tepper -- all these Bloomberg and CNBC types and some Fox people thrown in...

MARIA BARTIROMO: (music) Recession fears are creeping in.

LISA ABRAMOWICZ: (outdoor noise) A possible indicator for recession, going forward.

ORIEL MORRISON: Is there a real risk that by the end of 2019 we're either in or moving towards a global recession?

MIKE SANTOLI: The markets are wondering, "Are we going to run into a recession."

NEIL CAVUTO: A lot of firms -- Morgan Stanley among them -- saying we could be on a recession watch.

MICHAEL MCKEE: ... the idea of a global recession ahead.

BECKY QUICK: ... a recession potentially.

CHARLIE SMITH: The odds of recession have ticked up.

JOE WEISENTHAL: This could be some sort of recession signal.

SHERY AHN: We worry about a potential recession coming up.

MARK TEPPER: If that happens, we're in a (snickers) full-blown trade war with China, we're headed for a recession, and the rest of your portfolio's in big trouble.

RUSH: May 28th, 29th of this year. June, July, August, September. Five months ago, folks. Six, six months ago. "We are headed for a recession right now end of the year! We're gonna be in a recession right now! Your portfolio is dust! We're gonna be in a trade war with the ChiComs, and it's over for us." Well, these numbers are so good, the ChiComs are not gonna be able to hold out. This economy is so good, Trump doesn't have to be in a hurry.

But this is just an example of how the media -- including some Fox people -- get on this bandwagon. Some Never Trumpers get on this bandwagon. "We've gotta kill Trump. Let's make up some news! Let's say that we're gonna have a recession. Let's try to scare people. Let's see if we can make it happen. Let's see if we can become a self-fulfilling prophecy."

But ... it didn't happen.

Yesterday in New Hampton, Iowa, at a campaign event, former Vice President Biden said this.

BREAK TRANSCRIPT

RUSH: Livermore, California, home of the nuclear bomb -- well, one of them. Dave, great to have you on the EIB Network. Hello.

CALLER: Rush, it's a pleasure to talk to you, my friend.

RUSH: Thank you, sir. Great to have you with us.

CALLER: I hope you have a wonderful holiday season.

RUSH: Thank you.

CALLER: My question is, I feel like Biden and Obama -- while making tons of money overseas in Ukraine and natural gas -- are in the United States, through regulation, killing American jobs, killing American productivity and really taking our strength and moving it to bad actors by regulation. To me, that feels treasonous and... I don't know. Anyway, that's my point there.

RUSH: Well, no. It's not a good point. What Dave is talking about here... Let's not leave the Clintons out of this. You know, the Clintons were playing around with uranium, and involving Ukraine. You know, Biden's kid is in the natural gas industry making all that money. He knows nothing about it. That's Burisma. That's Ukraine. His point is that these people are opposed to things that would strengthen the domestic energy industry.

They're opposed to fracking. They want more regulation. They're trying to wipe out natural gas right now! The environmentalist wacko crowd is trying to put all kinds of new regulations on natural gas, which is asinine. Natural gas is one of the answers to the so-called carbon footprint! But they think that it's a fossil fuel because it comes here by oil deposits. They're manic about this stuff. But your point is well taken.

While they were trying to personally enrich themselves or their families in energy industries internationally, they were attempting to impose regulations limiting the ability of the domestic energy business to grow and expand. I have a story from here from Fox News that's from yesterday, and the headline of this is really intriguing: "How Students Are Profiting from America's Energy Boom." How students are profiting? You may ask, how does that happen?

"American schools are reaping the rewards of federal energy revenues, according to Interior Secretary David Bernhardt. The Department of the Interior's updated business practices and regulations have resulted in 'demonstrable gains' in revenue from federal lands, revenue that returns to taxpayers and to states, Bernhardt told ... Maria Bartiromo, pointing to New Mexico as an example. 'New Mexico received $1.17 billion from the Department of the Interior last year. That money goes for schools, for roads, things that are important in New Mexico,' Bernhardt said."

Think of it as a stimulus except it came from the booming oil and energy sector that's creating more taxes that that get refed back to states for their local needs. In other words, all of this money that the Department of the Interior is disbursing to various states is the result of a burgeoning and growing energy industry and economy in the United States. Here's a pull quote: "The Department of the Interior's updated business practices and regulations have resulted in 'demonstrable gains' in revenue from federal lands, revenue that returns to taxpayers and to states, but it's primarily transformed workers' opportunities to make money in rural communities."

And these are the same people -- the beneficiaries are the people -- running around whining and moaning about climate change destroying the planet by the time they're 65. Anyway, the bottom line here is the energy sector is a major, major part of the economy that's booming. The United States now is a net exporter of energy. Do you know what that means? It means that you can wave bye-bye to dependence on foreign oil.

It means that we are producing more energy than we need. We're producing more oil. And this is all due to fracking and some of the innovations that have occurred in fracking, which also impacts the extraction of natural gas. We're producing more oil, more natural gas, and more other energy elements than we're using. Therefore, we're able to sell the access and stockpile for future needs. This has not happened before.

Like many things economically, it's happening under Donald Trump.

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