RUSH: Last night on Breitbart this came in over the transom. Try this headline: “Experts Conclude: Limbaugh Plan Better than Obama’s Stimulus.” And I said, “My gosh, who remembers that? That’s five years ago.” And Joel Pollak writing in Breitbart: “In 2009, at the height of debate about President Barack Obama’s stimulus plan, conservative radio host Rush Limbaugh proposed a compromise in the pages of the Wall Street Journal that would have devoted half the stimulus to tax cuts. Now, a new working paper by the National Bureau of Economic Research (NBER) concludes that Limbaugh was right, at least in terms of that portion of the stimulus that was directed to state governments.
“The paper, by Gerald Carlino and Robert P. Inman, finds that ‘ARRA [American Recovery and Reinvestment Act], the stimulus, the Porkulus, “assistance would have been 30 percent more effective in stimulating GDP growth had the share spent on government purchases and project aid been fully allocated to private sector tax relief and to matching aid to states for lower-income support.’ In other words: tax cuts and cash transfers would have been better. The new research partly answers the challenge Limbaugh laid down in January 2009.”
And I remember that. I mean, I wrote the piece. Everybody was calling for bipartisanship and I was offering to help. I didn’t think the stimulus was gonna work. I knew it wasn’t gonna work. It was not possible for it to work. Let me explain to you why, because I know we get new tune-in here each and every day as people desperately want to learn more and more about politics these days. Ahem. So the federal government’s gonna stimulate the economy, right? The first question to ask yourself is where does the federal government get money? Besides printing it, where does it get money?