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Friday, December 3rd, 2010

Unemployment Jumps - Is It Still Bush's Fault?
The unemployment rate rose to 9.8 percent, as U.S. economy gained a measly 39,000 jobs last month. This was a sharp drop-off from October, when the nation's economy added 172,000 jobs. The report was no surprise to Sean but caught many economists off guard who had expected much better numbers given that recent statistics indicated that the economy was showing some signs of strength. “For two years the Obama administration has been saying the bad economy was Bush’s fault. They promised unemployment would drop if they passed the stimulus. No, it’s not Bush’s fault. It’s Obama’s fault. It’s Obama’s economy, it’s Obama’s debt, Obama’s deficit, Obama’s stimulus, Obama’s Omnibus bills and it’s Obama’s 9.8 percent unemployment number,” Sean vented { Article}.

Permanent-Tax-Cuts-For-All Bill
Sean decided to invite a member from the House of Representatives and one from the Senate to discuss the Bush tax cuts. Senator Jim DeMint and Rep. Mike Pence were up for the task and called in to chat with Sean during the second hour of Friday’s show. While the priorities of Democrats seem to be centered on the DREAM Act and monitoring the internet, the GOP have become focused on just one thing – extending the Bush tax cuts. “The Democrats’ strategy is to do all of this miscellaneous political stuff first and then push the votes on funding the government and keeping tax rates the same all the way up through Christmas,” said DeMint. “We’re trying to do first things first. We’ve got to fund the operation of the government and we’ve got to keep the current tax rates the same, and we need to do it as soon as we can.” Additionally, Demint and Rep. Pence are seeking a permanent extension of tax cuts at all income le vels. Pence expressed his disgust of the lack of movement in the House. “It just takes your breath away Sean to think that at a time of rising unemployment that not only do we see liberal Democrats spending time on social policy and extraneous treaties and the like, but in the House yesterday they actually voted to raise taxes!” Pence added.

Is Another Stock Market Crash Possible?
Financial gurus Rick Santelli and Larry Kudlow joined Sean in the show’s last hour to discuss an article in U.S. News and World Report { Article} that a delay on the tax vote could crash the stock market. Santelli didn’t believe this would cause any sort of major dip in the market. “Many of these stock traders will buy the stock market no matter what – even on the heels of a horrible jobs report, because the mentality is, should things get ugly, we will just print more [money] and purchase Treasuries.” Kudlow concurred, “The Fed can print money and it will cause inflation, but they can’t print jobs. Businesses are still afraid to hire because Washington has been waging war on businesses through taxes, regulations and ObamaCare.” Kudlow wasn’t all doom and gloom and did offer up some good news. “With this lousy jobs report the odds that the Bush tax rates will be extended just went up, a lot. The good news here is that we’re going to get some tax relief.”

Show Guests

Mike Pence

Michael Richard "Mike" Pence (born June 7, 1959) is a Republican member of the United States House of Representatives for Indiana's 6th congressional district. He currently serves as Chairman of the House Republican Conference (caucus) for the 111th United States Congress. Pence's district covers much of Eastern Indiana.

Jim DeMint

James Warren "Jim" DeMint (born September 2, 1951) has been a U.S. Senator from South Carolina since 2005. He had previously represented South Carolina's 4th congressional district from 1999 to 2005. He is a member of the Republican Party.