During the February 19 broadcast of his nationally syndicated radio show, Rush Limbaugh falsely stated that President Obama said “that we all must learn to live within our means and not expect the values of our homes to go up 10, 20 percent over our lifetimes ever again.” Limbaugh also stated: “This is what I mean by him talking down the economy. Don't think of your house as going up in value anytime soon.” However, Obama actually said during a February 18 speech in Mesa, Arizona, that we should “not assume that housing prices are going to go up 20, 30, 40 percent every year” [emphasis added], not “over our lifetimes” as Limbaugh asserted.

From the February 19 broadcast of Premiere Radio Networks' The Rush Limbaugh Show:

LIMBAUGH: Obama said that we all must learn to live within our means and not expect the values of our homes to go up 10, 20 percent over our lifetimes ever again.

Jane here with a great question: then why the hell buy one? Well, the answer is you need shelter, and a home is the American dream. Yeah, but it's also the -- for most people -- their number one asset as they establish equity in it.

This is what I mean by him talking down the economy. Don't think of your house as going up in value anytime soon. Don't -- we've got -- you've got to get realistic here. The days of prosperity are over. Can I translate it for you? The days of prosperity are over, quote, the president of the United States, unquote.

What? Well, of course I say screw that, but not everybody can. Not everybody is in the position to say “screw that, I'm going to be prosperous.” Some people are not self-starters. Some people need others to start businesses so they can go apply for jobs there. Fact of life. It's a reality. And we're targeting the people who start jobs. We're targeting the people who start businesses.