President George W. Bush’s days in the White House may be numbered, but that isn’t stopping the media from taking a few cheap shots on the way out. ABC’s April 21 “Nightline” reported on the increased cost of gasoline, but did so in terms of the Bush presidency.
“Tonight, $3.51 – that’s the average price nationwide of a single gallon of regular unleaded gasoline. That means a 15-gallon tank now costs more than $50 to fill. As a little reference point, the week George W. Bush was sworn in as president, the price of a gallon of gas was $1.47.”
Update at end of post: did ABC get these numbers from the DNC?
She didn’t stop there.
“Even accounting for inflation, that’s a 200-percent increase,” McFadden said. “We’re guessing your paycheck hasn't grown 200 percent in the past eight years.”
McFadden demonstrated she doesn’t exactly have a propensity for mathematics. While attempting to pin gas price increased on the Bush presidency, she got the math wrong.
Two hundred percent of $1.47 is $2.94. A 200-percent increase would add $2.94 to $1.47, making the current price of gasoline $4.41. The actual increase has been $2.04 per gallon, or a little over 138 percent.
Another “reference point” McFadden could have included: when the Democratic-controlled Congress was sworn in on Jan. 7, 2007, the average price of a gallon of gas was $2.32 cents a gallon, according to AAA.
Over the six years (2191 days) Bush was president with a Republican-controlled Congress, the price of gas increased 85 cents per gallon. The price has gone up $1.19 in the 472 days Democrats have controlled Congress.
*****Update by Noel Sheppard at 4:48 PM: Did McFadden get her percentage increase numbers from the recently released Democratic National Committee ad NewsBusters reported on Sunday?
Gas Prices Up 200%
Pretty coincidental that on Sunday, the DNC released an ad using TERRIBLE arithmetic to incorrectly report that gas prices have gone up by 200 percent since George W. Bush moved into the White House, and the following day, ABC presented the EXACT SAME MISTAKEN CALCULATION, dontcha think?
Furthermore, her line "Even accounting for inflation" makes her math even worse. After all $1.47 in early 2001 is $1.82 in 2008 dollars. As such, adjusted for inflation, this would only be a 93 percent increase, meaning that McFadden was OVER 100 percent WRONG!
Sure is a good thing ABC has folks possessing such fine arithmetic acumen reporting economic news to its viewers!
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Jeff,
April 22, 2008 - 15:36 ET by MassConservHow DARE you use facts and logic like that? It makes the wrong people look bad.
No mention
April 22, 2008 - 15:44 ET by iveseenitallNever any mention these days of how the country's doing under the Democratic Congress. Gas up, inflation up, food up, unemployment up. Stocks down. Real Estate plummeting. Not bad enough? Don't fret. After this election your taxes will go up too. Vote Democratic!
NEVER,NEVER trust a "liberal"
High Gas Prices
April 22, 2008 - 15:47 ET by deerjerkydaveHigh gas prices exist because we publicly educated Americans have been taught since our youth that cars are destroying our planet and the only solution is to stop big oil. This has resulted in 30+ years of anti-energy politicians with anti-energy policies which have choked off the supply of oil to our country, even though the demand continues to rise. GWB, John McCain, and most other politicians in Washington are to blame. When Republicans had control of congress they had a chance to be pro-energy and chose not to. Instead they gave us ethanol which has zero benefits to the environment and is driving up the price of food which is forcing people, POOR PEOPLE, to go hungry.
It is disgusting that politicians have as much power as they do. Everything they touch seems to wither and die.
Artificially inflated are
April 22, 2008 - 16:22 ET by NortoArtificially inflated are these prices because the government is restricting our drilling and building capabilities. Our President needs to roll back all environmental "progressive" controls on our oil fields and to start the refinery construction process again. What has it been, 30 years?
Futures trading(gambling) needs to be outlawed as, like the government, it is non-productive in the GDP mix. They never have to touch a drop of oil and yet we suffer in almost every aspect of the economy.
The US is great based on cheap transportation and excellent, affordable food stuffs. We are soon to lose both if not already. I personally asked the Maine delegation to approach our President and not one of them replied except to say I needed to use another email site. Right, I called all four as well. What did I expect.
President Bush, Rome is burning and it is on your watch.You have a legacy chance, but I suspect it is slipping away and the historians of tomorrow will whitewash the rest.
Futures trading(gambling) needs to be outlawed
April 23, 2008 - 17:44 ET by wizardjrI think you need to go take an econ class on finance with futures and forward contracts in it. They are an entirely wonderful way to share or shift risk exposure. The fact that speculators are driving the forward prices of oil based on fear rather than factors is really due to a shallow supply system in the hands of an oligopoly.
I thoroughly agree with you that if the green thugs hadn't stopped all viable energy supply increases over the last 30 years, this situation would not obtain. Period.
Gas prices - a little recession should cheer McFadden
April 22, 2008 - 16:27 ET by Gary HallGas prices - a little recession should cheer McFadden
US Regular gas prices
While looking at the graph, consider other ways the media could have played the game.
Now I Don't Know McFadden...
April 22, 2008 - 16:59 ET by geoff.gale...but I'd be willing to bet the ranch that she's the product of the public education system from K through kolletch.
Don't look for factual objective reporting from someone who can't be arsed to get the most factual of things right - maths. Maths have always presented the opportunity for the truly intelligent to separate themselves from the slobbering pack of hyenas. Too bad Ms. McFadden didn't quite make the cut.
"All that is necessary for the trimuph of evil is that good men do nothing."
- Edmund Burke (1729 - 1797)
www.conservativeboot...
I always find it hilarious
April 22, 2008 - 17:22 ET by Darth DutchI always find it hilarious when TV anchors or reporters tell us the obvious. Anyone who regularly drives can tell you they spend over $50 to fill up the gas tank. Why do we need Cynthia McFadden to tell us that?
In fact, I would wager that the only person surprised at this fact is Cynthia McFadden, who either: a) has a ton of money so that $50 to fill up her car might as well be $5, or b) has a driver or chauffer so that she doesn't even do the filling up of the tank herself.
Darth Dutch
And Yes McFatten
April 22, 2008 - 17:28 ET by GoodieThe price of Corn is around $6 a BSHL, thanks to you Cindy, you need to push yourself away from the food table...You are starving the children while burning all that gasoline in your SUV.
You May Have Hit On Something Here
April 22, 2008 - 21:32 ET by geoff.galeYou know, Darth, if Ms. McFadden is based in New York, which she might well be, I wouldn't be surprised if the network springs for a car service for her. It's not that uncommon in NYC for companies to take such steps in order to provide protection for people who have some notoriety, and in order to assure that they can get those people to places/appointments on time.
"All that is necessary for the trimuph of evil is that good men do nothing."
- Edmund Burke (1729 - 1797)
www.conservativeboot...
President Bush
April 22, 2008 - 18:27 ET by Jerry MackGeorge Bush was the one that pushed for more oil production by the U.S. I believe that 3 bills were introduced into congress to drill in Anwr. All 3 were stopped by the dims and John McCain. Drilling off the coasts was also not allowed. A Lng terminal was also stopped from being built off the coast of California by dims.
JM... Yep. "Never
April 22, 2008 - 18:32 ET by bigtimerJM...
Yep.
"Never murder your opponent when he is committing suicide." ~ W. Churchill
Cynthia darling; why don't
April 22, 2008 - 18:55 ET by sembyCynthia darling;
why don't you ask your democratic friends in Congress to eliminate the 18 cents tax that we pay on gas and start drilling for oil in this country...idiot!
Fuzzy Math?
April 22, 2008 - 20:27 ET by pbthinkerIs the Democratic Party, and the liberals in general, the party of the teachers unions and the school teachers? Why can't they help these people out? Then again, maybe they are!!!
Democrats: Stuck on Stupid since 2000.
Last I heard..
April 23, 2008 - 01:42 ET by gfrrmanthe left WANTED gas prices to go up so people would start conserving and driving less???? Careful of unintended consesquenses!!! Typical libtards! Oh, and that ethanol thing is working out just fine, huh, AlGore???
"Eventually, Socialists run out of other peoples' money...." MARGARET THATCHER
→ Unintended consequences
April 23, 2008 - 02:07 ET by Cool ArrowIncrease in hunger as a result of stuffing food in our gas tanks was both predictable and predicted.
So we've got oil prices and ethanol both pressuring the cost of food upward.
♣ a seal
Uhhhh...
April 23, 2008 - 07:07 ET by UnsaneUm, sweetheart, Bush does not set the price for gasoline...the market does.
Pay close attention to my tagline.
Res tantum valet quantum vendi potest.