If the agency responsible for reporting economic data to Congress as well as commenting on budget proposals concluded the Senate's stimulus plan not only won't have much positive impact, but will actually hinder output in years to come, shouldn't the American people be informed about this?
On Wednesday, the Congressional Budget Office issued a rather pessimistic view of the stimulus bill in front of the Senate, and virtually no major media outlets reported it.
Not the New York Times. Not the Washington Post. Not USA Today. Not ABC, CBS, NBC, CNN, or MSNBC.
What were they hiding from the public? This (emphasis added):
Most of the budgetary effects of the Senate legislation would occur over the next few years. Even if the fiscal stimulus persisted, however, the short-run effects on output that operate by increasing demand for goods and services would eventually fade away. In the long run, the economy produces close to its potential output on average, and that potential level is determined by the stock of productive capital, the supply of labor, and productivity. Short-run stimulative policies can affect long-run output by influencing those three factors, although such effects would generally be smaller than the short-run impact of those policies on demand.
In contrast to its positive near-term macroeconomic effects, the Senate legislation would reduce output slightly in the long run, CBO estimates, as would other similar proposals. The principal channel for this effect is that the legislation would result in an increase in government debt. To the extent that people hold their wealth in the form of government bonds rather than in a form that can be used to finance private investment, the increased government debt would tend to “crowd out” private investment—thus reducing the stock of private capital and the long-term potential output of the economy.
In English, as our debt goes up, the dollars that are invested in it are taken away from other channels -- stocks, corporate bonds, private equity, real estate, etc. -- which, in the long run, produce jobs and generate output. The resulting decline in such investments will have, according to CBO, a dampening economic impact in the years to come.
Isn't the public entitled to know this? Should the media decide this isn't important enough for citizens to be aware of?
After all, if not for outlets like Fox News, the Washington Times, and Investor's Business Daily which all reported CBO's analysis, Americans would have been largely in the dark concerning this matter.
Is this the state of journalism today? Are we destined for years of omissions like this so that liberals in the media can aid and abet the Democrats who now control Congress and the White House?
Let's be clear: this isn't some think tank with an obvious political leaning. This is the Congressional Budget Office.
What else is going to be withheld from us in the coming years?
—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.




















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After Susan Collins made
February 7, 2009 - 21:33 ET by bigtimerAfter Susan Collins made her floor speech, and it got down to the other Senators making theirs...I think, along with their anger, they all mentioned the CBO numbers and what the report said, quoted from the written words, loudly and often, explaining what this means to any who listened.
If this had been the democrat Senators, many of them would have been quoted in all the leftist rags, let alone numerous clips played endlessly on all of the networks...heck, they'd be on the Sunday Talk shows.
It has been infuriating...all of this.
Seriously...
February 7, 2009 - 21:47 ET by unkeeafThis can't surprise you. Infuriate? Of course, but not surprise. My tag line says it all. The MSM is a full-time public relations firm for the DNC. They are shameful and guilty treason in my humble opinion.
MSM = PR firm for the Democrat Party
uk... If you were
February 7, 2009 - 22:23 ET by bigtimeruk...
If you were replying to my post....
I was in NO way surprised...whatsoever.
I know how they work, expect as much all the time...I know very well they are arm in arm with the leftist party...always have been...just more blatant about it now...when I say now, I mean increasingly just in the last ten years up to this day.
No - the public does not have the right to know
February 7, 2009 - 21:48 ET by Gary HallNo - the public does not have the right to know. Naturally, we know that was a rhetorical question.
Actually Noel, as I'd noted, the NY Times went to the well of support from the Congressional Budget Office some 7 times in the past 7 days. They missed the point we all need to hear, as you have pointed out; choosing instead, along the way, to cherry picked the agenda bits they wanted the public to hear:
Oh my! (;~> gary
The media does what it does
February 7, 2009 - 22:22 ET by rbosqueThe media does what it does best. Censor.
They are in the tank for the "ONE" so, this is no surprise.
Agreed; Censor
February 7, 2009 - 22:34 ET by slickwillie2001The most pervasive form of liberal bias in the media are the omissions, the stories that aren't done, the investigative reporting not undertaken, the voices not heard. Unfortunately they are also the most difficult to document and prove as bias. The answer can always be -we had other more important news, or it was not properly sourced, etc, etc.
Exactly!
February 7, 2009 - 23:03 ET by rbosqueExactly!
This is not a stimulus plan, it is a government power-grab...
February 7, 2009 - 22:55 ET by R D Helm...the largest in recorded history, and the second massive power grab carried out by the socialists in the last six months.
Hell, the socialists even managed to scare George W. Bush in to signing the first power grab into law for them. What a coup that was.
The only thing this bill was designed to do, besides greasing some social-democrat supporting palms, is to so deplete the U.S. Treasury that future calls for tax cuts of any kind will be utterly impossible politically.
If this bill causes the economy to tank, then so much the better, as far as its authors see it.
After all, it was reckless, massive government spending such as this that helped turn the crash of 1929 into a full-blown depression. The authors of this bill are well aware of that fact.
The democrats then willingly promoted the erroneous perception that FDR and his "New Deal" is what got us out of the depression. As such, they were able to seize congress, and particularly the House of Representatives (the most powerful elected body in this nation) and maintained that power pretty much uninterrupted until 1994.
Never mind that the three people most responsible for getting this nation out of the Great Depression were named Hideki, Adolf and Benito.
In 1996, after 12 years of wandering in the political wilderness, they managed to regain the congressional power they once enjoyed, and have no intention whatsoever of ever relinquishing it again.
All that is left for the socialists to complete their takover of this nation is to get control of our national healthcare system. Once they gain control of that, what little that will be left of the private sector won't last very long.
-Dave
Our clueless political leaders are about to drive us all over a cliff. The time to HITM is now-before we go over.
what I can't wait for...
February 7, 2009 - 22:34 ET by candance...is to see how Republicans are blamed for the economy two years from now. At least we'll get a laugh out of the spin.
But acts of kindness and generosity must be free and voluntary; no man has a right to compel another to follow his conscience. This is a concern which lies between a man and his God.
-Richard Fuhrman, pro slave advocate, 1823
hey candance.....it's already here
February 7, 2009 - 22:42 ET by porpoiseboybho has already said "i inherited this economy"...so the foundation is laid. he has completely discounted the fact that he was in a large part elected because people believed him more when he said he would cut taxes than they believed mcrino. or probably more to the point, he doesn't care now that he is in. if he woulda told the peeps "we are going to spend our way outta this".....
that is one of the reasons i have to laugh every time i hear some pundit start a sentence with the phrase "the american people are to smart to......." really??
"Here comes the orator! With his flood of words, and his drop of reason" Ben Franklin
Ecclesiastes 10:2 The heart of the wise inclines to the right, but the heart of the fool to the left
Yea BHO already whining from
February 7, 2009 - 23:12 ET by GregEYea BHO already whining from the podium. "This recession was here when I showed up"..........yea so what BHO, save your breath. We all know this, and saying it, as President of the United States that you are NOW, means nothing to me. Whatever you "inherited" you inherited, and we all know this so spend your podium time talking about things to come. You're in the Office now, the campaign is over.
Is this the state of
February 7, 2009 - 22:36 ET by motherbeltIs this the state of journalism today? Are we destined for years of
omissions like this so that liberals in the media can aid and abet the
Democrats who now control Congress and the White House?...[ ]... What else is going to be withheld from us in the coming years?
Noel, you put my thoughts into better words than I could have.
How are we supposed to be a free people when the government ignores or downplays important information, and the media is complicit in it?
The media have gone from watchdogs to lapdogs. They are, as Rush says, "willing accomplices" of the liberals.
They decide when "the American people have a right to know" and what we don't need to know.
We might as well have a government newspaper, like Pravda.
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
Those cheeky bastards.
February 7, 2009 - 23:09 ET by dborschjr68Those cheeky bastards.
"Liberate tutume ex inferis, liberal puppets." Me.
OK, on topic but not
February 7, 2009 - 23:30 ET by GregEOK, on topic but not directly responding to the media ignoring the report. Thinking about something here.....
Ok, so they want to "spend" $1 Trillion. Our yearly budget is around $3 trillion. So, one of the most powerful things that any Senator could do (and it would take a truly conservative one with cajones to not care that his fellow Senators would never speak to him again) would be to hype up a plan for a couple of days. Say he's going to make a huge announcement at noon in 2 days, a major proposal that the American people are going to want in droves.....
....two days passes, he steps to the podium, explains that the current bill is nonsense and Socialism, that it grows government, etc etc.......and then he mentions our $3 trillion budget, and the $1 trillion Congress wants to spend, borrowing it to do so of course.
So, if we're going to drop $1 trillion and have to have committees and panels to make the money go where it needs to go, those are huge administrative costs on top of the $1 trillion. Instead, he proposes this.......FOUR months......1/3 of a year, no American or American corporation will pay income, Social Security, or Medicare taxes. And he tells Americans to look at their paycheck, and know that for the next 4 months, the amount they gross will be the amount they keep, and let everyone know that no other Congressman backs him, and for every American who wants their entire paycheck for the next 4 months, to get on the phone with their Congressman and let them know.
This would get OVERWHELMING public support. Congressional phone lines would be jammed. The Congressman who proposed it would never be spoken to again in the halls of Congress, because he would be removing everything that is wanted in this current crap bill - power! If he were to push this on the airwaves properly, there would be an American uprising to make it happen.
Most of Congress would hate this. People would actually pay attention to how much taxes they were paying (and will be again after 4 months), and this would be kryptonite to the politicians.
I swear, this would never happen.......why? TOO SIMPLE!! We're about get rammed with $1 trillion in spending........so why not $1 trillion in tax holiday instead? Am I the only one that sees this?
GregE... No you're not
February 7, 2009 - 23:39 ET by bigtimerGregE...
No you're not alone.
I've heard different talk of this also here and there.
My husband and I got into a big discussion about this last night....you wanna' bet others across this land aren't either?
As the politicians like to say, we're sitting across from each other at our kitchen tables discussing bread and butter issues.
It makes too much sense.
February 7, 2009 - 23:58 ET by GregEIt makes too much sense. And the politicians know that it takes away some of their power and methods of holding power over Americans that has been developing for years. Making people aware of their tax payments would set politicians back 20 years or more, and cause much heartache for liberal minded politicians, much moreso than conservative ones.
It's bills like the one on the table that show just how dangerous it is to have a huge majority of liberals in Congress, with a liberal president.
I gotta stop, my head's gonna explode!
GregE... You hit the nail
February 8, 2009 - 00:09 ET by bigtimerGregE...
You hit the nail right on the head!
Complete power indeed...agenda, agenda, agenda.
You aren't the alone with the head about to explode either....believe me.
BT -something to cheer you up - new ad to go live tomorrow
February 8, 2009 - 01:27 ET by Dee BunkDump Harry Ried
Dee... Perfect timing
February 8, 2009 - 01:57 ET by bigtimerDee...
Perfect timing too!
Wished this had been done about Wed. though, better late than never.
I sure hope he loses in 2010, knowing how ACORN worked in Nevada this previous election, plus the usual scam/controls he has in Nevada, illegal immigrants ect...it will be a miracle if he goes bye-bye.
Tax Holidays will not work
February 8, 2009 - 01:56 ET by PopularTechThey are gimmicks, we need real permanent tax cuts. Any holiday will not increase growth because everyone knows that they will go back to paying the full amount in a few months and no one would risk investment based on this.
Carbon Dioxide (CO2) is Not Pollution
PT... I agree. That is
February 8, 2009 - 02:02 ET by bigtimerPT...
I agree.
That is what we were in a big discussion about last night too here in our home.
...one thing about it though, it would wake tons of people up to start paying attention once and for all and posibly who they vote for next time.
Who knows what is going to happen on down the road...it is a real mess.
Stimulus
February 8, 2009 - 02:27 ET by KC MulvilleAll stimulus means is that we are going to bribe you to spend money that you aren't currently spending. The question is, why aren't you spending it? Until the stimulus package addresses and answers that question, no matter how much money you throw at the problem, nothing will stick.
I have not heard, seen or read about............
February 8, 2009 - 04:49 ET by old croANY democrat senator who does not support this bill. Are they that much in lock step? Do they have no cojones? (or a reasonable facsimaly of) Are they truly ingnorant of the peril this plan puts the USA in? Has anyone even wavered?
Open letter to Michael Steele, GOP Chairman
February 8, 2009 - 11:09 ET by dscottAs part of retaking Congress we must weed out those marginal senators
and representatives who compromise with the Democrat leadership.
Comprise is nothing more than a sustained retreat from our principles
as a Party. I say it is better to know who will not stand with us than
to be blind sided by so called moderates who are actually self serving
media hogs. Whether you recognize it or not John McCain was the MSM's
useful idiot as they for years talked him up when he repeatedly went
against the GOP and then they paid him back when he ran for president -
he got little coverage while Obama got the lion's share. It shouldn't
have come as a surprise Obama won.
For this reason I ask you to consider very strongly that any senator
who votes for the porkfest, they call a stimulus bill MUST be removed
from the GOP as David Duke was. The GOP needs to make the point that if a $15,000 tax credit for buying a house is stimulus then they
should take that specific item as a bill and pass it quickly. If the
Congress can quickly pass the Ledbetter Act, a union booster, then they
should have no problem with passing a house buying credit bill on it
own merits. There is no need for negotiating on a massive bill where
you are trying to weed out pork when you can directly pass something
everyone can agree upon. The point of the massive porkfest is to pass
as many liberal goodies as possible (which would never pass on its own
merits) and then take credit for it when the economy eventually does
recover. Does it make strategic sense to allow the Dem Party to take
credit for pork???? Any GOP senator who can't see the time worn lib
tactic is just plain incompetent, and therefore a useful idiot to the
liberal cause. It is time for the GOP to rid itself of these useful
idiots.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Dscott, we think alike, my friend
February 8, 2009 - 11:15 ET by jefflebowskiI wrote on this very topic yesterday on Angry White Dude yesterday. I gave Mr. Steele my suggestions to return the Republicans to power. Here is a link:
http://angrywhitedud...
Angry White Dude
Old Kenyan proverb never use
February 9, 2009 - 12:23 ET by DomonuOld Kenyan proverb never use the truth when any lie will do! Never trust a rookie when you need a warrior!How do you make a democrats head explode ask them to solve a problem in stead of starting another program or tax!