Olbermann's 'Federal Budget Debt a Good Thing' Staggeringly Stupid

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Olbermann's 'Federal Budget Debt a Good Thing' Staggeringly Stupid

By Noel Sheppard (Bio | Archive)
Wed, 02/10/2010 - 02:01 ET

On a nightly basis, MSNBC's Keith Olbermann pompously presents himself as being the smartest guy in the room as he belittles every leading Republican in the nation.

But on Tuesday, the "Countdown" host exhibited a staggering level of ignorance as he claimed "federal budget debt" -- whatever that is! -- as a percentage of Gross Domestic Product is "about the same as it was in 1970," and "far less than it was throughout the Reagan administration."

To begin with, there is no "federal budget debt." There's a federal budget DEFICIT and federal DEBT.

That this self-proclaimed genius doesn't know these are different things is by itself proof of his almost unimaginable incompetence on this subject.

Yet, whether he meant debt or deficit, what he told viewers during his "Worst Person in the World" segment Tuesday was 100 percent wrong (video embedded below the fold with transcript, h/t Right Scoop, file photo):

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KEITH OLBERMANN, HOST: That`s next, but first tonight`s worst persons in the world. The bronze to Congresswoman Marsha Blackburn of Tennessee. You`ll remember, the record setter for longest monotone question to the president at their meeting. Her new debt solution? Allowing younger Americans to privatize their Social Security accounts, where they can get wiped out the next time the mortgage industry or some other form of legalized gambling wipes out another chunk of the economy. By the way, federal budget debt is a good thing in a recession. It`s not a bad thing. As a percentage of Gross Domestic Product, it`s about the same as it was in 1970, as it is right now, far less than it was throughout the Reagan administration.

Really? Well, let's look at the numbers, shall we?

According to the Office of Management and Budget, which happens to be under the oversight of the White House, these are the federal deficit numbers for the years in question as a percentage of GDP (last number on the right):

As you can see, in 1970, the deficit as a percentage of GDP was 0.3. Under Reagan, it never got over 6.0 percent.

Let's look at today's numbers, shall we?

Aha. 2009 was 9.9 percent, and 2010 is estimated to be 10.6 percent.

As such, Olbermann wasn't even close.

Now, let's look at the gross federal debt numbers (last number on the right):

As you can see, the total gross federal debt as a percentage of GDP in 1970 was 37.6. The highest it got during the Reagan administration was 53.1 percent (fiscal 1989 budget).

Now, let's look at today's numbers:

As you can see, 2009's total was 83.4 percent of GDP. As we don't know what the final numbers will be for 2010, we can only go by the estimate of 94.3 percent.

Regardless of where 2010 ends up, it will certainly be FAR greater that 1970's 37.6 percent AND 1989's 53.1 percent.

As such, Olbermann wasn't only wrong -- he was staggeringly wrong.

But this shouldn't shock anyone who's been reading NewsBusters since we began covering this pompous buffoon in 2005, and certainly won't surprise conservative talk radio host Hugh Hewitt who told Howard Kurtz on Sunday's "Reliable Sources":

He's a joke. He's recognized as a joke. His ratings have gone through the floor because he's a sportscaster who doesn't know anything.

Indeed.

The fact of the matter is that Olbermann's popularity was based in his unprovoked attacks on the Bush administration. That's what his small number of viewers wanted from him, and that's what they got.

But now that Bush is out of office, and the Democrats control the White House and Congress, the "Countdown" host has to find other topics besides conservative bashing to fill his program every evening.

As a result, with each passing day it's becoming apparent how little he really knows, and his declining ratings show that his audience is beginning to realize it.

The only question is when the folks at General Electric and NBC will recognize that this one-trick pony has become the laughing stock of cable news.

Stay tuned.

*****Update: See Ed Morrissey's take.

—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.

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Comments Policy

All comments are owned by whoever posted them and are subject to our terms of use. They should not be assumed to represent the views of NewsBusters.

Federal budget debt is a good thing in a recession.

Wed, 02/10/2010 - 02:26 ET by TylerP

HUH? This jackass seems to be digging himself even deeper with his stupid rants and hand-puppet shows. No wonder he doesn't have anyone on his show that has a different opinion. Bathtub boy better get his rubber duckie ready, their gonna be spending an awful lot of time together.

Maybe he should have a live audience...

Wed, 02/10/2010 - 10:22 ET by Mitch NJ

lie detectors, pregnancy kits and DNA testing...

What!? Jerry Springer has that gig already?

Well, guess he could always do the show in blackface...

why is it?

Wed, 02/10/2010 - 12:40 ET by Patriot II

Everytime I look at that ignorant slug, I expect to see the words "Dribit" come out of his mouth?

Am I the only one...

Wed, 02/10/2010 - 17:27 ET by adamsmith

Am I the only one who turns this ass clown on during an O'Reilly Factor commercial and get the same feeling as watching a chimp at the zoo throw his own feces at the audience? Read about him over at the Huffington Post sometime. They must like someone throwing that at them. It's a sick,sick world. Keep up the great reportage, Olberchimp......

One Trick Pony lol

Wed, 02/10/2010 - 02:32 ET by Lord Snot

One Trick Pony indeed. This waste of space is on his last leg, hopefully.

Feel like I'm wasting my time but...

Wed, 02/10/2010 - 02:42 ET by caiobabe

What a dumb ass!

Can't Spin

Wed, 02/10/2010 - 02:42 ET by Tuari

I guess they situation is so bad these days for the libs and MSNBC that they can't find a way to spin anymore so they just flat out make lies, blame the Republicans and Bush, then hope people would be too lazy to check the facts. Sadly, many people are.

Just wait until this hits the Olberpudknocker right in the face:

Wed, 02/10/2010 - 02:48 ET by R D Helm

Eat up, you flaming bathtub fairy.

And the most delicious part is that you think you are going to be somehow immune from all this.

ROFLMAO!

-Dave

Thanks, Obama.

He is immune from all of

Wed, 02/10/2010 - 04:21 ET by redo

He is immune from all of this because he is irrelevant. Nobody even cares what this dude says except Fox News so they can have ammunition.

redo---

Wed, 02/10/2010 - 05:25 ET by matthewdean

Better start working at growing an extra eye in the back of your head.

Putzmeister.

Are you threatening me?

Thu, 02/11/2010 - 19:01 ET by redo

Are you threatening me?

Good point, redo

Wed, 02/10/2010 - 13:06 ET by Galvanic

Olbermann's audience has been shrinking drastically as his diatribes get wilder and sillier, his self-proclaimed intellect looking more and more twisted. He's in a ratings-hole, and he continues to dig.

Like his Democratic comrades who openly deny that big losses in Virginia, New Jersey, and Massachusetts are responses to Obama-ism, Olbie appears to be in self-denial about his ratings, and rather than sobering up, he's apparently decided that what the audience once is bigger doses of absurdity.

And I say, "Keep it going, Keith! Go all the way!"

NS. Ya nailed it..

Wed, 02/10/2010 - 02:51 ET by Gary Hall

Now, if the nail is sticking thru the board far enough, would someone pound Olbermann on the head with it a few times.

(;~/ gary

..not that it would affect him..

Howard Beale, this is your cue ...

Wed, 02/10/2010 - 03:07 ET by KC Mulville

A year ago, or so, I predicted that Olbermann would eventually run out of plausible things to get outraged about, and then his "Sir, I'm outraged" shtick would start to fizzle. Sooner or later he would either throw a dud, or one would blow up in his hand (pardon the imagery).

Now the ratings are plummeting. There's going to be a meeting with NBC suits who suggest a change to the show's format. That will prompt Keith to ask for one more chance to make his show work. That's when Olbermann will try for more outrage. His bombasts will become so severe (and patently ridiculous). Finally, he'll throw the Atomic Rant ... and no one will care. NBC will cancel him (or he'll go back to sports as "what he always really wanted to do").

The bomb-thrower will go out with a bang, not a whimper ... but he will go out.

KC... Howard Beale & NETWORK!!

Wed, 02/10/2010 - 03:15 ET by MrShy

Guess what's winding down to the final scene right now on TCM? :p They're about to assassinate him on his show.

It's part of TCM's Oscar-winning string of movies this month... this one won a few, including Faye Dunaway and possibly Peter Finch...

Oh, and, guess who plays one of the assassins? A young Tim Robbins! (yes, the irony is thick....)

I'm not looking for anyone's pity. - Jer
There have been studies. - Jer

I didn't want to mention the ending

Wed, 02/10/2010 - 03:37 ET by KC Mulville

It might give NBC ideas.

I love the movie, though. So many great lines. So many great scenes. The scene where William Holden is pouring his heart out to Faye Dunaway, and the phone rings -- does she answer it?

But I digress ...

double

Wed, 02/10/2010 - 03:13 ET by MrShy

post, sorry...

I've never even heard of

Wed, 02/10/2010 - 04:25 ET by redo

I've never even heard of this guy until a few weeks ago when I read a conservative blog trying to discredit him. It's a waste of time to go after this guy, and anyone who is serious has already forgotten about him.

redo---

Wed, 02/10/2010 - 05:29 ET by matthewdean

Three posts so far by you.

Gonna get a pool going on what your total will be before flameout.

Rude dude, you are.

RD, in case you were wondering.

$

Wed, 02/10/2010 - 12:32 ET by redo

Can I get in on that pool?

redo---

Wed, 02/10/2010 - 18:11 ET by matthewdean

Might want to try entering the "cognitive gene" pool first.

See if you can garner some.

Is that a yes or a no? And

Thu, 02/11/2010 - 19:03 ET by redo

Is that a yes or a no? And what's the cognitive gene pool up to now? Thanks MD

Never heard of this guy?????

Wed, 02/10/2010 - 07:24 ET by motherbelt

<Chris Matthews imitation> HA!

"Trying" to discredit him???????

ROFL

So, maybe they don't need to

Thu, 02/11/2010 - 18:58 ET by redo

So, maybe they don't need to try. Why do they keep paying attention to what he says? Nobody else does.

Ever Wonder Why Bath Tub Boi...

Wed, 02/10/2010 - 12:35 ET by Wildcatter1980

... has never gone back to ESPN/ABC? Reportedly, he did not just burn his bridges when he left there, he nuked them. One of the things he alleged did was to go after Suzy Kolber so viciously that she was pushed to tears it was that awful.

We need to stop calling them "Progressives" when in reality they are big government "Socialists" who no longer value the individual's rights to Life, Liberty and the Pursuit of Happiness.

Keith

Wed, 02/10/2010 - 03:16 ET by JPP

I have said it before and I will say it again. The color of the sky in Keith's world is not the same that that the rest of us see.

So he spreads his usual crap to his usual audience of other "True believers" all 999 of them. Ignore him he is irrelevant!

You are correct JPP, the

Wed, 02/10/2010 - 10:53 ET by Scuba Dude

You are correct JPP, the sky in bathtub boys world is a kind of fecal brown in color. That is usually what one sees when their head is so far up someones buttocks.

"The more corrupt the state, the more numerous the laws" Tacitus

I really don't want him to go off the air.

Wed, 02/10/2010 - 03:32 ET by libfail

The more he talks, the more he turns people off of being liberal haha.

http://libfail.com

Excellent analysis

Wed, 02/10/2010 - 05:09 ET by Sam Grant

Excellent analysis Noel...shoot down worst person #1...I'd like to comment on worst #2....Imhoff's family building an igloo in DC....to which he says "Climate change means where it is supposed to get warm...it gets warmer....and where it's supposed to get cold....it gets colder?"....okay...explain to me how Florida is experiencing 50-60 degree weather?...Including the Keys?....and here in PA and Wash DC getting record snowfalls....where is the warming?....and how the hell do you spin the "Climate Change" into "where it's supposed to get cold....it gets colder?....

and..Vancouver...has no snow

Wed, 02/10/2010 - 05:20 ET by Sam Grant

and..Vancouver...has no snow for the Olympics?....how the hell does it get colder?

Saw that

Wed, 02/10/2010 - 07:51 ET by Texndoc

I saw that 2nd worst person in the world thing about global warming and it was predictable what his "scientific explanation" was going to be before he said it. And said it with a smirk that made you want to smack the TV screen. "Duhhh! It's 'climate change', you know, colder where it's supposed to be cold and warmer where it's supposed to be warm, Duhhh!" I like climate "change", bet people on the East Coast today would like some climate "change", no?

What a Surprise!

Wed, 02/10/2010 - 06:39 ET by sic721

Another Conservative woman on his 'worst person' list. Go figure.

Check out this article about Keef and women from American Thinker:

http://www.americanthinker.com/2010/02/the_fat_lady_sings_for_keith_o.html

What a loser.

Olbermann is on the "worst

Wed, 02/10/2010 - 11:13 ET by celator

Olbermann is on the "worst person" list of every woman in America. Or so my sister tells me (true). ;+]

The last sentence of that article sums it up:

Wed, 02/10/2010 - 11:49 ET by MightyMouth

"...a deranged diva who has yet to decide whether his jockstrap is half-empty or half-full."

Perfect description of Keith Olberloon Mr. Schwartz!

"I'm madder than a midget with a yo-yo" -- Lary the cable guy.

I kind of like this quote

Wed, 02/10/2010 - 14:26 ET by generalbroccoli

From a New Yorker article referenced in your article:

“I fired him,” Rupert Murdoch said recently. “He’s crazy.”

Hmmm...I guess he really doesn't like Fox! Anymore.

Olbermann is NOT wrong

Wed, 02/10/2010 - 08:15 ET by BlueCat57

Noel Sheppard is wrong!! He is a politically correct hack of NewsBusters.

Olbermann is not wrong he is lying or stupid.

Keith either KNOWS the numbers and is lying about them.

Or he is stupid and can't figure out how to find the facts.

I'll report. You decide.

Good to see you have your

Wed, 02/10/2010 - 16:39 ET by Jack Bauer

Good to see you have your priorities right.

Just one small thing: why would the fact that a person is lying or stupid not also make them wrong. I see no reason why these states are mutually exclusive.

Remember folks: weather is not climate. Unless it's a heatwave in summer; and then, weather "proves" global warming.

Jer got it right

Wed, 02/10/2010 - 21:40 ET by BlueCat57

Noel Sheppard was wrong in that he didn't call Olbermann out for lying.

Wrong is politically correct speak for lying. We don't need no f###ing r-word PC speak here. };-P~

Just trying to show that we've been taught to be so politically correct that we can't even call a liar a liar anymore. We have to say "He's wrong." so as to not offend anyone.

Jer was right. The post was meant more to be silly than serious.

One of the few things I remember from my college communications classes is that the more predictable the speech the less it is remembered.

That is why Sarah Palin's "Death Panels" was so effective. It communicated in a way that people remembered. As Mae West (or was it Zsa Zsa Gabor?) was wont to say: I don't care what people are saying about me as long as they are still talking about me.

Noel is wrong about what?

Wed, 02/10/2010 - 17:23 ET by CobraMan

Noel is wrong about what, exactly? It can't be the percentage of deficit to GDP figures and the fact that our current deficit to GDP percentage is the highest it's been since 1945. That's a matter of public record.

The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States.
The US Constitution

Unless you're a fetus.
The US Supreme Court

Strong contender for the

Wed, 02/10/2010 - 17:32 ET by Jer

Strong contender for the Silly Post of the Week.

Jer

Excuse me?

Thu, 02/11/2010 - 01:09 ET by CobraMan

Excuse me?

On Edit: Opps, sorry, wrong thread. My Bad.

The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States.
The US Constitution

Unless you're a fetus.
The US Supreme Court

CobraMan,,,

Thu, 02/11/2010 - 02:54 ET by Jer

You're excused.

Jer

A song on the radio...

Wed, 02/10/2010 - 08:17 ET by dmntd1

Listening to the radio yesterday, and they started playing "Lump". For some odd reason, one line in it always comes to mind when you post something about Olbermann.

Lump lingered last in line for brains, and the ones she got were sorta rotten and insane. Small things so sad that birds could land.....

We dare not tempt them with weakness. For only when our arms are sufficient beyond doubt can we be certain beyond doubt that they will never be employed.

Olbermann's deficit:

Wed, 02/10/2010 - 08:28 ET by P. Aaron

Olbermann's deficit is his ratings and intelligence.

Legends In Their Own Minds

Wed, 02/10/2010 - 12:54 ET by Wildcatter1980

Bath Tub Boi and Barry think they are always the smartest persons in any room they enter. They are legends in their own mind.

Yet, Bath Tub Boi cannot figure out why he can get no more that a very small fraction of Bill O'Reilly's audience nor can Barry figure out why he cannot get health care reform passed or Iran, al Qaeda or the rest of the world to like us based solely on his soaring rhetoric.

We need to stop calling them "Progressives" when in reality they are big government "Socialists" who no longer value the individual's rights to Life, Liberty and the Pursuit of Happiness.

Not to

Thu, 02/11/2010 - 19:23 ET by UpNorth

mention his relationships with people. And his ability to communicate. And.... but I repeat myself, and everyone else. Olberman does do us a service, though. He shows anyone who cared to look what a true liberal is really like. I said "cared", as it appears that few care to look these days.

Love that stock

Wed, 02/10/2010 - 08:46 ET by HockeyKid

Love that stock photo--shows ol' Keef in his usual state: so constipated it's backing up and blowing out his pie hole.

"Beauty is only skin deep, but liberal's to the bone." - me

Maybe....

Wed, 02/10/2010 - 08:50 ET by notinstl

olberdork should have written a note on his hand.....

Cow College

Wed, 02/10/2010 - 09:07 ET by obageegee

Well he is the most famous graduate of Cornell's Cow College, that must count for something. NOT!

Spend Everyone! Spend, Spend, Spen, Spen, Spin!

Wed, 02/10/2010 - 09:09 ET by Crash

According the the MSM types like Charlie Gibson and Keith Olbermann the debt is only bad when a "R" is in the big house. But, I've got to hand it them, were I that big a joke ... I couldn't keep a straight face.

Noel, numbers are lost on Olbermann - his system is...

Wed, 02/10/2010 - 09:10 ET by acaiguana

One, Two, Three...

Oh yeah --

Many.

ACA

...

Quoted from: 'Acaiguana notes from the Underground' (Soon to be at theaters near you)

Spend Everyone! Spend, Spend, Spen, Spen, Spin!

Wed, 02/10/2010 - 09:12 ET by Crash

Hi I'm Keith, I got my degree shoving my arm up a cows arse. Today, my head's up a donkeys ass!

Yep, he

Wed, 02/10/2010 - 11:03 ET by jessieH

Yep, he forgot to take his medication, again. What a freak!

Re Ratings

Wed, 02/10/2010 - 11:02 ET by slickwillie2001

On my cable system, the 'crackling-fireplace' channel is now beating msnbc. How long do they have? How many of them will NBC rescue?

More of the Same from this Knuckle Scraping Troglodyte

Wed, 02/10/2010 - 11:08 ET by donsales

One shouldn't be surprised by ANYTHING coming out of the mouth of this lunatic with the full support and encouragement of MSNBC brass........

What amazes me is that the Chairman of NBC Sports -- Dick Ebersol -- had enlisted this moron to participate in Sunday Night Football telecasts on NBC.....

This DOES surprise me....I thought he was the master of ratings and the sports programming....the only thing Olbermann brings to the party is channel switching for all pre and post-game analyses by millions of Americans who will NOT tolerate one more minute of airtime for this @hole.....

Could it be that Ebersol together with other brass at NBC actually believes and supports what this jerk is saying night after night???

Yep....must be....sell GE stock immediately in protest......and let's see how long this guy stays around.....

Nowhere to Run....Nowhere To Hide.....

This is what happens....

Wed, 02/10/2010 - 11:20 ET by saintknowitall

....when you give a bad sports announcer his own opinion show.

"...it's becoming apparent

Wed, 02/10/2010 - 11:46 ET by mattm

"...it's becoming apparent how little he really knows..." He should dress in drag and apply for a job on "The Skew."

legalized gambling??

Wed, 02/10/2010 - 13:14 ET by MissMinPhx

Private retirement accounts are legalized gambling? Maybe for those who don't diversify too well. Most of us do have some stocks, but we also have bonds, IRAs and other very stable investments as well. Olbermann's comments are so off-base they are almost funny.

Thanks for suffering through

Wed, 02/10/2010 - 13:28 ET by goldbough

Thanks for suffering through this show once again. My guess is that they did some weird math (the kind that doesn't hurt anyone's feelings if they get the wrong answer) to come up with their statements. They're also betting that people who actually watch this show will spread the lies around the internet before the truth is known.

Note to GE and NBC

Wed, 02/10/2010 - 13:54 ET by DaMama

Whoever is in charge of your cable programming, it's time to send that person on a permanent vacation.

Keith Olbermann (and Chris Matthews, Rachel Maddow, Shuster, etc.) are the most uninformed, intolerant, ridiculous newscasters on TV. Why NBC allows these people on the air is amazing.

Cable News (outside of Fox) is a joke. I have no respect for these so-called "newscasters" because they do not report the news. They spout their own liberal agenda, and wouldn't know objectivity if it came up and slapped them in the face.

Just look at the ratings - O'Reilly is on top along with other FOX shows, and the liberals are always at the bottom. There is a reason for this!!! They insult the intelligence of every American with their liberal drivel
ever day, and it's time for people to stop watching this garbage.