The latest estimate of economic growth for the final quarter of 2012 published by Uncle Sam's Bureau of Economic Analysis on Thursday told us that the economy grew at an annualized rate of 0.4%. Not annualized, that means it actually grew by 0.1%. A $100,000-a-year business doing that "well" during a quarter would have seen its sales increase by $25 (.001 times $100,000 divided by 4).
If you only read CNNMoney.com's Dec. 17 attack on the tax cut deal you might think that Congressman Mike Pence, R-Ind., opposed extending the Bush-era tax cuts because of the cost. But that's not the case.
CNNMoney senior writer Chris Isidore wrote the article: "Costliest stimulus, weakest payoff" attacking the tax deal Congress passed. Using the Congressional Budget Office (CBO) figures, Isidore complained that it would cost $858 billion - accepting the liberal assumption that tax cuts are a "cost."
He even misused comments made by Pence to support his liberal claims. After describing tax cuts as an inefficient way to grow the economy, Isidore wrote, "And at a price tag of almost $900 billion at a time when the national debt is sky high, the proposal is considered a pretty big risk. That's why even some Republicans who like the idea of lower taxes are opposing the bill."