CNN's Eliot Spitzer arrogantly lectured about the benefits of Keynesian economics Sunday while accusing fellow panelists on "Fareed Zakaria GPS" of not knowing what they were talking about because they weren't business owners.
This led British historian Andrew Roberts to point out that President Obama's administration are mostly academics, and Ann Coulter to ask Spitzer, "What business have you ran? You’re a governor" (video follows with transcript and commentary):
MSNBC's Andrea Mitchell scolded Republican presidential candidate Tim Pawlenty today over the former Minnesota governor's proposed plan to reduce taxes and cut spending, decrying the conservative measures as "counterintuitive."
"What makes you think that a plan to actually increase the deficit by cutting taxes is the right way to go right now?" groused NBC's chief foreign affairs correspondent on "Andrea Mitchell Reports."
Looking at government as the best job creator, on Sunday’s This Week ABC’s Christiane Amanpour pushed her guests to agree the stagnant economy and growing unemployment argue for less concern about controlling federal spending and demonstrate the need for “another stimulus” big spending effort. Amanpour was undeterred by the failure of the ongoing “stimulus” spending pushed by President Obama.
“With the political wars over the debt, there is no chance for another stimulus,” reporter John Berman regretted in a set-up piece before Amanpour pleaded with Austan Goolsbee, Chairman of the White House Council of Economic Advisers:
NewsBusters readers are well aware that we like to point out when arrogant, pompous, holier-than-thou liberals make completely false statements on the air and in print.
Bill Maher marvelously did so on HBO's "Real Time" Friday claiming that the Bush tax cuts have so far given a total of $2.8 trillion to the richest one percent of Americans (video follows with transcript and commentary):
I've said for years that some of the worst reporting by the media deals with issues of finance and the economy.
"Real Time" watchers were given a perfect example of this Friday evening when a college professor that contributes to MSNBC as well as Nation magazine actually said, "I’ll put my Obama deficit next to your Reagan deficit any day of the week" (video follows with transcript and commentary):
An hour before the disastrous June jobs report was released yesterday morning, NewsBusters publisher Brent Bozell chatted with "Fox & Friends" anchor Brian Kilmeade about the media's spin job on the Obama economy.
[See video of the segment embedded below the page break]
An otherwise straightforward report on bad economic news on Friday's NBC Today cited economist Diane Swonk, who argued government stimulus prevented things from getting worse: "We basically had a massive coronary during the financial crisis....Financial stimulus and monetary stimulus, you know, got us to the stage where we're healing but we're in still in a lot of rehab."
Correspondent Tom Costello set up the sound bite by declaring: "To get things moving, the government has already cut payroll taxes while the Fed has pumped in $600 billion of stimulus money." He lamented: "But more government spending is unlikely given the political battle over the debt ceiling in Washington."
William F. Buckley Jr. once said his job was to "stand athwart history, yelling stop!" If more liberals took this advice, they wouldn't end up looking like two CNN anchors who just don't know when to say no to unsustainable deficit spending.
On the eve of a disappointing jobs report in which the unemployment rate rose to 9.1 percent, CNN International's Richard Quest plowed ahead like the helmsman of the Titanic in calling for "classic Keynesian economics" to salvage the foundering economy.
MSNBC's Chris Matthews on Thursday got a much-needed economics lesson from CNBC's Joe Kernen.
In the midst of a discussion about the economy and how it's going to impact the 2012 elections, the "Hardball" host bragged about having studied economics in grad school leading Kernen to marvelously ask, "You studied economics?" (video follows with transcript and commentary):
It never ceases to amaze me what people on MSNBC are willing to say while cameras are rolling.
On Wednesday, the perilously liberal Cenk Uygur - with a straight face no less! - told Congressman Brian Bilbray (R-Calif.) in the midst of a budget discussion, "I'm actually a fiscal conservative" (video follows with transcript and commentary):
Are deadly tornadoes really the best "stimulus" to be hoped for from the Obama White House, or is the New York Times just desperately looking for economics green shoots as the 2012 presidential elections approach?
Lawmakers from both parties are calling for a fix to prevent tax cheating companies from getting federal contracts in light of a government investigation that found $24 billion in stimulus act funds went to companies owing $757 million in unpaid taxes.
“Average Americans are likely wondering why we gave such a huge amount of federal money to tax cheats when our national debt is more than $14 trillion,” Sen. Tom Coburn (R-Okla.) said in a statement. “That $24 billion went to such people looks like we are rewarding people for potentially criminal behavior.”
The report by the Government Accountability Office on money from the $800 billion American Recovery and Reinvestment Act going to tax delinquent firms did not name any specific companies, but it gave general examples of firms with delinquent taxes receiving tax dollars.
"Thousands of companies and nonprofits that received funds from the Obama administration’s economic stimulus program owe hundreds of millions of dollars in unpaid taxes, according to estimates in a new government report."
If you had any questions as to why Dylan Ratigan belongs on MSNBC rather than CNBC they were all answered Friday night.
Appearing on HBO's "Real Time," Ratigan presented himself as a far-left commentator telling the audience of devout liberals, "This entire rhetoric machine from the Republican Party is predicated on an abandonment of arithmetic and fact" (video follows with transcript and commentary):
Earlier today, NB's Tim Graham noted that the establishment press has given the silent treatment to a study by Timothy Conley of the University of Western Ontario and Bill Dupor of Ohio State University showing that the stimulus plan passed in February 2009 was a major net economic loser. In the first paragraph of the study, the authors revealed their core estimate that the American Recovery and Reinvestment Act "created/saved 450 thousand government-sector jobs and destroyed/forestalled one million private sector jobs." That's a net loss of 550,000 jobs "destroyed/forestalled."
To test Tim's contention that "Our media only cites studies which estimate the number of jobs Team Obama 'saved or created,'" I did searches on Dupor's last name at the Associated Press, New York Times, Washington Post, and Los Angeles Times, and got back the following results:
On the front page of Wednesday’s Investor’s Business Daily, reporter David Hogberg reported that a new study found President Obama’s “stimulus” plan “may have destroyed or forestalled employment, including more than 1 million private-sector jobs.”
Destroyed or forestalled? Our media only cites studies which estimate the number of jobs Team Obama “saved or created.” Economists Timothy Conley of the University of Western Ontario and Bill Dupor of Ohio State University showed the “stimulus” saved 443,000 government jobs, but caused a net loss of more than a million jobs. This is one of those studies only Fox News noticed. But on CNN’s American Morning on Thursday, a Time magazine editor was still calling for more “investment” in infrastructure:
When an admittedly liberal Nobel laureate in economics thinks trying to balance the budget is holding America hostage, one has to wonder if there are any adults remaining on the left side of the aisle.
Consider what New York Times columnist Paul Krugman wrote Monday:
New York Times columnist Paul Krugman Monday wrote another in a series of factually dishonest pieces about budget deficits and what he likes to call 'the Great Recession."
In his "The Unwisdom of Elites," the unabashed liberal made numerous falsehoods and omissions to blame our current economic and budget woes exclusively on George W. Bush and "small groups of influential people":
Early each month, the Congressional Budget Office (CBO) issues its "Monthly Budget Review." Its purpose is to estimate and comment on the federal government's budget results for the previous month a few days before the Treasury reports its official results.
CBO's most recent review, issued on Friday (2-page PDF), estimates that Uncle Sam's outlays during April amounted to $330 billion. If that number holds up, or overstates actual results by less than $2.2 billion, it will mean for the first time ever that our government officially spent over $1 trillion in a three-month period (an estimated $330 billion in April plus a reported $672.2 billion in February and March combined). Regardless, February through April is certain to eclipse May-July 2009's previous official all-time high (after TARP-obfuscating accounting adjustments; go here for the detail) of $948.7 billion.
This certainty, the detail behind it, and the federal government's real long-term track record make mince meat of the following off-the-cuff assessment of why federal receipts and spending go up and down made Saturday by Alan Fram at the Associated Press:
A strong economy brings the government more revenue and lower spending. A weak economy in which the jobless and poor need more support does the opposite.
The April jobs report showed 244,000 job gains, “surprisingly strong” numbers according to the Kansas City Star. Many national news outlets reported that jobs number as well as the rise in unemployment rate back to 9 percent in their headlines immediately reacting to the news.
In another CNBC.com story they also said “the numbers suggested that a good portion of the boost came from McDonald’s, which moved to hire 50,000 workers last month.” While encouraging signs, don’t expect the news media to advertise that April was still the 27th month in which the unemployment rate was above 8 percent.
Economic growth in the first quarter was an abysmal 1.8 percent. Last week, initial jobless claims increased by 25,000 from the previous week, up to 429,000. The Federal government borrows $188 million an hour, or over $52,000 a second, just to keep up with President Obama's spending demands. Despite almost a trillion dollars for Obama's and the Democratic Congress's stimulus, unemployment remains at 8.8 percent.
Amid all these storm clouds, the Obamamaniacs at CNN have found a silver lining. Anchor T.J. Holmes on CNN Newsroom reported today:
Here is a sign that the economy is getting better, an unexpected sign you didn't think about. Divorce rates in the U.S. are on the rise. It's explained here. In 2000 before the recession, of course, way back before the recession, the divorce rate was 4.0. When hard times started in 2007 the breakup rate dropped to 3.6 percent here. But then last year it fell a bit more, a bit more to 3.5. That was the divorce rate then. So, fewer and fewer people are getting divorced.
If you had any questions about just how far to the left New York Times columnist Paul Krugman is, they were answered Monday when he expressed enthusiastic support for the Congressional Progressive Caucus's radical tax-hiking "People's Budget."
In his "Let's Take a Hike," the Nobel laureate left no doubt about his desire to swiftly redistribute America's wealth with little regard for the economic consequences:
As NewsBusters previously reported, ABC's "This Week" invited on a number of Tea Party Congressman Sunday to discuss the budget debate going on in Washington.
Just before that segment, ABC's John Donvan did a brief report that concluded with him insinuating that this conservative movement is drinking tax cut Kool-Aid and President Obama is having none of it (video follows with transcript and commentary):
As NewsBusters has been reporting, since President Obama once again proposed letting the Bush tax cuts expire for the highest earning Americans, the media have been supporting it almost 24 hours a day.
Doing his part this weekend was Chris Matthews who after the introduction of the syndicated program bearing his name actually began the show, "Why is taxing the rich so hard?" (video follows with transcript and lots of commentary):