Economy

The media hyperventilation over minor budget cuts as a result of sequestration knows no bounds.

On the Martin Bashir show Thursday, MSNBC political strategist Jonathan Alter actually said that people might die as a result (video follows with transcript and commentary):

Never let it be said that Ed Schultz isn't bravely willing to thrust his finger high in the air to see which way the wind is blowing.

Schultz did this on his radio show yesterday, citing a new Gallup poll as justification for Democrats to end their obsession for more gun laws in the six months since the Sandy Hook massacre and focus instead on the economy. (Audio clip after page break)

NBC’s Meet the Press on Sunday brought aboard another lefty whose far-left views are usually only heard on MSNBC, but Joy-Ann Reid, Managing Editor of TheGrio.com, the NBC News site aimed at African-Americans, perfectly reflected the true liberal view of how to boost the economy. It’s not a “balanced” approach of budget cuts and tax hikes. She urged higher taxes and more spending.

“When you look at the economy and the fact that it isn’t growing more strongly, we’ve been trying to force ourselves to do austerity,” Reid ludicrously asserted in the midst of ever-increasing federal spending. She fretted the inability “to do a robust agenda from Washington that does smart spending and smart tax increases,” regretting that “without being able to do sane policy in Washington,” you can’t expect Obama to fix the economy.

It really is amazing how excited liberal media members can get when the economy produces 165,000 jobs and a 7.5 percent unemployment rate under a Democratic president.

So enthralled was Chris Matthews that he actually asked guests on the syndicated program bearing his name Sunday if this will give Democrats including Hillary Clinton "bragging rights" in 2016 (video follows with transcript and commentary):

Give Nancy Cook at NationalJournal.com credit for a generally well-written though somewhat naive report ("Forget the Unemployment Rate: The Alarming Stat Is the Number of 'Missing Workers'") on the unprecedented plight of the millions of adults who have dropped out of the labor force.

But in discussing the "glaring caveat" in Friday's employment report from the government, namely that "the 'labor force participation rate' held steady in April at 63.3 percent—the lowest level since 1979," she missed a major source of the rise in the rate to a record level in the late-1990s. She also left readers otherwise unaware of the actual history with the impression that the rate has been "on a gradual decline" since then, which is simply not the case.

Government bureaucrats often spend the taxpayers' money on the basis of rosy assumptions from tax revenue. Of course, in doing so, they sometimes get burned. But when they are, have no fear, because the Washington Post will lament their plight.

Such was the case recently with the Fairfax County, Va., school board, which the Washington Post gripes is left "with a $30 million shortfall" because the county's Board of Supervisors elected to raise property taxes by one cent per $100 of assessed value rather than two cents, as the county executive had originally hoped.

Jan Crawford touted how ObamaCare going into full effect in early 2014 is "causing all kinds of concern and anxiety, especially with...small business owners" on Friday's CBS This Morning. Crawford also pointed out Senator Max Baucus' April 17, 2013 "train wreck" label of the upcoming implementation of the health care law. This was the first time that a Big Three morning or evening newscast mentioned Baucus' blunt remark.

The correspondent zeroed in on a California bakery whose owner asserted that he "can't make any decisions, because the federal government is giving no guidance" with regard to ObamaCare.

You've got hand it to some (probably most) of the reporters at the Associated Press, aka the Administration's Press. Their story is that the economy is all right, and by gosh, they're sticking to it.

Tom Raum's dispatch yesterday is a case in point. Along the way, he pulled out several of the tired spin-driven claims which have long since been taken down but which haven't yet penetrated the skulls of low-information voters. Raum and AP seem puzzled that the supposedly okey-dokey economy doesn't seem to be helping President Obama or Democrats' 2014 congressional and senatorial election prospects (bolds and numbered tags are mine):

New York Times economics reporter Annie Lowrey's story on the front of Monday's Business section has a headline that just begs for the old joke ("World Ends: Women and Minorities Hardest Hit") on the Times's traditional knee-jerk liberalism: "Recession Worsened Wealth Gap For Races."

Millions of Americans suffered a loss of wealth during the recession and the sluggish recovery that followed. But the last half-decade has proved far worse for black and Hispanic families than for white families, starkly widening the already large gulf in wealth between non-Hispanic white Americans and most minority groups, according to a new study from the Urban Institute.

President Barack Obama will take to the podium in the White House press briefing room at 10:30 a.m. Eastern for a press conference. The occasion: today is the 100th day of his second term in office. We at NewsBusters will be watching and I'll be live-blogging the questions from reporters. Pardon my inaccuracies as I'll be transcribing on the fly.

In the comments section, leave some question that YOU would ask if you were in the room. Which questions should be asked but likely won't?

Massachusetts Governor Deval Patrick's attempt to keep his state's agencies from releasing detailed data on the use of the public-assistance system by the Tsarnaev family, whose sons, one dead and one in custody, are accused of carrying out the Boston Marathon bombings on April 15, appeared to be successful last week.

Ah, but Patrick, apparently feeling some heat, did agree "to release the information only to a House oversight committee where it will remain a secret." Except it's not a secret any more, at least in the aggregate, based on a report in the Boston Herald by Chris Cassidy which, based on when story comments first began appearing, went up during the middle of the afternoon today:

At MarketWatch this morning, Paul Farrell's hostility towards Ronald Reagan, Margaret Thatcher, Milton Friedman and especially free-market capitalism boiled over. Farrell claims that capitalism "is destined to destroy the world, absent a historic paradigm shift."

The problem he describes really has nothing to do with properly practiced free-market capitalism, but is instead a combination of rampant cronyism and the abandonment of capitalism's (and society's) Judeo-Christian moral underpinnings. But that's a long discussion outside the scope of this post. This post is about the opening claim Farrell makes: "Billionaires control the vast majority of the world’s wealth." No they don't.

With all the media panic about sequestration, one would think a study finding billions of dollars of fraud in a government program would be national news.

Apparently not, for with few exceptions, a report published by the St. Louis Federal Reserve last week finding $3.3 billion in fraudulent unemployment claims in 2011 got almost no attention: