An amazing thing happened on the set of ABC's "This Week" Sunday: a liberal tried to extol the benefits of President Obama's unrestrained federal spending only to get completely smacked down by the entire panel.
Host Christiane Amanpour began the Roundtable segment of the program by showing some of last week's horrendous economic numbers, and opened the debate about what can be done to improve the current condition.
When Democrat strategist Donna Brazile got her turn at the plate, she uttered the same nonsense Americans have been hearing from her ilk for approaching two years:
Congress is divided. They are afraid to put more money back into the system, although most Americans should know by now that the stimulus did create or save 2 million to 4 million jobs, averted the Great Depression 2.0, but Congress doesn't have the appetite to put more money into the system.
The other panelists - George Will, President of the Council on Foreign Relations Richard Haass, "Nightly Business Report" host Susie Gharib, and even Amanpour - weren't buying it (video follows with transcript and commentary):
Fed Chairman Ben Bernanke's first full day as the only person in the whole wide world with any kind of influence over what happens in the economy didn't go too badly.
That's the impression one might get from consuming two Friday Associated dispatches and a related AP Video.
Bernanke apparently took full charge of anything and everything having to do with the economy on Thursday evening. As noted early Friday morning (at NewsBusters; at BizzyBlog), two Thursday afternoon dispatches from the wire service in advance of the government's Friday morning GDP report widely predicted to contain news of a significant downward revision to second-quarter economic growth placed surreal importance on the content of a speech he was to give Friday morning shortly after that report's release. The names of President Barack Obama, Harry Reid, Nancy Pelosi, Tim Geithner, and Larry Summers were totally absent from both reports.
Friday, in the wake of the downward revision of second-quarter GDP from an annualized 2.4% to 1.6%, AP's primary economic report about Bernanke's apparent first day as Emperor-in-Chief again failed to name the five folks just mentioned, as did a one-minute video from Mark Hamrick found here (after a 30-second commercial).
Here is some of what Christopher Rugaber, with assists from Jeannine Aversa and Alan Zibel, wrote about Ben's big day:
On the same day the Commerce Department dramatically revised down second quarter Gross Domestic Product estimates, New York Times columnist David Brooks published a stinging rebuke of Obama economic policies.
"The American stimulus package was supposed to create a 'summer of recovery,' according to Obama administration officials," wrote Brooks.
"Job growth was supposed to be surging at up to 500,000 a month," he continued. "Instead, the U.S. economy is scuffling along."
Scuffling is putting it mildly, for it was announced Friday that the GDP only grew by a pathetic 1.6 percent last quarter which was down from previous estimates of 2.4 percent.
With this in mind, Brooks' column was not only spot on, but a surprising indictment of everything the Obama administration has done since Inauguration Day:
As the Obama administration’s “Recovery Summer” crumbles, CBS’s Early Show on Thursday noted how the poor economic data has made many Americans deeply pessimistic about the future, with 37% saying that the economy “is in permanent decline.”
So does that mean Obama's $862 billion stimulus is a failure? Not according to economist Mark Zandi, who was interviewed by co-host Erica Hill. Zandi asserted that “the recession ended about a year ago, in large part because of the stimulus efforts,” and the current sluggishness was because “the stimulus is now fading,” and thus “the benefit to growth is winding down.”
Of course, Zandi has been a consistent enthusiast for the stimulus, as far back as early 2009, a fact which was not disclosed today. “We need stimulus,” Zandi championed on the January 28, 2009 Early Show. “It’s about preserving jobs.”
It has now been five days since Politico's Ben Smith published a powerpoint presentation created by an amalgamation of powerful left wing interest groups, conceding that two of the central arguments for passing ObamaCare - that it will lower the deficit and will reduce health care costs - have failed.
For a group of organizations integral to the passage of the law, that was a stunning admission. And yet, the mainstream press is nearly silent on the issue. Searches on Nexis and Google News reveal no coverage from the major television networks, the cable news channels (with the exception of Fox), the New York Times, the Los Angeles Times, USA Today, NPR, PBS, or Newsweek. To their credit, Time Magazine and the Washington Post published a blog post each on the revelation.
Even while discussing ObamaCare and its potential effects on the deficit and health care costs, some media outlets managed to avoid any mention of a fact Democrats now seem to be conceding: "the White House's first and most aggressive sales pitch have essentially failed," as Smith notes.
The New York Times on Tuesday declared what most conservatives knew would happen if Democrats took control of both Congress and the White House: "more Americans - and not just the rich - are going to have to pay more taxes."
In its editorial comically titled "A Real Debate on Taxes," the Times predictably argued for a total elimination of the Bush tax cuts, although it favored some partial delay to this given the precarious state of the economy.
That in itself was humorous as the Times clearly seems to get that raising taxes is indeed economically damaging.
Yet maybe more telling was how this "real debate" didn't once involve the spending side of the budget:
On Monday's Situation Room, CNN's Jeffrey Toobin used dire language to describe a federal judge's decision which struck down federal funding for embryonic stem cell research: "The bottom line is this is a major setback for stem cell research and for the Obama administration....it will certainly cut way back on federal funding." Anchor Suzanne Malveaux labeled it a "potential wedge issue."
Malveaux led the 5 pm Eastern hour with the "breaking news" about Judge Royce Lamberth's decision, who issued a preliminary injunction against federal funding for the life-destroying research. The anchor brought in Toobin and asked, "What does this mean today?" Toobin immediately gave his "major setback" assessment and described the grounds on which Judge Lamberth gave in his 15-page opinion.
The CNN senior legal analyst, like many in the media, omitted that embryonic stem cell research isn't the only field when it comes to stem cell research. The federal government has actually spent much more on adult stem cell research. According to a July 18, 2008 report by PBS, the NIH "spent $200 million funding non-embryonic stem cell research, and only $38 million on embryonic stem cells." Less than a month ago, on August 2, the Associated Press actually highlighted the successes of adult stem cell research.
David Gregory on Sunday finally got an answer to his question about extending the Bush tax cuts, but it certainly wasn't what he was expecting.
For those that have been watching "Meet the Press" this month, the host has been grilling his conservative guests about this issue ever since former Federal Reserve Chairman Alan Greenspan told him on August 1 that tax cuts don't pay for themselves.
Having badgered Senate Minority Leader Mitch McConnell (R-Ky.) about this earlier in the program with no success, Gregory broached the subject with former House Majority Leader Dick Armey in a subsequent segment.
With a hanging curveball coming into his wheelhouse, Armey whacked a long drive that still hasn't landed (video follows with transcript and commentary):
Are even the most liberal media members starting to realize the administration's "Recovery Summer" campaign was a complete joke?
Such appears to be the case for New York Times columnist Bob Herbert who on Saturday published a piece absolutely excoriating President Obama for not exclusively focusing on jobs after his inauguration last year:
The Obama administration seems to be feeling sorry for itself. Robert Gibbs, the president's press secretary, is perturbed that Mr. Obama is not getting more hosannas from liberals. Spare me. The country is a mess. The economy is horrendous, and millions of American families are running out of ammunition in their fight against destitution. Steadily increasing numbers of middle-class families, who never thought they'd be seeking charity, have been showing up at food pantries.
Keith Olbermann on Thursday cherry-picked an article by former Speaker of the House Newt Gingrich to make a pathetic case that Republicans are targeting and blaming unemployed Americans for the country's economic woes.
In his opening "Countdown" segment on MSNBC, the host began, "When it came time to invade, Republicans used cherry-picked intelligence to make the case for war in Iraq. Now, they`re using cherry-picked intelligence to wage war on the middle class."
Particularly in Olbermann's crosshairs was Gingrich who the "Countdown" host claimed "targeted one individual American who`s struggling to make ends meet and held him up as part of the problem."
Ironically, it was Olbermann that was guilty of cherry-picking as he quoted a very tiny portion of a Human Events article the former Speaker wrote Wednesday (video follows with commentary and full transcript at conclusion):
Ed Schultz on Thursday blamed Republicans for all the unemployed people living in America today.
As he began the most recent installment of the "Ed Show" on MSNBC, the host said, "The Republican Party has been on a crusade against the middle class and the poor for the last 30 years. We're now seeing the wreckage of that race to the bottom line culture."
He disgracefully continued, "Today a government report showed weekly jobless claims at a five-month high. 484,000 new unemployment claims were filed in the week ending August 7th. And you know what folks, you can lay this right at the feet, right at the altar of the Republican Party."
Sadly, he wasn't close to done, claiming, "The people you see flooding the streets begging for help, begging for an opportunity are victims of the Republican agenda just to make sure that President Obama fails" (video follows with transcript and commentary):
While ABC and NBC ignored a Monday USA Today report that found a significant gap in compensation between public and private sector employees, on Tuesday's CBS Evening News, correspondent Sharyl Attkisson provided a full story: "While many Americans have suffered pay cuts or job losses, one group is bucking the trend – federal workers."
Attkisson described how the "analysis finds that federal employees have gotten bigger pay and benefit increases than private employees for nine years straight." She cited numbers from the report: "Federal salaries have grown 33% faster than inflation. Their pay and benefits average $123,000, up 37% since 2000. Private workers average $61,000, up just 8.8% over the same time."
In addition, Attkisson included a sound bite from Cato Institute budget analyst Tad Dehaven: "So you have Wall Street, you have big oil, and now you have federal civilians." She went to note: "And the bonuses are flowing. CBS News has learned your tax dollars funded $95.8 million in airport security TSA bonuses last year. A $35,000 bonus to the head of the agency."
For approaching ten years, America's media have depicted the tax cuts implemented by former President George W. Bush as almost exclusively favoring the rich.
This dishonest characterization has picked up steam recently as these tax cuts are about to expire, and the tax-loving press have campaigned for their departure as if a plague on the society.
For his part, President Obama is advocating the expiration of tax cuts only to couples making over $250,000 a year and individuals making more than $200,000.
With this in mind, the Tax Policy Center, a division of the liberal Brookings Institution, published a report on July 29 that included Treasury Department estimates of tax revenue losses that would accompany an extension of Bush's cuts.
Inside the accompanying PDF was evidence the Left and their media minions have been misrepresenting the beneficiaries of these cuts for a very long time:
Earlier today, NB's Lachlan Markey covered Bill O'Reilly's interview with the Fox Business Channel's Charles Gasparino.
In that interview, Gasparino confirmed what the New York Post reported in April of last year, namely that "GE Execs Encouraged CNBC Staff to Go Easy on Obama."
The suits at GE, including Chairman Jeff Inmelt, had a clear motivation for encouraging their reporters to lighten up, namely that "General Electric at the time was hoping to profit handsomely from policies that would benefit a few companies, including GE, at the expense of the majority of the economy"-- specifically cap and trade.
But speaking of motivation: What about former CNBCer Gasparino's?
The easy answer would be that sometime in the past two years he has seen the light and realizes his past reporting at CNBC was lacking in fairness and balance. Despite his move to Fox, there's reason to doubt that.
Republican Congressman Paul Ryan of Wisconsin has struck back at Paul Krugman calling the New York Times columnist "intellectually lazy."
As NewsBusters reported Saturday, Krugman wrote an article the previous day castigating Ryan as "The Flimflam Man" calling the Congressman a "charlatan" and a "fraud" while claiming his "Roadmap" to balance the nation's budget was "drenched in flimflam sauce."
Krugman's criticisms of the Republican rising star were of course praised by all manner of media member from the shills at MSNBC to the sycophants in the liberal blogosphere.
Keith Olbermann on Monday revised history to praise former President Bill Clinton and bash former House Speaker Newt Gingrich.
In the opening segment of MSNBC's "Countdown," the host railed against a proposal by Republicans to once again reintroduce the balanced budget amendment.
Olbermann pointed out to his tiny audience that this was "also pushed by then Speaker Newt Gingrich as part of the 1994 Contract With America."
With total disregard for historical facts, the "Countdown" host continued, "Gingrich failed to pass it, President Clinton raised taxes, balanced the budget, created 22 million jobs" (video follows with transcript and commentary):
Liberal publisher Arianna Huffington on Monday displayed an absolutely staggering ignorance of business, taxes, and economics.
Appearing on MSNBC's "Countdown" to discuss Republican plans to stimulate the economy and curb the exploding budget deficits, Huffington was sarcastically asked by Keith Olbermann, "Does Huffington Post hire more people when your personal tax rate changes?"
Realizing the host was mocking the GOP's desire to extend the Bush tax cuts to all wage earners including those making over $250,000 a year, Huffington replied, "Huffington Post operates like most American businesses which is that our hiring practices have nothing to do with the income or the tax rate of the people who are running the business."
Ironically, the liberal publisher contradicted herself in the very next breath (video follows with transcript and commentary):
As media make their case to the American people that the Bush tax cuts should expire, one of the strategies being employed is to claim that Republicans are refusing to "pay for" their extension.
A perfect example of this tactic was seen on Sunday's "Meet the Press" when host David Gregory badgered House Minority Leader John Boehner (R-Oh.) on this subject for over three minutes.
After playing a clip from the previous week's program when former Federal Reserve chairman Alan Greenspan said that he's against tax cuts "with borrowed money," Gregory proceeded to hammer his guest on this issue (video follows with transcript and commentary):
Despite unemployment sitting at 9.5 percent and over 3 million jobs lost since this President was inaugurated, Newsweek's Howard Fineman says the economic policies enacted by Barack Obama "were good ones and smart ones and saved the day."
Chatting with MSNBC's Keith Olbermann on Friday's "Countdown," Fineman was nicely set up by the shill asking the questions.
"Does anyone -- can anyone actually believe that the Democrats had then done nothing and had maintained that status quo that the current economic situation would be better instead of worse?"
With the ball positioned nicely on the tee, Fineman chunked a drive into the water on the left (video follows with transcript and commentary):
Paul Krugman's Friday column in the New York Times attacked Rep. Paul Ryan of Wisconsin, who has dared to present an intellectually honest budget, as "The Flimflam Man." Joseph Lawler at the American Spectator calls it "unusually partisan even by Krugman's standards" and he's right; Krugman calls Ryan's efforts a "fraud," Ryan himself "a flimflam man" whose work is (zing!) "drenched in flimflam sauce." But Krugman's attack backfired when his main source for his argument, the left-of-center Tax Policy Center, disputed his claim of bad faith on the part of Ryan.
Krugman let his trademark petulance show, griping that the Washington Post was too nice to Ryan in a recent front-page article, and went further on his nytimes.com blog Friday morning, calling Post journalists economic ignoramuses: "One thing that has been overwhelmingly obvious in the discussion of Paul Ryan's roadmap is that lots of people who should know better -- including, alas, reporters at the Washington Post -- don't know how to read a CBO report." (Incidentally, Krugman, feeling the heat from non-fawning blog commenters offering substantive challenges to his glib economic assumptions, now limits the length of those comments.)
One depressing aspect of American politics is the susceptibility of the political and media establishment to charlatans. You might have thought, given past experience, that D.C. insiders would be on their guard against conservatives with grandiose plans. But no: as long as someone on the right claims to have bold new proposals, he's hailed as an innovative thinker. And nobody checks his arithmetic.
Which brings me to the innovative thinker du jour: Representative Paul Ryan of Wisconsin.
As a small number of so-called "moderate Democrats" voice opposition to raising taxes in the middle of a weak economic recovery, a movement is surfacing in the liberal media to shout them down and force the expiration of the Bush tax cuts.
One such voice is Fareed Zakaria who used the Sunday CNN program bearing his name as well as a Washington Post op-ed Monday to make his dishonest case.
Unfortunately for viewers and readers, Zakaria employed kindergarten-level arithmetic along with shameful revisionist history to propagandize those foolish enough to pay attention to him.
For years I have said folks that can't successfully add one plus one should NOT be allowed to comment on economic and financial issues.
Zakaria in the past 24 hours perfectly proved my point (quotes from Monday's Post piece follow with commentary and video from "Fareed Zakaria GPS"):
George Will and Paul Krugman had another showdown about fiscal policy on Sunday, and the ABC contributor made it crystal clear to viewers that he doesn't agree with the perilously liberal New York Times columnist.
As the Roundtable segment of "This Week" moved to a discussion of whether more economic stimulus is needed versus deficit reduction, Krugman made his predictable request for the former.
After Will made a strong point about the economy being "unusually weak for a recovery after a severe downturn," he said one of the reasons is "the consumer in his native perversity has begun to save" rather than spend.
Krugman responded, "Just wanted to say, George, it's exactly what I would have done in describing it."
Will smartly countered, "Lest it be thought that Paul and I agree on something," and this is where the fun began (video follows with partial transcript and commentary):
PBS recently responded to accusations of a liberal slant to its July 23 Need to Know program which featured satirist Andy Borowitz making fun of Sarah Palin’s intelligence as the show's executive director Shelley Lewis claimed that, because the previous week's episode had featured a segment that was critical of President Obama, the program in reality has been balanced in going after political figures. According to TVNewser, quoting from Michael Getler's July 28 "The Ombudsman Column" on the PBS Web site, Lewis argued: "Is a little joking about Ms. Palin's penchant for malaprops really such a big deal? Last week, editorial cartoonist Steve Brodner was pretty tough on President Obama, and we heard plenty from Obama fans about how unfair we were, how right-wing we were, etc. We do try to have some fun at both sides' expense..."
But the July 16 segment that poked fun at Obama actually criticized him for not being liberal enough in keeping his campaign promises as cartoonist Steve Brodner was shown drawing sketches of Obama while a voiceover of the cartoonist lamented that "the presumed anti-war Obama became the 30,000 more troops Obama," and that "the previous stimulus advocate Obama who faced McConnell finally and a vocal conservative movement, he didn't campaign consistently for the stimulus that he mentioned in the State of the Union, wound up advocating for that along with deficit reduction, making him at least partly like McConnell."
It would appear that someone at CNBC listened to the Mark Levin Show on Thursday. Either that, or someone at the network paid attention to his or her e-mail alerts and read my post that went up in the wee hours Friday morning (at NewsBusters; at BizzyBlog). Likely in response to our criticisms, CNBC has revised and "clarified" a report by CNBC staff writer Jeffrey Cox.
The network's revised and "clarified" report still fails to sufficiently inform readers. In fact, the new version seems to be the result of a meeting where the topic of discussion was: "What are the least informative changes we can make while being technically correct?"
On his show Thursday night, Levin referred to Cox's probably original version (now Google cached; copy saved here at my web host for future reference) addressing Deutsche Bank analysts' fears that the expiration of the Bush tax cuts at the end of the year will have a sharply negative economic impact. (For what it's worth, I prefer to describe what's coming as a plain-and-simple tax increase, simply because after what will have been eight years -- 2003 through 2010 -- everyone has long since gotten used to the current income tax structure.)
Here are the first two paragraphs of Cox's report as found by Levin and yours truly (bold is mine):
Chris Matthews on Monday got a much-needed lesson from Rep. Paul Ryan (R-Wisc.) on how tax hikes impact the budget as well as the economy.
"Congressman Ryan, is there any tax role for reducing our $1.4 trillion to $1.7 trillion debt this year -- deficit this year?" Matthews asked during the 5PM installment of MSNBC's "Hardball." "Is there any role in tax increasing to help do that job?"
When Ryan gave an answer Matthews didn't like, the host arrogantly responded, "So, you won`t cut -- you won`t raise taxes and you won`t cut spending...All this bitching about the deficit doesn`t mean squat, because you won`t do either, raise taxes or reduce spending."
With the ball nicely teed up, Ryan unleashed a drive down the middle of the fairway that would make Tiger Woods proud (video follows with transcript and commentary, h/t Twitter's @LFRGary):