There's a reason why Media Research Center sister site CNS News had to put out a story about how much the government has spent so far this year -- $1.505 tillion -- after Wednesday's release of the February Monthly Treasury Statement: Two of the three major wire services failed to report that obviously important number, and the third saved it for their writeup's final sentence.
What follows are excerpts from the respective Wednesday reports at Bloomberg, Reuters and the Associated Press.
The official Monthly Treasury Statement for February came out Wednesday showing a deficit for the month of $204 billion, basically the same as the Congressional Budget Office predicted several days earlier. The reported deficit through five months of the fiscal year is $494 billion, down from $580 billion a year earlier.
That February result was an "improvement" of $28 billion over the $232 billion deficit seen in February 2012. Unfortunately, the two main reasons for the difference demonstrate that the economy really isn't any better than it was a year ago. $20 billion of the difference occurred because the IRS was slower in sending out tax refunds than it was in 2012 because of the late passage of tax-related fiscal cliff measures in early January. The rest of the improvement can be traced to the repeal of the 2-point payroll tax cut which had been in place during calendar 2011 and 2012. Since February 2013 outlays were almost $9 billion lower than February 2012, one could argue that the economy actually did a worse job of generating taxes for the government than it did a year ago. Nevertheless, as would be expected, Christopher Rugaber at the Associated Press, aka the Administration's Press, cited "an improving economy":
When liberals and their media allies have an agenda to push, they’ll use any tool at hand. The left often rails against the presence of religion in civic life, mocking conservative Christians as “Taliban” agitating for theocracy. But other times, they find faith to be a handy weapon to bludgeon conservatives. And they’ll go so far as to reinterpret and rewrite the Bible to justify any liberal cause, no matter how outrageous.
In 2010, MSNBC anchor Melissa Harris-Perry summed up this strategy in her call for “re-imagining the Bible as a tool of progressive social change.” Huffington Post contributor Mike Lux embraced Harris-Perry’s advice, writing that the Bible embodies “all kinds” of “liberal, lefty, progressive values.”
While you were watching Rand Paul's historic filibuster and the debate surrounding budget sequestration, an economic theory battle was waging between two of the nation's foremost liberal economists Paul Krugman and Jeffrey Sachs.
In his most recent salvo published at the Huffington Post Saturday, Sachs spoke heresy to Obama-lovers across the fruited plain including Krugman claiming that following the 2008 financial crisis, "It was the Fed, not the fiscal stimulus, which prevented a fall into depression."
The PBS NewsHour invited Nancy Pelosi on for an interview Thursday night, and the sparks were flying. Sparks of love, that is, between anchor Judy Woodruff and the House minority leader. Woodruff conducted a 10-minute interview of mostly softballs about the salient topics of the day. But one of today’s hottest topics, the sequester, only merited one question from Woodruff - and it wasn’t a query a serious journalist would ask. [Video below. MP3 audio here.]
Woodruff began, “Quick question about the sequester. The White House spent a lot of time, the president did, talking about the dire consequences once the sequester kicked in.” Okay. So far, so good. Now, surely Woodruff is going to ask why the president did an about-face and is now downplaying the sequester’s effects. Or maybe she’ll ask if Mr. Obama’s fearmongering was overblown. Or maybe she’ll even ask Pelosi if the president did everything he could to reach a compromise with Republicans to avert the sequester.
The Washington Post editorial board today endorsed a plastic bag tax being considered in the Maryland General Assembly, insisting that the 5-cent excise tax will reduce plastic bag litter which clogs the state's streams and raise some "$7.3 million in revenue, a quarter of which would be retained by retail establishments like grocery stores." "It's a sensible measure that will help the environment -- if lawmakers have the spine to stand up to special interests," the paper huffed in its concluding line.
But what the Post failed to mention is that the bill, SB 576 -- entitled the Community Cleanup and Greening Act of 2013 -- specifically EXEMPTS plastic bags used to wrap newspapers, an exemption which obviously favors the Washington Post company:
As NewsBusters reported earlier, New York Times columnist Paul Krugman and MSNBC's Joe Scarborough had quite a heated discussion about the budget, debt, and the economy on PBS's Charlie Rose Monday evening.
Near its conclusion, Scarborough actually scolded Krugman for pompously behaving like a sighing Al Gore (video follows with transcript and commentary):
New York Times columnist Paul Krugman and MSNBC's Joe Scarborough had an at times heated discussion about budget deficits, debt, and the economy on PBS's Charlie Rose Monday evening.
At one point Krugman got so rattled by the facts that he actually said Scarborough quoting what he had said in the past was making an ad hominem attack against him (video follows with transcript and commentary):
For conservatives, it's been truly delicious the past few weeks watching previously devote Obamaites break ranks with their colleagues to finally tell the world that the emperor has no clothes.
A fine example Monday was the perilously liberal economist and media darling Jeffrey Sachs who published an article at the Huffington Post with the headline "How Obama's Politics Led to Sequestration":
Chris Matthews asked a question Sunday that should truly offend people on both sides of the aisle.
During the syndicated program bearing his name, Matthews asked his panel, "Has President Obama put himself at political risk if the big cuts do not wreak havoc?" (video follows with transcript and commentary):
Did you know that the mortgage interest deduction was a major contributor to families' distressed circumstances leading to the housing bubble? Or that George W. Bush's (really modest) tax cuts in 2001 and 2003, not the Internet bubble of the late-1990s led the nation from fiscal surplus to deficits?
The reason you don't "know" these things is that they're not true. But the Associated Press's Tom Raum thinks they are, and said so as if they are indisputable facts in an AP analysis piece (or at least I hope it was meant to be that) yesterday. In over 850 words, he also failed to note, while barely acknowleding their existence, that Republicans in the House already acquiesced to $620 billion in tax increases in return for a "whopping" $15 billion in spending cuts during the fiscal cliff deal at the end of last year. Excerpts from Raum's risible writeup follow the jump.
Congresswoman Maxine Waters (D-Calif.) this week made another in a series of absurd comments actually claiming that 170 million people would lose their jobs if the budget sequester was enacted.
NBC Tonight Show host Jay Leno actually began his show with Waters’ claim Friday saying that it explains "why we’re in this situation in the first place" (video follows with transcribed highlights and commentary):
Syndicated columnist Charles Krauthammer on Friday perfectly encapsulated the hysteria the White House is trying to gin up regarding budget sequestration.
Appearing on PBS's Inside Washington, Krauthammer spoke of Biblical plagues that re-appeared Friday telling host Gordon Peterson, "We have sequestered against the Lord, Gordo, and his wrath is great" (video follows with transcript and commentary):
It’s certainly clear to Jay Leno that the Obama administration is fearmongering the budget sequester.
On NBC’s Tonight Show Thursday, Leno played a mock White House ad claiming among other things that if sequestration occurs, “Girl Scouts will be forced to sell meth" (video follows with transcript and commentary):
On Saturday, Washington Post reporters Lori Montgomery and Paul Kane fretted, with the help of several leftists they quoted, that sequestration might not cause enough pain. Given that the so-called "cuts" under discussion are really "reductions in projected spending growth," that is a legitimate fear if your perspective is that government shouldn't ever shrink under any circumstances.
Rush Limbaugh was correct on Tuesday when he noted that the Post let the "sky is falling" mask slip in it report. Several paragraphs, followed by a bit of Rush's reaction, follow the jump.
I presume everyone remembers how when the New York Times published information about a classified program designed to track the movement of alleged terrorist funding through the international banking system Bush administration officials threatened to prosecute Times reporters and management over what they had done? No you don't, because although some conservatives and Republicans thought it might be a worth considering it didn't happen. You can guarantee that if it had, it would have become a TV-radio-newspaper-Internet establishment press obsession for days on end.
Tonight, Washington Post's Bob Woodward alleged that because he is sticking to his guns in insisting that sequestration was the brainchild of the Obama White House, that it was personally approved by Obama, and that bringing up tax increases now to try to resolve the current sequestration impasse is "moving the goalposts," he has been threatened by "a very senior person" in the White House. Woodward said so on CNN's Situation Room earlier today. What's even more troubling is that Woodward told two Politico reporters the same thing yesterday, and that they appear to have sat on the revelation until this evening when the CNN interview forced their hand. Relevant portions of the CNN transcript and Politico column follow the jump.
Scott Pelley chided House Speaker John Boehner on Tuesday's CBS Evening News, indicating the Republican leader was largely to blame for the imminent sequester: "You said that the President didn't have the guts to do what needed to be done on the budget. Today, you said the Senate has to get off its ass. Those don't sound like the words of a man seeking to bring people together to compromise."
Pelley had already pointed the finger at Boehner for the impasse over the federal budget back on the February 12, 2013 edition of the evening newscast, mere hours before the State of the Union:
Ed Schultz's radio show is long overdue for a laugh track, seeing how the hilarity just keeps coming.
Fresh on the heels of his delusional claim that a tax hike isn't actually a tax hike, Schultz on his radio show yesterday insisted that sequestration due to start March 1 will gut federal spending by "damn near a third" when in fact the impact is around ... 2 percent. (audio clip after page break)
Normally, NewsBusters does not criticize editorials. However, on ocassion, one comes across one that is simply too full of myths and false statements that an exception has to be made to the rule.
On Friday, The New York Times published an editorial examining sequestration and taxes. The editorial was loaded with inaccuracies, misleading statements, and significant lacks of clarification. Below are nine corrections the editorial staff should make:
Somewhere the ghost of George Orwell groans in recognition.
Remember during last year's campaign how President Obama harped on "millionaires and billionaires" not paying what they should in taxes? For the sake of fairness, Obama insisted, tax rates signed into law by George W. Bush a decade ago should increase on the wealthy while the remaining "98 percent" of taxpayers, those earning less than $250,000 annually, should not see their taxes go up. (audio clip after page break)
You've got to hand it to the headline writers at the Associated Press, aka the Administration's Press. They sure know how to abuse their power to shape public perceptions.
The headline at Martin Crutsinger's report this morning on projected economic growth for 2013, which the wire service is treating as this morning's "Big Story," reads: "ECONOMISTS PREDICTING MODERATE GROWTH IN 2013." Many people using computers, tablets and smartphones will see that headline, conclude that the economy's not so bad, and move on without clicking through. Too bad Crutsinger's first two paragraphs directly contradict that headline.
CNBC's Maria Bartiromo made a statement Sunday about all of the fearmongering concerning the looming budget sequester that people on both sides of the aisle should pay attention to.
Appearing on NBC's Meet the Press, Bartiromo said, "I think Wall Street is seeing this as scare tactics because if the market really believed that the economy was going to be paralyzed on March 1 we would not be trading near record highs" (video follows with transcript and commentary):
Rather than take Woodward head-on, Klein gutlessly goes after three words in his Friday piece: "moving the goalposts." What Woodward wrote, followed by a portion of Klein's clunker, appear after the jump.