The Washington Post today reported how the White House expects the federal budget deficit to shrink, but placed it in a five-paragraph story below the fold on page A6. Yet a Reuters story on the same development noted something that the Washington Post's Lori Montgomery left out of her story. The new White House figure of $205 billion "is still higher than many private forecasts, which have pegged the deficit at around $150 billion."
What's more, Post reporter Montgomery included a reference to President Bush crediting his tax cuts with the revenue surge, but added "that has been challenged by many economists." Montgomery failed to name any such economist, much less his/her rationale. After all, if tax revenue is growing at unexpected rates following tax cuts, are there many economists who actually expect tax revenues to roll in at a faster pace when levied at their pre-Bush tax cut levels?
It turned out that Robert F. Kennedy Jr., the radical environmentalist, had some strong words for politicians who stand against climate change legislation.
“Get rid of all these rotten politicians that we have in Washington, who are nothing more than corporate toadies … This is treason. And we need to start treating them as traitors,” Kennedy said at the July 7 concert held in New Jersey, according to Newsday.
He shows “compassion” and “generosity,” he’s a great “campaigner” and an “adroit politician,” reporters have declared.
He’s “taking on America’s deeply flawed health care system,” said Terry Moran on ABC’s “Nightline” June 13. And “… the point his movie ultimately makes: fixing health care is a moral, even a religious obligation.”
As the media and their alarmists like soon-to-be-Dr. Al Gore have shamefully convinced enough of the population that man can actually impact the climate, law firms around the nation are gearing up to sue possible offenders.
I kid you not.
As reported in Monday’s Dallas Morning News (h/t NBer alamojb, emphasis added throughout):
Tuesday mornings’s Democratic presidential candidates forum, aired live on MSNBC and moderated by Chris Matthews, had a few, to put it mildly, strange moments. Billed as a forum, the event was little more than a union-sponsored soapbox for the three leading Democratic candidates, Senators Clinton and Obama, and former Senator Edwards.
The left-leaning American Federation of State, County, and Municipal Employees, or AFSCME, which organized the soapbox, was quick to cheer for the most mundane of liberal catch phrases while descending into boos and hisses at the very mention of former New York City mayor Rudy Giuliani.
Last night, ABC “World News” sounded a $50 billion call to expand the State Children’s Health Insurance Program (SCHIP).
The June 17 program gave the common media prescription: more money, more government.
“Child advocate believe this problem [uninsured children] could be fixed is the federal government shells out $50 billion over the next five years. But, that is 10 times what the Bush administration wants to spend,” said ABC’s Dan Harris.
If this isn't junk science, then nothing meets the requirement to be called such! A new, money wasting university "study" was written about by New Scientist Magazine (on their website newscientist.com) this month that was presented as a "surprising discovery" somehow "proving" that people secretly love to pay taxes. And people wonder why "science" can be so easily scoffed at these days... or why it's so hard to believe what you read.
On top of the bad reporting, this story is more proof of the constant waste of money that is perpetrated by our National Universities. Instead of teaching useful information and conducting meaningful studies, this University is trying to "prove" that people really secretly LOVE paying taxes.
Gee, why do they want that little absurd concept floating out there, do you think? And why is this news outlet propagating this foolishness?
Among Tuesday's broadcast evening newscasts, the CBS Evening News uniquely relayed the positive news of a shrinking federal budget deficit, as released by the Treasury Department. As anchor Katie Couric read a brief item on the subject, she described the data as "some good news for a change" as she reported that tax revenues are "way up" and that the budget deficit is almost "35 percent lower than it was last year." Couric: "To the economy now, and some good news for a change about the deficit. It's actually shrinking."
Notably, on the Saturday June 9 edition of CNN's In the Money, during a discussion of the effect of the economy on the presidential race, guest Greg Valliere of Stanford Washington Research Group chided the media for not reporting on good economic news in light of lower budget deficit numbers as he described the overall economy as "okay" and the unemployment rate of 4.5 percent as "a great number." The show's anchor, Christine Romans, defended the media's obsession with the cost of the Iraq war. Romans: "I think one of the reasons why, and I can't speak for the rest of the media, but why there may be the perception, at least, that it's been ignored is there is an incredible amount of spending going on for the war in Iraq, and that is something that, you know, we have to pay for." (Transcripts follow)
Mark June 12, 2007, on your calendar, for on this day, a Canadian economist named Ross McKitrick proposed a carbon tax plan marvelously designed to make people on both sides of the anthropogenic global warming debate happy.
Of course, it is quite unlikely that any American media will cover this compromise solution, for it calls the bluff of the climate change alarmists. Fortunately, we at NewsBusters are not so constrained to share facts with our readers.
With that in mind, as reported by Canada’s National Post (h/t Alar Aksberg, emphasis added throughout):
Washington Post reporter Lori Montgomery must not be reading Newsbusters.
Because this is the second time she painted the Democrats as the saviors of the middle-class for wanting to reform the alternative minimum tax, but neglected to inform her readers that they are the same Democrats who voted against the full repeal of the AMT in 1999.
Her June 8 story referred to House Democrats as “looking to spare millions of middle class families from the expensive bite of the alternative minimum tax …”
As Al Gore and his band of not so merry global warming alarmists in buses and in the press try to convince Americans that they need to alter behaviors in order to save the planet, an inconvenient truth is being cynically withheld: this is going to cost a lot of money.
Of course, one of the delicious hypocrisies is that these are the same people who decry the current economic boom as only helping the rich, and state regularly and fervently that the poor and middle-class are being left behind.
At the same time, such mid- to lower-level wage earners should be saddled with exorbitant additional expenses to shelter them from a wolf that might never come knocking at their doors.
Makes sense, right?
With that in mind, the Chicago Tribune’s Laurie Goering wrote a fabulous piece recently exposing some of the potential costs of this exercise that most media don’t want you to know (emphasis added throughout, h/t Benny Peiser):
Perhaps you read this week that in April, the US Treasury reported all-time-record tax collections of $383.6 billion.
If you did, you didn't read it in the dead-trees version of the New York Times. The Old Grey Lady did not deem Thursday afternoon's news "fit to print" on Friday (requires free registration), even choosing not to carry the related Associated Press report that is the main topic of this post (even though the Time posted it online Thursday evening). A Times search on "April treasury" (not in quotes) shows no evidence of any other coverage since then, nor does Sunday's Business home page.
So, unless you happened to read a brief report from MarketWatch (requires registration) or subscribe to the Wall Street Journal (requires subscription), odds are that anything you read or heard about April's Monthly Treasury Statement came from the aforementioned AP report, written by good old Martin Crutsinger (some previous examples of Crutsinger's demonstrated bias and ignorance are here, here, here, and here).
Crutsinger's full report is here. Before I get to his biggest oversight, here are the report's relatively minor (I'm not kidding) shortcomings:
The mainstream media’s promotion of climate change hype continues unfettered. A segment on Thursday’s "The Situation Room" wholeheartedly embraced the theory of human-caused global warming, and the International Panel on Climate Change’s recent "action plan" to do something about it.
During his actual report, CNN correspondent Frank Sesno asked, "But what if the world took climate change seriously?" He then gave examples of two people that are taking global warming hype "seriously" and have become "trendy" for doing so - Sheryl Crow and Al Gore. More importantly, he stated that "leaders would have to lead, and make some unpopular decisions – incentives, subsidies, and yes, taxes, including a tax on carbon emissions, to spur investment and move the marketplaces. Expensive? You bet. Trillions and trillions." (continued...)
Former Clinton adviser and current “This Week” anchor George Stephanopoulos mercilessly grilled Democrat presidential candidate John Edwards Sunday on a number of issues, including his numerous flip-flops when he was a U.S. senator.
At first glance, one would think that Stephanopoulos must have gotten up on the wrong side of the bed, or, given that there was a Republican presidential debate Thursday, forgot that Edwards was actually a Democrat.
However, upon reflection, recognizing Stephanopoulos’ ties to the Clintons, maybe this was a calculated attack on a political rival.
If you think this might be a stretch, just take a gander at the following questions asked by ABC’s chief Washington correspondent, and consider the last time you saw him or any other liberal media member grill a Democrat like this (video available here):
On Friday, the Congressional Budget Office (CBO) spilled the beancounters' beans (PDF report is available at the link) in advance of this next Thursday's release of the Monthly Treasury Statement. The coverage of CBO's report has been very light.
Impressive tax receipts bring in 'low' deficit of $150 billion
Saturday, May 05, 2007
Washington- The federal budget deficit could go as low as $150 billion this year, congressional analysts said Friday.
The nonpartisan Congressional Budget Office had earlier seen a deficit for 2007 of about $200 billion, but continued strong revenue growth has led CBO to lower its estimates.
..... Impressive tax receipts during the April filing season prompted the more optimistic estimates. This year's April receipts ran $70 billion higher than last year's. CBO says receipts are likely to grow at a 9 percent pace over the first months of the budget year.
Through the first seven months of the budget year, which ends Sept. 30, the government posted an $83 billion deficit, about $100 million less than during a comparable period last fiscal year.
The $70 billion revenue increase and the $83 billion deficit mentioned in Taylor's report, plus CBO's note in its report that April's surplus was $176 billion, are enough info to enable an update of a chart of what has happened during the first seven months of the government's fiscal year (the final numbers will differ by very small amounts):
Former Vice President Al Gore was included in the "Scientists and Thinkers" category. Hmm...he's not a scientist so would that make him a thinker? Just call him Al-istotle.
Actor and green activist Leonardo DiCaprio, Virgin Airlines' Richard Branson (who has offered a $25 million prize for a solution to global warming), talk show host Oprah Winfrey, and media personality Brian Williams also made the list.
Celebrities were well represented: Cate Blanchett, who marched in protest of global warming in Sydney, Australia; George Clooney, who made the cover of Vanity Fair’s 2006 “Green Issue”; and “Light Green” musician John Mayer who advocates changing one thing each year. Others included Brad Pitt, who has worked with Global Green on “sustainable” building, and Oprah Winfrey, who recently handed out compact fluorescent light bulbs to her audience.
As the stock market has continued to regularly make new highs in 2007, how many times have you heard or read a media report carping about how the rich are getting richer?
Quite a bit, right?
If you feel bombarded with such inanities, consider that a completely unaudited LexisNexis search of major American media outlets identified 234 reports which included phrases like “rich get richer,” “income inequality,” “wealth disparity,” etc., since January 1.
Add it all up, and that’s almost two a day.
A fine example of this nauseating mantra was demonstrated by CBS’s Charles Osgood on “Sunday Morning” April 15:
In 1995, Bill Clinton said this to a Houston fund-raising audience about the 1993 tax increase his administration is infamous for:
Probably there are people in this room who are still mad at me at that budget because you think I raised your taxes too much. It might surprise you to know that I think I raised them too much too.
John Edwards, on the other hand, must think that the Clinton Administration and the congress at the time raised taxes too little, because he said on Sunday that he wants to go beyond what was done in 1993 (link requires registration; HT Colorado Right):
"Because when you saw us flirting with $3, all the sudden we got a burst in hybrid production, we got a burst in ethanol production," Wastler explained to the "In the Money" crowd.
But the CNNMoney managing editor did not explain the burst in government mandates and regulations that helped fuel those alternatives.
The "In the Money" team including Ali Velshi and Christine Romans not only urged higher gas prices (with taxation), but hyped the threat of $4-a-gallon gasoline, though the national average is still below $3-a-gallon.
Journalists in Washington are supposed to be public watchdogs. But when it comes to the crisis facing Social Security, they act more like lapdogs for politicians determined to shirk their responsibility.
The Washington Post, New York Times and Associated Press all led off their stories on the latest Social Security and Medicare trustees' projections by pointing out that Social Security isn't expected to deplete its trust fund reserves until 2041. This supports the contention of Democratic politicians and the AARP that the day of reckoning is more than three decades away, so reform is not an urgent need .....
According to MSNBC's Keith Olbermann, former New York Mayor Rudy Giuliani committed "terrorism" when he suggested that the country would be "playing defense" if a Democrat was elected president in 2008. And this is the network that’s hosting a Republican presidential debate?
On Monday, an ABC graphic provided a shining example of media bias. Co-host Diane Sawer was discussing the recent surge by the stock market. During the segment, a graphic below her read, "Will Dow Hit 13,000 Today? Is Unstoppable Market Good or Bad?"
"Good Morning America" reacted to the departure of Rosie O’Donnell this week by claiming that the left-wing comedienne was a pioneer for women. (The morning program also ignored her 9/11 conspiracy theories.)
Here’s an extraordinarily inconvenient truth the press will likely not report: a “cap-and-trade” program designed to curb carbon emissions in order to "solve" global warming will negatively impact the poor the most.
Think Charlie, Brian, and Katie will do a story on this tonight?
Regardless of the answer, the reality is that as folks like soon-to-be-Dr. Al Gore and his sycophant devotees recommend solutions to a conceivably nonexistent problem, few care to address the negative economic impact of such strategies.
Towards that goal, the Congressional Budget Office released a study on Wednesday that didn’t paint a very pretty picture of the financial ramifications of a cap-and-trade program proposed by Democrats (emphasis added throughout):
Producer of an MSM morning news show? Got a few minutes to fill at the end of your first half-hour? Why not resort to a tried-and-true winner: a bit of good old class warfare?
That was the "Today" formula this morning. Matt Lauer introduced the segment, enviously entitled "Share the Wealth?: The Rich Get Richer," fanning the flames of envy and resentment with this opener:
TODAY CO-HOST MATT LAUER: Do you feel like you're working harder and harder nowadays just to stay financially afloat while fat cats get richer and richer? It's not just a feeling, and you're not alone. The story now from from CNBC's Scott Cohn.
Fanning the flames of class warfare, ABC "World News with Charles Gibson" focused on hedge fund managers' pay on April 24.
"Some of them made a lot, I mean really a lot," said anchor Charles Gibson.
While the report by John Berman focused on the high pay -- the top fund manager James Simons made $1.7 billion last year -- but left out reasons for high compensation as well as the high taxes that certainly accompany such incomes.
Together the top 25 hedge fund managers earned a combined $14 billion last year according to Alpha magazine. Berman compared the figure to teachers pay saying it was "enough to pay New York City's 80,000 teachers for 3 years." Sure, at a tax rate of 100 percent.