Bloomberg

By Tom Blumer | December 13, 2013 | 11:57 PM EST

In mid-November, Americans for Tax Reform compiled a list of federal spending on state Obamacare exchanges totaling a breathtaking $4.5 billion.

One number on the list stands out from the rest — and it's not California's, though its $910 million amout is awful, disproportionate, and surely highly wasteful (before considering scalability concerns, the fixed costs of building a web site should be close to the same regardless of a state's population). The big eye-catcher is tiny Vermont's staggering $208 million. The nation's second-least populous state (626,000 as of 2012) has 0.2 percent of the U.S. population, but has received 4.6 percent of grants from the Center for Medicare and Medicaid Services. Though the Green Mountain State's enrollment numbers have been among the country's least embarrassing on percentage of the population, its exchange's rollout has in many ways been as bad, if not worse, than HealthCare.gov's, according to a December 10 Vermont Public Radio report which has garnered very little attention (HT Megan McArdle at Bloomberg News; bolds are mine):

By Tom Blumer | December 4, 2013 | 11:10 AM EST

On November 19, Henry Chao, deputy chief information officer at the Centers for Medicare and Medicaid Services, told a congressional committee that "[W]e still have to build the payment systems to make payments to issuers in January" for those who have enrolled in plans through HealthCare.gov.

On Black Friday, while almost no one was paying attention, Alex Nussbaum at Bloomberg News reported that "The administration is setting up a temporary process ... (in which) insurers will estimate what they are owed rather than have the government calculate the bill." Somehow, they'll settle up (or "true up") at the detailed level later. Tuesday evening, Roberta Rampton and Caroline Humer at Reuters covered this development. The Reuters item, which went live about an hour before Megyn Kelly's broadcast last night, moved the Fox News host to treat it as her lead story.

By Tom Blumer | October 27, 2013 | 5:17 PM EDT

The left has been ridiculing supposedly wildly overstated estimates of the costs of building the calamitous HealthCare.gov website, the fact is that the costs involved are certainly far higher than the figures most commonly cited: "over 500 million" at Digital Trends, "over $400 million" at the New York Times. The Washington Post's Glenn Kessler is claiming that it's really only $170 milion to $300 million.

In Part 1 (at NewsBusters; at BizzyBlog), I noted that Bloomberg Government's Peter Gosselin estimated that costs incurred and costs committed to outside firms alone are already north of $1 billion. Now let's look at how much additional taxpayer money the Department of Health and Human Services may have spent on the Obamacare exchange rollout.

By Tom Blumer | October 27, 2013 | 3:40 PM EDT

The left has been ridiculing supposedly wildly overstated estimates of the costs of building the calamitous HealthCare.gov website.

Based on a look at one contractor, CGI, which he must have assumed was the general contractor (i.e., the lead entity through which amounts paid to subcontracting firms would be funneled), Andrew Couts at Digital Trends originally estimated a total cost of $634 million. Couts later backed it down to "over $500 million" after identifying non-Affordable Care Act-related work with which CGI was associated. The New York Times has until recently been working with a figure of "over $400 million." All figures just noted are almost certainly miles too low, for two reasons.

By Noel Sheppard | October 5, 2013 | 3:36 PM EDT

This is really rich.

Bloomberg’s Margaret Carlson on PBS’s Inside Washington Friday called young people that don’t want to buy health insurance “deadbeats” (video follows with transcript and commentary):

By Matthew Balan | September 30, 2013 | 6:25 PM EDT

CBS This Morning did its best over two days to put the most positive spin on the rollout of the ObamaCare insurance exchanges. On Saturday, the newscast turned to Bloomberg's Peter Gosselin, who likened the exchanges to "shopping for anything online on Amazon". However, the program failed to point out that Gosselin once worked in the Obama administration, and advised HHS Secretary Kathleen Sebelius on health policy.

Two days later, the morning show turned to CBS News business analyst Jill Schlesinger, who followed Gosselin's lead in likening the exchanges to a popular website: "This is really like going to shop for a flight on Travelocity." Schlesinger also noted that ObamaCare "has to get young, healthy people in it, or else the math does not work". However, she insisted just moments later that the marketplaces will "work out all right", despite the initial glitches. [MP3 audio available here; video below the jump]

By Tom Blumer | September 28, 2013 | 10:06 AM EDT

Joshua Freed's Friday afternoon report on the week's results in the stock market at the Associated Press spent nine paragraphs telling readers how the current budget battle in Washington and possible government shutdown are causing stocks to retreat.

Though he obviously didn't admit it, Freed's narrative fell apart in later paragraphs as he discussed "mixed economic signals" which aren't mixed at all. They range from "pretty bad" to "really bad." Excerpts, mostly about the "mixed signals," follow the jump (bolds are mine throughout this post):

By Tom Blumer | September 16, 2013 | 1:59 PM EDT

If President Barack Obama is losing Al Hunt, there is definitely trouble in Lefty-land.

But let's not go too far. In the midst of leveling criticisms at Obama as "bordering on incompetence," the former host of CNN's Capital Gang and executive editor at Bloomberg News, who is now a Bloomberg View columnist and host of a Bloomberg TV's Political Capital Sunday news show, cited three examples of supposedly indisputable George W. Bush administration incompetence, none of which fits the description.

By Katie Yoder | September 9, 2013 | 3:35 PM EDT

Liberal comedian Bill Maher recently revealed how he worked his way through college: pot dealing – according Bloomberg Businessweek. 

In the Sept. 9 issue, Maher admitted, “Selling pot allowed me to get through college and make enough money to start off in comedy.” Maher attended Cornell University to earn an English degree in 1978. The “Business News, Stock Market, & Financial Advice” magazine dedicated a bio page to Maher, now a comedian, producer and host of HBO’s “Real Time with Bill Maher.” 

By Tom Blumer | August 28, 2013 | 9:17 PM EDT

There are two key words missing from the report Bloomberg's Kasia Klimasinska & Shobhana Chandra published Tuesday morning — a writeup that is so incredibly sunny and over-the-top that is probably would have embarrassed the Old Soviet Union's Pravda in its heyday.

One is "income." The reason is obvious. Real median household income is still way below where it was when the recession ended four long years ago. The other absent word is "deficit." This enables Bloomberg's pathetic pair to glide though a discussion of the national debt-ceiling situation and make Republicans look like the heavies. The final problem is that they act as if we're in the fifth year of unbroken expansion, when we're not. Excerpts follow the jump.

By Tim Graham | August 26, 2013 | 9:41 PM EDT

Bloomberg News betrayed their sense that democracy is best served by complete deference to President Obama. Their headline was “House Republicans Set to Defy Obama Are Mostly White Men.”

Reporter Greg Giroux (who is also white, if bean-counting is important) began this way: “The core group of Republicans who are pushing the House toward a showdown with the White House over the debt ceiling and government spending is made up of 41 members -- all white men except for two.” They were studying the conservative “Caucus of No.”

By Tom Blumer | August 26, 2013 | 4:55 PM EDT

Anyone remember all the huffing and puffing from the establishment press about how third-quarter economic growth was going to be great — so please stop worrying about how weak the past three quarters (annualized rates of 0.1%, 1.1%, and 1.7%, respectively) have been?

Oops. On Friday, the Census Bureau reported that new-home sales dropped over 20% in July to an annual rate of 394,000 from June's original reading of 497,000, which was itself revised down to 455,000. Today, the bureau revealed that durable goods orders fell sharply in July, bringing about yet another appearance at Bloomberg News of its favorite word during the past five years about the economy, and yet another instance of the stock market's apparent pleasure with bad news for the rest of us: