With almost exactly one month left till the election, the government reported Oct. 5 the unemployment rate plummeted to 7.8 percent in September. While media outlets like The New York Times called the number “unexpected good news for Obama,” both liberal and conservative economists were quick to tear it apart.
The labor force jumped in one of the two government employment surveys – “the government said the total number of workers employed surged by 873,000, the highest one-month jump in 29 years,” wrote The Wall Street Journal. The Journal’s forecast had predicted an increase to 8.2 percent.
When I saw CNN's Candy Crowley on Sunday tease an upcoming State of the Union segment saying she'd be discussing Friday's unemployment report after a commercial break, I was hoping to see a complete analysis of the data provided by the Bureau of Labor Statistics.
Much to my shock and dismay, although she and her guests discussed the economy and the jobs market for eight minutes over two segments, there was not one single word said about the declining participation rate or the record 1.2 million one month increase in the number of people not in the labor force (video follows with transcript and commentary):
It appears one should never say in Christiane Amanpour's presence Barack Obama isn't ideologically flexible.
When former Congressional Budget Office director Douglas Holtz-Eakin did so on ABC's "This Week" Sunday, the host pushed back, "Do you think that’s true that he hasn’t shown flexibility since he's, he’s sort of come completely to the Republican tenor of the debate?" (video follows with transcript and commentary):
- Since Obama took office, only 16 percent of health care stories mentioning the Congressional Budget Office (CBO) included any criticism of their accounting, despite criticism from many conservative and libertarian experts as well as the former head of CBO.
- Networks reporters and guests emphasized the CBO's integrity calling them "non-partisan," "independent" and the "referee" or "arbiter" of legislation costs. CBS's Nancy Cordes even declared them to be "trusted by both parties as the authority on budget matters."
The new majority in the House of Representatives has made it clear that voting on a full repeal of ObamaCare is its top priority, something a majority of Americans support. But their resolution, H.R. 2, has come under fire from the left and the liberal news media over the deficit.
Democrats, including Rep. Rob Andrews, D-N.J., claimed that House Republicans "are breaking their first promise in their first week" because the Congressional Budget Office (CBO) said that repealing the health care bill would add $230 billion to the deficit over 10 years.
CBS's Katie Couric called it "new ammunition" for Democrats on Jan 6, 2011, and on the network news that proved to be the case.
That "ammunition" used to portray the GOP as fiscal hypocrites has also been criticized as "nonsense," not that you'd know it from the network news media.
Republican presidential nominee Sen. John McCain, Ariz., has acknowledged his technological shortcomings, but some in the media continue to portray him as a techno-phobe with no meaningful contributions to that sector of the economy.
The September 16 "NBC Nightly News" examined McCain's rhetoric on the campaign trail in the wake of a serious banking crisis. Correspondent Kelly O'Donnell reported one campaign advisor cited McCain's legislative effort opening the door to technological advancements as evidence of his ability to steer Americans through the turbulent time.
"And Brian, when an adviser today was stressing John McCain's economic credentials, he told reporters that McCain quote ‘helped make this little miracle happen' - the Blackberry or cell phone - citing his work on the Commerce Committee," O'Donnell said.
Perhaps the media's Obama lovefest isn't as infectious as previously thought - at least in some corners of the financial media. For the second day in a row CNBC's Michelle Caruso-Cabrera noted low taxes - a conservative economic ideal - trumps those of the left, both economically and politically.
"You know what I just love, Doug?" Caruso-Cabrera asked. "Everybody and their mother, whenever they want to endorse their tax plan - they want to cite the almighty Ronald Reagan, right? I mean, everybody wants to dump all over the Republicans, but when they want to tout their economic and their tax plan, who do they go back to? The guy who cut taxes and cut taxes."