The Washington Post must dislike tax cuts even more than it likes President Barack Obama. On March 6, staff writer Lori Montgomery warned that the national debt would climb by $9.7 trillion under Obama’s budget.
Relying on the Congressional Budget Office (CBO) for data, Montgomery reported that the debt would be "higher than White House forecast" but not because of spending increases by Obama. Instead, she used the CBO to attack Obama's "tax-cutting agenda" continuing a media theme of portraying him as fiscally conservative despite the largest budget ever.
"Proposed tax cuts for the middle class account for nearly a third of the ($9.7 trillion) shortfall," Montgomery wrote. Her one-sided article relied solely upon the CBO and its director Douglas W. Elmendorf.
As economic issues move to the front of the on-going presidential campaign, the mainstream media have given an increased amount of coverage to what is happening on Wall Street. However, they have portrayed Wall Street as something completely alien to what happens on "Main Street."
"Now to Wall Street, which, as you know, doesn't always like what Main Street likes, and by the end of the trading day, it was up," NBC "Nightly News" anchor Brian Williams said on Oct. 31, 2007.
But something positive on Wall Street and something positive for Main Street are not mutually exclusive.