Economy

Apparently, the state of California has been trying to do something about the runaway costs of its "traditional welfare" program. Nationally, it's known as TANF (Temporary Assistance for Needy Families). In the tarnished Golden State, it's called CalWORKS (California Work Opportunity and Responsibility to Kids). Wednesday, the supposedly nonpartisan but clearly left-leaning California Budget…

On Friday's Early Show, CBS's Jeff Glor played up West Virginia Democrat Jay Rockefeller's browbeating of an oil company executive during a hearing of the Senate Finance Committee. The Senator interrupted Chevron Corporation CEO John Watson with a sarcastic reply: "Lovely statement, but do you understand how out of touch that is?" Glor first noted during his news brief 12 minutes into that 7…

CBS gave President Obama over 26 and a half minutes to answer 12 questions related to the economy during a town hall aired on Thursday's Early Show. Obama got six uninterrupted minutes to answer one question about Medicare during the hour-long event. Host Erica Hill wondered how the Democrat could "change the mind-set from things are tough to things are turning around" with the economy. Hill…

According to Time's Michael Grunwald, it was insane for Florida Governor Rick Scott (R) to reject $2.4 billion for a Tampa-Orlando high-speed rail project. And yet in the same Swampland blog post he confessed that a similar high-speed rail project going forward in California is dubious at best and that Scott's rejection of the pork project means that the money is now broken up to aid rail…

In a moment of respite from its typically liberal proclivities, MSNBC's "Morning Joe" tuned in to "Squawk Box" on May 12 to chat with the 11-year-old daughter of a CNBC anchor who co-authored a book about "defending our kids from the liberal assault on capitalism." "Although I am an environmentalist, in this argument I support the business side," wrote Blake Kernen, daughter of CNBC's Joe…

Chris Matthews Wednesday actually asked Ron Reagan, "Did [your father] really believe if you lowered the tax rates the government made more money?" Frankly, I'm not sure which was more absurd - the question or the answer (video follows with transcript and commentary):

Just barely a year after it derided the establishment media's obsession over oil-affected birds in the Gulf of Mexico while virtually ignoring the loss human life in awful floods in Tennessee (noted at the time at NewsBusters; at BizzyBlog), Investors Business Daily's editorialists are calling out the press for oversaturating us with Obama-OBL victory lap coverage at the expense of informing…

Discussing how President Obama should craft his 2012 reelection campaign theme, MSNBC contributors Howard Fineman offered that President Obama made a "mistake" in his freshman year in office in saying voters should judge his term by his performance in office. Because the economy is recovering under Obama's stewardship, Fineman posited on the May 11 edition of "Hardball," Obama must run on a…

Here's a safe prediction: The "bipartisan" group of congressmen led by Vice President Joe Biden will fail to solve the $14 trillion debt crisis. Here's another prediction: The Heritage Foundation (www.heritage.org/) has developed a formula, made possible by a grant from The Peterson Foundation (www.pgpf.org/), that could balance the budget in 10 years, reduce the debt to 30 percent of gross…

Last November, MSNBC's Lawrence O'Donnell admitted on air to being a socialist. In a segment on "The Last Word" Tuesday addressing how Cuba - a country nearing economic ruin - is moving towards capitalism, O'Donnell said, "We are all socialists in this country who support public education, state funded universities, government-run hospitals, Medicare, Social Security, classic socialistic…

Connecticut Governor Daniel Malloy has called himself the "anti-Christie" because of his willingness to raise taxes to help balance the Nutmeg State's budget. By contrast, New Jersey Governor Chris Christie, the object of Malloy's scorn, recently ruled out tax increases, as he has been doing ever since he became governor in 2010. Malloy's recently passed taxes amounting to an estimated $1.4…

According to a USA Today analysis, Americans are paying a lower percentage of income tax rates now than in the 1970s-1990s – and CNN's Jack Cafferty used this fact Monday to ask if raising taxes should be the first priority in Congress's deficit reduction plan. He hinted that the Treasury could use the extra revenue from higher taxes. Then on Tuesday, CNN Anchor Carol Costello continued the…

As if more proof were needed about the minimum wage's devastating effects, yet another study has reached the same conclusion. Last week, two labor economists, Professors William Even (Miami University of Ohio) and David Macpherson (Trinity University), released a study for the Washington, D.C.-based Employment Policies Institute titled "Unequal Harm: Racial Disparities in the Employment…

The Washington Examiner reports that it's been 768 days since the Democratic-controlled Senate passed a budget. What's the big deal? It's not like the nation is facing financial difficulties or anything. I realize it's convenient for President Obama to pretend he's a bystander on fiscal matters when it suits him and to pass the buck that never stops with him back to Congress, but how about a…