Economy

When the legislators and good-government people who drafted the law requiring the Government Accountability Office (GAO) to audit and render an opinion on the financial statements of the federal government as a whole and the major departments within it, they must have known that early-year results would not be very pleasant. But I also suspect that they thought the shame of being exposed as…

To those who have spent time following new reports emanating from the Associated Press, it's not exactly a secret that many of the alleged journalists who work there are having difficulty with the idea that there will be a new Republican majority in the House during the next two years. A further annoyance is that many members of that majority, especially the newer ones, hold sensible,…

 Appearing as a guest on Monday’s Parker-Spitzer on CNN, Chrystia Freeland of Reuters claimed that the European economy is at an advantage compared to the U.S. because of America’s lack of universal health care. But, when fellow guest Will Cain of the National Review pointed out that America’s economy outperforms Europe, Freeland was only able to name one nation in Europe - Germany - whose…

In its reports about the U.S. homebuilding industry and new home sales, the Associated Press has gotten lazy and/or deliberately deceptive. In doing so, it is giving readers, listeners and viewers at its subscribing outlets a completely incorrect impression that the industry and market are getting off the mat after recently being in their worst shape, in their words, "in 47 years." After…

2010 will be by far the worst ever in the 48 years records of new home sales have been kept, and there is little if any reason to believe things will get better soon. The news on existing home sales has hardly been better, given the price reductions sellers have had to make to move their homes. Graphics will follow shortly indicating just how bad the market for new and existing homes has been…

As Barack Obama took his legislative victory lap Tuesday, he boldly claimed this was "the most productive postelection period we've had in decades" and "the most productive two years that we've had in generations." Not caring what "productive" means, media across the country dutifully parroted the President as the following video created by the folks at Breitbart TV marvelously demonstrates…

Someone check the cider bowl at the New York Times Christmas party.  Looks like it was spiked with some wacky wassail weed, and that Paul Krugman drank deep—very deep—from it. In his Humbug Express column today, the honoree of a fringe Scandinavian leftist group claimed—apparently lost in the throes of cider-induced delusions—that the left's ability to promulgate its propaganda is dwarfed by…

If you only read CNNMoney.com's Dec. 17 attack on the tax cut deal you might think that Congressman Mike Pence, R-Ind., opposed extending the Bush-era tax cuts because of the cost. But that's not the case. CNNMoney senior writer Chris Isidore wrote the article: "Costliest stimulus, weakest payoff" attacking the tax deal Congress passed. Using the Congressional Budget Office (CBO) figures…

A funny thing happened on the way to finding yet another year of media emphasis on the use of "holiday" vs. "Christmas" in describing the shopping season. Google News searches conducted this morning at about 7:30 ET on "Christmas shopping season" and "holiday shopping season" came back with the highest percentage of "Christmas" results I've seen in the six years I've been doing these searches…

Did you know that the "big new tax law" signed by President Obama yesterday "will save taxpayers, on average, about $3,000 next year," and that it will have "tax breaks for being married, having children, paying for child care, going to college or investing in securities"? Don't spend that extra $3,000 yet, because it mostly won't be there. With the only major exception being the 2-point cut…

Leave it to the Associated Press, with the assistance of the "magic" of seasonal adjustments, to make the November housing market appear as if it was a bit better than the two months that preceded it. It wasn't. Thursday, the wire service grabbed the single crumb that was available, namely the Census Bureau's report earlier that day that annualized, seasonally adjusted housing starts had…

For all of the bluster and glory, for all of the pomp and circumstance and yes, for all of the anticipated hope and the promised change, the whirlwind of hype and expectation surrounding the President a mere two years earlier has virtually dissolved, and Barack Obama has set a course that will leave his legacy as no more than a footnote in American Presidential history.

With a huge bipartisan majority, the House passed Obama's tax compromise plan Thursday evening 277 to 148.  139 Democrats voted for the measure with only 36 Republicans voting against it. As a result, Charles Krauthammer said in the Washington Post Friday the GOP made a huge mistake supporting this plan, and that this victory by the President clears the way for his reelection:

The morning after a contentious vote in which over 100 House Democrats revolted against the Democratic president's proposed tax package, NBC congressional correspondent Kelly O'Donnell chose to frame the debate as a resounding victory for the White House. Appearing on MSNBC's "Daily Rundown" today, O'Donnell was only willing to admit "some" Democratic opposition to the extension of current…