Recession

It's basic economics - when the economy contracts and the flow of money slows, so do tax receipts to local governments, barring maneuvering by the government to impose higher taxes. And that has been a focus of news stories, most notably the state budget woes that have recently hit California. A June 22 "CBS Evening News" segment showed how, during this sluggish economy, the demand for state…

A fabulous 1934 Chicago Tribune cartoon that has recently been making the rounds in the blogosphere as an example of history sadly repeating itself was marvelously rerun at the paper's website on June 10.In it, members of Franklin Delano Roosevelt's administration are seen shoveling money out of a wagon with a billboard on the side declaring, "Depleting the resources of the soundest government in…

Actor Jon Voight, who recently spoke critically of President Obama at a Republican fundraiser, appeared on Tuesday's The O'Reilly Factor to reiterate his problems with Obama. After recounting that America was "warned" by Hillary Clinton and Joe Biden during the Democratic primary season that Obama "had no experience" and was a "novice," the conservative actor reminded FNC viewers of the unheeded…

Today's Employment Situation Report from Uncle Sam (link will be updated for May results at 8:30 a.m.) will almost certainly report hundreds of thousands of seasonally adjusted jobs lost. According to this AFP report, "Most analysts expect employers to have cut 520,000 jobs, down from 539,000 in April. But the unemployment rate is still expected to have jumped to 9.2 percent, its highest since…

In what could be a new record for the Morning Joe crew, Joe Scarborough exploded into an anti-media rant today – a mere six minutes and forty-one seconds into the show.  From review of the tape, it is clear that Scarborough had not missed his morning coffee – so that was apparently not the reason for his detonation.  What, then, set Scarborough off?This Scarborough eruption was brought to you by…

On Friday's "Good Morning America," ABC White House correspondent Jake Tapper provided a skeptical, challenging analysis of the Obama administration's claims about the economic stimulus bill. NBC's "Today" and CBS's "Early Show" on Thursday simply regurgitated White House statements that the "economy is looking much healthier these days" and that the President is "taking credit for writing the…

During his Saturday, May 16, commencement speech at Fordham University, former NBC News anchor Tom Brokaw fretted that the "vital signs" of "Mother Earth" have "taken a turn for the worse," as he cited global warming as a problem this year's graduating class would need to help solve. He also used the term "economic justice," a term commonly invoked by the Left, as he called on graduates to "…

Here's a CNN e-mail alert I just received a couple of hours ago: So how did the Associated Press's Jeannine Aversa report the above raw news? As you would expect an Obama apparatchik to do it (reproduced in full as it existed at 3:15 p.m.; bold after title is mine): Fed sees hopeful signs but downgrades '09 forecast WASHINGTON (AP) — The Federal Reserve expects the economy to improve in coming…

You know the era of big government is alive and well when you see a mainstream news outlet praise the growth of the public sector as a "bright spot." Leading up to and throughout the 2008 national election cycle, CBS News was generally downbeat on the economy, even when times were much better than they are currently. However, now that government has taken a much larger role in the private…

Katie Couric sees America through a very dark prism. On Monday, she launched a new “Children of the Recession” series, in collaboration with USA Today, with an op-ed in “the nation's newspaper” in which she speculated today's kids may become the “Recession Generation” since “in some ways, I think they already are,” or the “innocent victims could become the Lost Generation.” Then, on Monday's CBS…

In Part I (at NewsBusters; at BizzyBlog) of my coverage of Martin Crutsinger's Associated Press report about Uncle Sam's Monthly Treasury Statement and the Obama administration's deficit projections, I noted that the government "miraculously" shrunk the deficit through March, the first six months of its fiscal year, by $175 billion, by employing an "accounting change." Even though this "…

You have to see this to believe it, and even then you'll have a hard time believing it. It's the Obama administration's deficit reduction program, otherwise known as "change the accounting." Here is what the Monthly Treasury Statement (MTS) from Uncle Sam looked like in March: Here is the report for April:

He's beloved by the gossip culture of Manhattan and was recently embraced by the left for hurling insults at CNBC "Mad Money" host Jim Cramer. But as Cramer's CNBC "Fast Money" colleagues explained, if you listened to NYU professor Nouriel Roubini, you would have missed out on a lot of stock market upside. Roubini, often called Dr. Doom and known for crazy parties, predicted back in 2005 the…