A recent editorial in The Columbus Dispatch dismissed the impact of federal budget sequestration on jobs and the economy in Ohio, claiming it "did not cause the sky to fall." However, past editorials and news reports published by the paper highlighted the economic repercussions on Ohioans that would result from the cuts.
National Journal's Ron Fournier illustrated in his latest column why it's a bad idea to rely on excerpts from a book for one's commentary rather than actually reading it.
In 2011, a "grand bargain" to lower the long-term debt by $4 trillion by cutting entitlement spending and raising taxes fizzled when Republicans pulled out of negotiations. Some pundits, including Fournier, counterintuitively blamed Obama for Republican refusal to support any bill that increased taxes.
Fournier suggested in a May 12 column that former Treasury Secretary Timothy Geithner's new memoir, Stress Test: Reflections on Financial Crises, supports that conclusion.
While the book was released today, Fournier clearly has not read it -- he describes it as "forthcoming" and cites excerpts from Politico's Playbook. Unfortunately for Fournier that is a crucial error, as the full text of that section of the memoir makes clear that Geithner blames Republicans, not Obama, for the failure of the debt talks.
Fournier wrote that Geithner's memoir "captures a moment at which President Obama faced a choice between forging ahead with a promise to seek GOP compromise on the nation's debt crisis or bow to pressure from his liberal base. Obama chose surrender." Fournier cites the following paragraphs from Geithner's book, excerpted by Politico, as evidence of that claim:
Dan Pfeiffer, the president's communications director [now senior adviser] and another 2008 campaign veteran, often took the other side of the debate, saying we couldn't afford to alienate our base and split a weakened Democratic Party in pursuit of an imaginary compromise with Republicans who didn't want to compromise.
At another meeting in the Roosevelt Room, I told the president I thought there was a chance that he could break at least some Republicans away from their no-new-taxes mantra and forge a deal to stabilize our long-term debt. It wouldn't be a deal that his base would like, but if he wanted to get anything through the House, he couldn't be bound by the demands of Democrats. "You have a chance to split the Republicans," I said. "But only if you're willing to split the Democrats...."
I remember during one Roosevelt Room prep session before I appeared on the Sunday shows, I objected when Dan Pfeiffer wanted me to say Social Security didn't contribute to the deficit. It wasn't a main driver of our future deficits, but it did contribute. Pfeiffer said the line was a "dog whistle" to the Left, a phrase I had never heard before. He had to explain that the phrase was code to the Democratic base, signaling that we intended to protect Social Security.
Based on the Politico excerpts, Fournier concluded:
Obama decided not to split the Democrats--or to seriously seek compromise. Yes, he did propose a modest adjustment of entitlement spending in exchange for tax cuts on a "grand bargain," but that now appears to have been a mere signal (or dog whistle) to debt-fretting independent voters. It was a game. Liberals played their part and objected to the reforms. Republicans played their part and said they would never raise taxes. Despite advice from Geithner, fellow Democrats, and top Republicans who recognized the GOP negotiating ploy, Obama seized on it as an excuse to surrender to his base.
In fact, Geithner made clear that Obama had sought to "seriously seek compromise," only to be abandoned at the negotiating table. Here is the very next paragraph in Geithner's book following the exchange about Social Security (Kindle location 7177):
On July 21, Boehner, remarkably, stopped returning the President's calls. He soon announced he was abandoning the grand bargain. This time, his rationale was that the President had moved the goalposts by asking for an extra $ 400 billion in revenues. But that was just a pretext; the negotiations were fluid. We had raised the revenue target, and their drafts still were calling for unacceptable political scalps, but the President hadn't drawn a line in the sand. The problem was that most of Boehner's caucus was unwilling to accept any new revenues, and many had pledged never to vote to raise the debt ceiling; he once told us that he was more interested in doing big things than being Speaker, but ultimately he was unwilling to split his caucus and risk his job. The President, by contrast, was willing to alienate some of his Democratic allies to pass an agreement he believed would be good for the country.
Fox News latched onto a study of the first full year of budget sequestration, claiming that the report undermines warnings that across-the-board cuts would cost the economy hundreds of thousands of jobs. In fact, the federal workforce has been significantly reduced since sequestration went into effect and fiscal austerity continues to drag down job creation and economic growth in the private sector.
Weekday broadcast and cable evening news covered a variety of economic topics including deficit reduction, economic growth, and effects of the Affordable Care Act (ACA) throughout the first quarter of 2014. A Media Matters analysis shows that many of these segments lacked proper context or input from economists, with Fox News continuing to advance the erroneous notion that the ACA and the minimum wage are causes of poor job growth.
Fox News' Sean Hannity lauded Republican Rep. Paul Ryan's latest budget, a proposal that has been criticized by economists for its potential destructive impact on the economy, employment, and poverty.
Relentless investigations into the 2012 attacks in Benghazi, Libya that have been tirelessly cheered on by right-wing media have reportedly cost taxpayers and the Pentagon millions of dollars and wasted thousands of hours of personnel time, according to the Associated Press.
Citing a March 11 Pentagon letter, the AP reported how millions in funding have been funneled away from other Department of Defense responsibilities to "repetitive requests for information from about 50 congressional hearings, briefings and interviews," and the Pentagon determined that "[t]he total cost of compliance with Benghazi-related congressional requests sent to the department and other agencies is estimated to be in the millions of dollars." The AP cited former commander of U.S. Africa Command Gen. Carter Ham's experience as an example:
[He] has briefed or testified before congressional panels five times over two years, and yet both the Armed Services Committee and House Oversight and Government Reform has [sic] asked Ham to submit to additional interviews.
Right-wing media have actively campaigned for these unending investigations, even coordinating with House Republicans to skew evidence. On February 6, Fox host Bill O'Reilly demanded that Rep. Jason Chaffetz (R-UT) subpoena former Defense Secretary Leon Panetta to re-litigate one of Fox's favorite conspiracy theories, and on January 27, host Greta Van Susteren demanded the release of facts already in the public record. Fox has since reached farther to push the Benghazi hoax -- ignoring independent investigations that have turned up no evidence of political scandal.
Despite mounting evidence that low minimum wages put pressure on government finances through the need for expanded safety net programs, over the past year, evening news programs on four major broadcast networks -- ABC, CBS, NBC, and PBS -- have been largely silent about the public cost of low wages.
Fox News is providing ample, uncritical airtime to hype Representative Paul Ryan's (R-WI) report on the alleged ineffectiveness of government anti-poverty programs, despite condemnation from numerous economists that the report is misleading and inaccurate.
From the March 3 edition of Fox News' Happening Now:
Loading the player reg...
Coverage of Social Security in three major national print outlets relied on reporting figures in raw numbers devoid of relevant context -- such as previous years' figures -- that could provide a more accurate picture of the program's finances. These findings, calculated since July 2013, are consistent with a previous Media Matters analysis of print media's coverage of Social Security.
The New York Times improved its standards for budget reporting over the past four months, providing readers with more adequate context to understand the size and scope of federal programs, budget deficits, and policy proposals.
On October 18, 2013, New York Times public editor Margaret Sullivan issued a statement affirming the paper's commitment to improving its numbers-based reporting. Sullivan's comments came in response to mounting criticism over how print media's reliance on reporting large numbers devoid of context often confuses and unintentionally misleads readers.
Ongoing Media Matters analysis of print media budget reporting standards confirms that the Times has begun to address these concerns, and now leads two other prominent print outlets -- The Washington Post and The Wall Street Journal -- in providing context when reporting numbers.
The Times was less likely than other selected outlets to rely on raw numbers for budget reporting from October 19, 2013 -- the day after Sullivan's statement -- to February 14, 2014. The paper was also more likely than the other newspapers analyzed to provide relevant context. Furthermore, the Times was the most likely to present figures in percentage terms relative to the size of the budget or the size of the economy.*
These results show a deviation from past practices. Media Matters research through the first half of 2013 revealed that the Times relied on out-of-context raw numbers for nearly 67 percent of its reporting concerning the federal budget, the debt and deficit, and spending programs. This reflected roughly the average style of reporting among the three outlets examined.
Despite recent improvement, the paper still relies on out-of-context figures for a majority of its coverage. Sullivan acknowledged in her October 18 statement that "[i]t won't be easy to make these changes happen consistently" across the newspaper's entire staff, but that change is coming "and the sooner, the better."
Hopefully other major outlets follow suit.
Image via Flickr user Frank Sheehan using a Creative Commons License.
Three major national print outlets were more likely to report economic figures in terms of raw numbers devoid of relevant and necessary context, such as previous years' numbers or monthly figures that would give readers an accurate depiction of the economy. These findings, calculated since halfway through 2013, are consistent with a previous Media Matters analysis of print media.
In the years since President Obama signed the American Recovery and Reinvestment Act -- commonly referred to as the stimulus -- right-wing media outlets have engaged in a steady campaign of misinformation to claim that it didn't help the economy.
February 17 marked the five-year anniversary of the implementation of the American Recovery and Reinvestment Act of 2009, a multi-billion economic stimulus package designed to spur economic growth and job creation during the Great Recession. The legislation increased infrastructure investments and implemented a variety of tax cuts for individuals and businesses, totaling approximately $831 billion over the 2009-2019 period.
Ever since the stimulus was signed into law, right-wing media figures have repeatedly pushed misinformation about its structure and alleged ill-effects. From forwarding false claims about the bill providing tax breaks for undocumented workers to baselessly linking it to Operation Fast and Furious, no myth has been too outrageous in the campaign to disparage the stimulus and President Obama.
The most frequently pushed myth about the stimulus, of course, is that it failed to increase economic growth or create jobs. The erroneous notion that the stimulus"failed" has appeared repeatedly in the right-wing media over the past five years, often being brought up to stymie any potential increases in government spending and investment.
The idea that increased government spending in the stimulus did not help the economy is patently false, and easily disproved by economists.
A 2010 Wall Street Journal poll of economists revealed that a majority of economists agree that the stimulus boosted growth, and according to a May 2012 Congressional Budget Office report, the stimulus created the equivalent of between 900,000 and 4.7 million jobs in 2010 and between 600,000 and 3.6 million jobs in 2011. Furthermore, a February 2013 report from the Center on Budget and Policy Priorities illustrates how GDP growth would have been slower had the stimulus not been enacted:
Despite the facts, multiple outlets -- including Fox News and the Wall Street Journal -- are using the five-year anniversary of the stimulus' implementation to push the same tired myths. On February 18, one Fox host even went so far as to wonder whether or not it caused a recession, ignoring the fact that the economy has been growing steadily since the stimulus was implemented.
If recent history is any indication, right-wing media are unlikely to stop their campaign of misinformation around the bill, particularly if additional spending measures -- a policy recommended by economists -- are implemented.
Fox wants to know whether the stimulus package signed by President Obama caused a recession.
In recognition of the five-year anniversary of the American Recovery and Reinvestment Act of 2009 -- commonly known as the stimulus -- Fox Business' Varney & Co. framed a segment around the question of whether it caused a recession.
Fox is just asking, and here is the answer in one simple chart. The most recent recession started in December 2007, over a year before the stimulus bill was signed into law. Since its passage in February 2009, the American economy experienced an immediate positive turn, culminating in more than four years of steady, gradual economic growth.
Fox's disregard for facts in its frantic push to disparage the president and his policies is nothing new, but the basic failure to understand that the economy has been recovering for the past five years marks a new low.
From the February 14 edition of Fox News' Your World with Neil Cavuto:
Loading the player reg...