Economy

Issues ››› Economy
  • What Media Need To Know About Mike Pence’s Economic Record

    ››› ››› ALEX MORASH

    Republican vice presidential nominee Gov. Mike Pence and Democratic vice presidential nominee Sen. Tim Kaine (D-VA) will face off on October 4 in a debate at Longwood University in Farmville, VA. As media outlets prepare for the only vice presidential debate of the 2016 election, they should have all facts about how Indiana really fared during Pence’s governorship.

  • MSNBC's Hewitt Blames Trump Business Failures On A Non-Existent "Clinton-Triggered Recession"

    Trump Falsely Claimed He Weathered “One Of The Most Brutal Economic Downturns In Our Country’s History” During One Of America’s Wealthiest Decades

    Blog ››› ››› CRAIG HARRINGTON

    MSNBC contributor and conservative radio host Hugh Hewitt parroted Republican presidential nominee Donald Trump’s false claim that he weathered “an economic depression” in the 1990s, with Hewitt blaming a so-called “Clinton-triggered recession” that did not actually happen for Trump’s disastrous business failures throughout that decade.

    During an October 3 speech in Pueblo, Colorado in which the GOP nominee attempted to deflect criticism in the wake of a devastating New York Times investigation into a decades-long period where he may not have paid income taxes, Trump blamed his business struggles in the 1990s on “one of the most brutal economic downturns in our country’s history” that he claimed was “almost as bad as the Great Depression of 1929.” Immediately following Trump’s speech, frequent Trump apologist Hugh Hewitt gave cover to Trump’s dubious claim, saying that President Bill Clinton’s policies and a supposed “Clinton-triggered recession of those years” were to blame for Trump’s business collapse, where he reported losses of over $900 million in 1995:

    Unfortunately for Trump and contrary to Hewitt’s claim, there was no recession during the Clinton administration, much less an economic contraction as severe as the Great Depression of 1929 or the profound economic and financial crisis of 2007 through 2009, which was inherited by President Obama.

    According to the National Bureau of Economic Research (NBER), the institution responsible for delineating and analyzing American economic cycles, there was a mild recession from July 1990 to March 1991 during the George H.W. Bush administration, and another from March 2001 to November 2001 during the first term of George W. Bush. Neither recession occurred during the period of time covered by the Times' report on Trump’s nearly billion dollar loss, or during Bill Clinton’s presidency, which was marked by steady economic growth and job creation. As you can see in these data from the Bureau of Economic Analysis (BEA) compiled by the Federal Reserve Bank of St. Louis, the 1990s resembled the exact opposite of the economic tumult Trump had described (recessions are noted in gray):

    The 1990s weren’t the only time when Trump’s real estate empire has been bedeviled by losses in the midst of an overall economic expansion. According to the latest reporting from Forbes magazine, which has been tracking Trump’s wealth for nearly four decades, the GOP nominee has lost almost $800 million over the past year mostly thanks to the declining value of his real estate while the rest of the economy performed admirably with a robust increase in median household incomes and historic reductions in poverty.

  • Media Shouldn’t Fall For Trump’s Spin That He Can Fix Tax Laws

    Trump’s Damage Control After NY Times Tax Bombshell At Odds With His Own Tax Plan That Favors His Own Businesses 

    ››› ››› TYLER CHERRY

    Following The New York Times’ report that Republican presidential nominee Donald Trump may have been able to avoid federal income taxes for 18 years after declaring a $916 million loss in 1995 as his businesses collapsed, some pundits are adopting the Trump campaign’s spin that the story proves that Trump “knows the tax code far better than anyone … and he is the only one that knows how to fix it.” In fact, Trump’s tax plan “doesn’t just preserve those breaks, it piles on new ones for real estate developers like Mr. Trump himself,” according to The Washington Post. The proposal would deliver a massive tax cut to Trump’s own businesses while providing a multi-trillion dollar tax cut to the wealthiest Americans. 

  • Vox Slams Media For Placing Style Over Substance In Aftermath Of Trump's Debate Meltdown

    Ezra Klein: Trade “Was Trump’s Best Portion Of The Debate … But He Didn’t Know What He Was Talking About”

    Blog ››› ››› CRAIG HARRINGTON

    Even as they criticized the rest of his performance for its lies and a general incoherence on basic policy specifics, mainstream and conservative media personalities are largely in agreement that Republican nominee Donald Trump earned more style points than Democratic nominee Hillary Clinton during the first half of their presidential debate on September 26, which focused on the economy and international trade.

    But as Vox editor-in-chief Ezra Klein argued in a September 27 blog, the belief among journalists and pundits that Trump “won” the opening economic portion -- or any portion -- of the debate only holds water if you grade the candidate’s braggadocious style as more important than his vacant substance (emphasis added):

    This is how it felt to me, too. Stylistically, this section was Trump’s best portion of the debate. He kept slamming Clinton on NAFTA — "the worst trade deal maybe ever signed anywhere” — and spoke with the confidence of a man who knew what he was talking about.

    But he didn’t know what he was talking about.

    What was stylistically Trump’s best portion of the debate was substantively among his worst (I say among his worst because it is hard to beat the section where he said he both would and would not honor the NATO treaty, and then said he both would and would not adhere to the first-strike doctrine on nuclear weapons). Trump was arguing the central economic theory of his campaign — and he was just wrong. In a section that began with him demanding solutions for our economic woes, he showed himself completely confused as to the nature of not just our economic problems, but the underlying labor market.

    The tone of his voice and the confidence of his delivery shouldn’t distract us from the hollowness of his remarks.

    From his introductory remarks, Trump unleashed a torrent of falsehoods during the first presidential debate of the general election. Journalists and commentators from across the political spectrum slammed the GOP nominee for his seeming lack of preparation and inability to execute a clear debate strategy. Focus groups of undecided voters conducted by CNN and by conservative pollster Frank Luntz agreed that Clinton trounced Trump on the stage, and a national poll fielded by CNN showed that debate viewers came away thinking Trump had lost “overwhelmingly.” Trump was even needled by reporters for revealing “his famously thin skin” and for failing to control his impulses and “los[ing] the battle against himself.”

    And yet, somehow, numerous professional debate-watchers seemed to think Trump actually performed well during the opening portion of the debate, when he attacked Clinton and President Obama on the economy. Ignoring that the country Trump was describing doesn’t actually exist, journalists largely seemed to agree that Trump’s jeremiad was nonetheless effective.

    Professional economists who watched the debate, on the other hand, savaged Trump for his repeated lies about the American economy. Trump falsely claimed the American labor market is being hollowed out by trade even when job creation is steady, he reiterated a false right-wing media claim that American incomes are stagnant when they are rising, he repeated his own false claim that the Federal Reserve is acting “politically” to prop up the economic recovery while claiming at the same time that the economy isn’t really recovering, and he lied about his impossible plan to pay down the national debt. And Trump did all of these things during a segment of the debate that commentators currently argue he won.

    For months, media critics have lamented how Trump is often graded “on a curve” for his performances and public statements, noting that he is “held to a different standard than Clinton” and his other political counterparts. The widespread perception that Trump outdid himself during the opening minutes of the debate while spouting a laundry list of lies about the economy and trade, proves how persistent this problem remains.

  • Myths & Facts: A Debate Guide To Donald Trump’s Most Common Lies About The Economy

    ››› ››› ALEX MORASH

    Republican presidential nominee Donald Trump’s penchant for promoting right-wing media myths and other misleading claims presents a unique challenge heading into the first presidential debate of the general election. If the September 26 debate is anything like the opening debates of 2008 and 2012, it will focus heavily on issues relating to the American economy, and both moderator and audience should be prepared for a torrent of misinformation from the GOP standard-bearer.