10 Examples Of Bill O'Reilly Flubbing EconomicsMarch 27, 2013 10:23 AM EDT ››› ALBERT KLEINE & ALAN PYKE
Fox News host Bill O'Reilly has a long and documented history of pushing economic misinformation on his program, reinforced recently by economist Richard Wolff who said O'Reilly's claims about the economy are false.
On the March 25 edition of the independently syndicated Democracy Now!, former University of Massachusetts, Amherst economics professor Richard Wolff responded to O'Reilly's claim that European countries are going bankrupt because they are "nanny states," stating:
WOLFF: You know, he gets away with saying things which no undergraduate in the United States with a responsible economics professor could ever get away with. If you want to refer to things as "nanny states" then the place you go in Europe is not the southern tier -- Portugal, Spain, and Italy -- the place you go are Germany and Scandinavia because they provide more social services to their people than anybody else. And guess what? Not only are they not in trouble economically, they are the winners of the current situation.
[O'Reilly's] just making it up as he goes along to conform to an ideological position that is harder and harder for folks like him to sustain, so he has to reach further and further into fantasy.
O'Reilly's misinformation on economic issues, however, is not just contained to commenting on the European experience. Here are 10 other examples of O'Reilly's failure to accurately understand economics:
10. O'Reilly Falsely Compared The U.S. Debt Situation With That Of Greece. In an effort to force Congress to enact deep spending cuts, O'Reilly claimed that "like Greece, Ireland, and Spain...the USA has bankrupted itself." However, economists agree that the U.S.-Greece comparison is misguided and ignores the structure of the countries' economies.
9. O'Reilly Dismissed The Recession's Effect On Gas Prices. O'Reilly expressed doubt over the economic downturn's effect on gas prices, claiming that President Obama's explanation for low gas prices was "totally bogus." In reality, gas prices dropped precipitously during the recession, a fact that many news outlets -- including Fox -- reported at the time.
8. O'Reilly Claimed That Food Stamps Have No Economic Value. In a discussion about President Obama's stimulus bill, O'Reilly claimed that increasing spending on food stamps has "nothing to do with stimulating the economy." However, economists largely disagree, and studies have indicated that food stamps are among the most stimulative of government programs.
7. O'Reilly Suggested Bush Tax Cuts Increased Revenue. In an interview with former President Clinton, O'Reilly claimed that because of "the tax cuts under Bush, more money flowed into the federal government." However, when tax revenues are expressed as a share of the economy, the Bush tax cuts resulted in the lowest level in any decade since the 1950s, a fact noted by many economists.
6. O'Reilly Dismissed The Causes Of Income Inequality. In a discussion with Fox News contributor Kirsten Powers, O'Reilly brushed aside income inequality, claiming, "Income inequality is bull. Nobody gives you anything, you earn it." However, O'Reilly's statements ignored the fact that, at the time he said them, taxes on top income earners are at historic lows, and that, according to the Center on Budget and Policy Priorities, "typical middle-class households face higher rates than some high-income households."
5. O'Reilly Blamed Undocumented Immigrants For California's Budget Problems. In a segment on California's budgetary problems, O'Reilly claimed that an "enormous amount of money" was being spent on the "illegal alien problem." However, O'Reilly ignored that fact that a majority of undocumented immigrants pay taxes, and that granting them legal status could have a positive impact on the economy.
4. O'Reilly Repeatedly Suggested That "Irresponsible Behavior And Laziness" Cause Poverty. O'Reilly has consistently characterized the poor as "lazy" and "irresponsible," ignoring the consequences of the recent economic downturn and the rise in income inequality in recent decades.
3. O'Reilly Claimed That The Economy "Would Be Fine" If We Cut Spending To 2008 Levels. In a segment discussing sequestration, O'Reilly called for a rollback in spending to 2008 levels, claiming that the economy "would be fine" if spending was cut to that level. However, this proposal that has been repeatedly criticized by economists as economically dangerous, costing as many as 590,000 jobs.
2. O'Reilly Claimed That The Stimulus Was A Failure. O'Reilly has repeatedly stated that President Obama's stimulus package was a failure, ignoring the fact that, according to the non-partisan Congressional Budget Office, it increased employment by over 1 million jobs and raised GDP by between 0.8 and 2.5 percent.
1. O'Reilly Repeatedly Claimed That Economy Is Worse Off Than It Was When Obama First Took Office. O'Reilly has consistently stated that the Obama administration's policies are hurting the economy, even going so far as to claim that it is worse off than it was prior to Obama's first inauguration. However, by almost every measure of economic health, including unemployment, net job creation, and GDP, the economy has improved greatly since 2009.