From the October 29 edition of Premiere Radio Networks' The Rush Limbaugh Show:
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During the October 28 CNBC Republican presidential debate, several candidates proposed tax and economic policies that were later described as "fantasy," "oddly imaginary," and even "insane" by media outlets because their implementation would inflate existing budget deficits and add trillions of dollars to the national debt.
Media outlets called out Republican presidential candidate Carly Fiorina's "utterly wrong," "wildly misleading," and long discredited claim at the October 28 CNBC presidential debate that women held 92 percent of the jobs lost during President Obama's first term, pointing out that that statistic is recycled from Mitt Romney's presidential campaign and newer data completely contradicts Fiorina's claim: women actually gained jobs by the end of Obama's first term.
From the October 28 CNBC Republican presidential debate:
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Media figures explain why financial cable channel CNBC's October 28 GOP presidential debate, which will focus on economic issues, is one of the most important debates for the Latino vote this election cycle.
In anticipation of CNBC's presentation of the third GOP debate, Republican presidential candidate Carly Fiorina attacked the economic policy priorities of Hillary Clinton, President Obama, and the Democratic Party in a recent op-ed for The Wall Street Journal that was filled with inaccurate and misleading information. It was more of the same of what she did during the second GOP debate hosted by CNN, when the network's moderators let her use the stage to make baseless allegations about Planned Parenthood, which provides vital, affordable health care to millions of Americans. Will CNBC moderators let her be just as careless with economic policy facts?
From the October 28 edition of CNBC's Fast Money Halftime Report:
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The first Republican presidential debate hosted by a business-themed television network presents an opportunity for debate moderators to closely examine the economic policy positions and records of the GOP field.
On October 28, CNBC will host the third GOP primary debate, which will be split into two parts. The top 10 polling GOP contenders -- Donald Trump, Ben Carson, Marco Rubio, Jeb Bush, Carly Fiorina, Ted Cruz, Mike Huckabee, Chris Christie, John Kasich, and Rand Paul -- will participate in a two-hour primetime debate, while four other GOP candidates -- Lindsey Graham, Bobby Jindal, George Pataki, and Rick Santorum -- will participate in a debate a few hours earlier. Both debates will be moderated by CNBC anchors Carl Quintanilla and Becky Quick, and CNBC Chief Washington Correspondent John Harwood.
According to an October 21 CNBC press release, the debate "will focus on the key issues that matter to all voters -- job growth, taxes, technology, retirement and the health of our national economy."
Below are four suggestions for how CNBC's moderators can press the GOP field about the intersections between the economy and: money in politics, climate change, tax cuts for the wealthy, and immigration reform.
The growing crisis of barely-regulated money in politics in the wake of the Supreme Court's 2010 Citizens United decision was brought into stark relief by a recent New York Times report which found that "[j]ust 158 families have provided nearly half the early money for efforts to capture the White House." According to a Media Matters analysis, since March 23, a total of 52 segments on CNBC discussed issues related to money in politics, but campaign finance reform was mentioned just once. CNBC should ask candidates about our country's broken campaign finance system not just because 78 percent of Americans polled favor overturning Citizens United, but also because unlimited campaign contributions help shape negative economic policy outcomes. According to a May 2014 issue brief by the Center for American Progress, campaign contributions and lobbying can significantly increase "rent-seeking," which economists agree "causes a net societal loss that harms the economy." And if CNBC moderators need another reason to ask the candidates about money in politics, they should just look around: the GOP debate will be held at the University of Colorado's Coors Events Center, a venue so-named because of a sizeable contribution made by the Adolph Coors Foundation, an organization involved in funneling dark money to conservative causes.
Here is what recent research suggests: Climate change-fueled wildfires are already straining the budgets of Western states, climate change could reduce the United States' per capita GDP by 36 percent by 2100, and more than $1 trillion worth of property and structures are presently at risk from climate change-fueled sea level rise. The severe economic risks associated with climate change should be more than enough reason for CNBC moderators to question the GOP field about this urgent issue, which could drastically impact businesses of all sizes. Climate change recently became part of the 2016 campaign in a significant way when battleground incumbent Sen. Kelly Ayotte (R-NH) announced her support for the Environmental Protection Agency's Clean Power Plan, citing the interests of the New Hampshire business community. Ayotte joined a group of major corporations and financial decision makers, including 81 signatories to the American Business Act on Climate Change Pledge, mega food companies such as General Mills, Kellogg Company, Mars, Inc., and Nestle USA, leading banking institutions including Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo, and many other major corporations. Asking the GOP field about the economic consequences of climate change would also be an opportunity for the network to improve its coverage of the issue. According to a Media Matters analysis of the first nine months of 2013, more than half of CNBC's coverage of the issue included climate science denial.
Throughout the 2016 presidential primary campaign, GOP candidates have routinely pitched their tax plans as "populist," despite the fact that each and every proposal disproportionately benefits the wealthy. And media have fallen for the claim time and time again. When Donald Trump announced his plan on September 28, Politico claimed in a headline that the billionaire businessman planned to "hike taxes on the wealthy" -- even though the plan calls for cutting the top marginal tax rate, cutting the corporate income tax rate, and eliminating the estate tax. The media outlet had relied solely on Trump's false characterization of his plan to write that headline. In an October 14 article in The New York Times, debate co-moderator Harwood criticized several candidates for describing themselves in populist terms but "sh[ying] away from economic populism," while crafting tax policies that "deliver disproportionate gains to the most affluent." During the debate, Harwood should continue to hold the candidates to this same standard, pushing them to accurately explain what their tax reform plans do and who they benefit.
Falsehoods about immigration routinely begin as conservative media claims before becoming talking points used by GOP presidential candidates. CNBC should be on the lookout for several common false claims about immigration and the economy, and be prepared to factcheck fabricated statistics on the issue. Conservative media often claim that deporting undocumented immigrants would help the economy by saving taxpayers money. In one variation of that claim published by Breitbart News, each deported household would save taxpayers $700,000. In fact, the opposite is true -- the cost of deporting longstanding undocumented immigrants in the United States would cost more than $114 billion, and according to a report from Center for American Progress, the "cost to the overall economy would likely be far more." Other claims to look out for include: false connections between immigration and African-American unemployment rates; the erroneous claim that immigration decreases American wages and increases unemployment; and the baseless argument that immigrant children are straining American school systems and driving up taxes.
As CNBC prepares to host the third Republican presidential debate on October 28 -- which will focus on the economy and is being billed as "Your Money, Your Vote" -- moderators Carl Quintanilla, Becky Quick, and John Harwood should be prepared to contest and correct several right-wing myths about the economic costs of immigration that are all but certain to come up.
One of the moderators of CNBC's October 28 Republican debate, John Harwood, called out several members of the GOP presidential candidate field in a New York Times article that debunked their attempts to frame major tax cuts for the wealthy as "populist" tax reform proposals. Will Harwood hold the candidates to the same standard during the live, televised debate?
CNBC will host the third GOP presidential primary debate on October 28, which is set to focus on economic issues. So will the network that describes itself as the "world leader in business news" ask the candidates to reconcile their positions on climate change with the views of prominent Republican Senator Kelly Ayotte and many of America's leading businesses and financial leaders, who have expressed support for climate action and warned of the severe economic risks associated with unchecked global warming?
A study of CNBC's coverage of the crisis of money in politics ahead of its October 28 Republican presidential debate reveals that the network has rarely explored the implications of an out-of-control campaign financing system and its effect on the political process. Media Matters analyzed the financial news network's content beginning on March 23, when the first 2016 presidential candidate officially entered the race and found that it has failed to report on the expanding influence of wealthy individuals and corporations who donate to campaigns, or the impact of the Supreme Court's 2010 Citizens United decision, which began a rollback of campaign finance reform measures that is negatively impacting not just elections, but the economy as well.
Fox News is using CNBC's announcement that it would change the format of its upcoming GOP presidential debate following presidential candidate Donald Trump's demand that the network do so to applaud Trump's negotiating skills.
Several media outlets have refuted Republican presidential candidate Sen. Marco Rubio's claim that his tax reform plan sets him apart from GOP rivals because it would balance the federal budget in 10 years.
Several media outlets parroted Republican presidential candidate Jeb Bush's economic message after he claimed his administration would oversee 4 percent economic growth and the creation of up to 19 million new jobs. But economists argue that his goals are unrealistic, and question the impact any single president can have on "decades-long trends."