Steve Forbes

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  • Rachel Maddow Rips Trump After "Stunning" And "Profound Rejection" From Reputable Economists

    Blog ››› ››› ALEX MORASH

    MSNBC host Rachel Maddow ridiculed Republican presidential nominee Donald Trump after a Wall Street Journal survey found not a single former member of the White House Council of Economic Advisers (CEA) would support his presidency.

    Maddow opened the August 25 edition of her program by blasting Trump over a Wall Street Journal survey that revealed that no former CEA members would state support for the GOP nominee. Maddow reported that while this “very diverse group” of 45 economists had served eight different presidents -- including five Republicans -- “the one thing they all have in common is that not a single one of them supports Donald Trump for president.”

    According to the Journal, no Democratic or Republican advisers expressed support for Trump. Two former Republican advisers (Matthew Slaughter and Richard Schmalensee) crossed party lines to offer support for Democratic nominee Hillary Clinton. And two GOP advisers (former Reagan appointees William Poole and Jerry Jordan) even stated their support for Libertarian candidate Gary Johnson over their own party’s nominee. Maddow called the survey result “stunning,” and compared the economists’ “profound rejection” of Trump to being passed over at a dance. Maddow noted that it was like asking someone to dance, “and everybody in the world decides they will never dance again because of you” (emphasis added):

    RACHEL MADDOW (HOST): It's one thing to have, you know, some dissident Republicans rejecting a party's presidential nominee. It happens here and there. It happens, to a greater or lesser extent, with almost every nominee from both major parties every election cycle. There's always a dissenter here or there, but when it's everyone alive who has ever worked for any American president as an economic adviser including the last five Republican presidents, and they all reject you. That’s not like, you ask somebody to dance and they say, “no I don't want to dance with you.” That's like, you ask someone to dance and everybody in the world decides they will never dance again because of you. I mean, this is just -- this is profound rejection. I find that just stunning.

    During the segment, Maddow also highlighted a bitingly critical indictment of Trump that Harvard economist Martin Feldstein, a former CEA chairman under President Reagan, told to The Wall Street Journal:

    “I have known personally every Republican president since Richard Nixon. They all showed a real understanding of economics and international affairs. The same was true of Mitt Romney. Donald Trump does not have that understanding and does not seem to be concerned about it. That alone disqualifies him in my judgement.”

    The revelations from the Journal’s survey were also a topic of conversation on the August 26 edition of CNN’s New Day, during which Trump booster Steve Forbes dismissed the revelation and pivoted to highlight the supposed strength of Trump's advisers: Stephen Moore and Larry Kudlow. Moore and Kudlow have been dogged for making inaccurate statements and failed predictions over the years. Moore was accused of having “a troubled relationship with facts” by Nobel Prize-winning economist Paul Krugman, who went on to say that Moore may be maintaining a career in conservative economics only because “incompetence is actually desirable at some level” in those circles. Meanwhile, Kudlow recently lectured single parents that they are partly to blame for poverty even though he admitted to having "virtually no knowledge in this field.”

    The Journal's failure to find a single Democratic or Republican supporter of Trump among 45 former presidential economic advisers follows an August 22 report from the paper that hundreds of business economists overwhelmingly prefer Clinton as the best candidate on the economy. Clinton received the support of 55 percent of 414 economists surveyed by the National Association of Business Economics (NABE). Trump drew votes from just 14 percent of NABE members, once again registering less support on the economy than Gary Johnson, who garned 15 percent.

    The almost complete lack of support for Trump on the economy comes despite months of the GOP nominee being the dominant force in cable news discussions of the economy -- thanks in part to appearing on Fox News’ Hannity 24 times during the first six months of 2016.

  • Rubio And Cruz Echo Right-Wing Media With Their False Claims That Obamacare "Killed" Jobs

    ››› ››› JULIE ALDERMAN

    During CNN's February 25 Republican presidential debate, Sen. Marco Rubio (R-FL) and Sen. Ted Cruz (R-TX) claimed that the Affordable Care Act "is a job-killing law." The assertions by Cruz and Rubio, which fact-checkers called "false" and "hard to square," echoed years of false right-wing media reports that the health care law would kill jobs.

  • USA Today Highlights Misleading Estimate On Cost Of Net Neutrality

    Blog ››› ››› THOMAS BISHOP

    USA Today amplified a misleading op-ed claiming that proposed net neutrality regulations could cost consumers $15 billion in new user fees and taxes, a number that has been called into question by advocacy groups for faulty assumptions.

    On December 12, USA Today ran an op-ed by Progressive Policy Institute's Hal Singer and Brookings Institute's Robert Litan promoting their conclusion that a vote by the FCC to reclassify the Internet as a public utility under Title II of the Communications Act could cost consumers "a whopping $15 billion in new user fees to consumer bills." The authors claimed that "[o]nce Internet access service is labeled a 'telecommunications service' under Title II, consumer broadband services could become subject to a whole host of new taxes and fees."

    Singer and Litan admitted that "the Internet Tax Freedom Act pending in Congress might limit the impact of some of these taxes and fees" and that the FCC could limit service fees to consumers, but argued that such moves are unlikely and would not limit the impact of all fees.

    The paper published the authors' claims despite the fact that their calculations have been criticized for relying on faulty assumptions. The nonpartisan open Internet advocacy group Free Press estimated that FCC limits and the Internet Freedom Act would reduce possible fees associated with net neutrality reclassification by nearly 75 percent, to $4 billion. The group called the notion that Internet reclassification would amount to more than $15 billion in new local, state, and federal taxes an unlikely "worst-case scenario" that fails to account for how net neutrality works in practice, as it ignores "the difference between services that cross state lines and those that exist entirely within one state":

  • Fox Pushes Six Tax Myths Ahead Of Spending Negotiations


    Fox News tried to undermine President Obama's tax plan by pushing six debunked tax myths in advance of negotiations on how to avoid a series of automatic tax increases and spending cuts. In reality, Obama's proposal to let tax cuts for wealthy Americans expire will grow the economy and is supported by a majority of Americans.

  • "The Most Exciting Tax Plan Since Reagan's": Right-Wing Media Tout Perry's Flat Tax


    Following the release of Republican presidential candidate Rick Perry's (TX) tax plan, conservative media have hyped the plan, claiming it is "exciting" and a "radical improvement" over the current system. However, economists from across the spectrum have criticized Perry's plan, noting that it will lead to "substantial" revenue loss and "draconian cuts" while "undermin[ing]" the need to make the tax code simpler.

  • On Fox, Steve Forbes Hears The Truth About Health Care, Goes "Death Panels" Anyway

    Blog ››› ››› TODD GREGORY

    Today on Forbes on Fox, viewers were exposed to a fact that rarely makes an appearance on Fox News: Health care in America is already rationed, mainly by insurance companies. Rationing isn't an insidious creation of the health care reform law enacted last year -- it's something we all deal with when we interact with health care in our country.

    A panelist on Forbes on Fox, DePauw University professor Mark Tatge, made that point during a discussion of the Independent Payment Advisory Board (IPAB). The board was created by the health care law to propose ways to control Medicare costs, should they rise above a certain rate of growth.

    Tatge told host David Asman:

    We already ration care, David. I mean, we have 47 million Americans who can't get health insurance, who don't have health insurance. The unemployed and the underemployed don't have health care, or have very limited access to health care. So, I don't see what the big deal is about a bipartisan panel that's going to try to limit cost increases in Medicare, which have been runaway. So what's the big deal about this?

    After being prompted for a response, Forbes said, in part:

    David, this panel is really almost unconstitutional. It has no judicial review and no administrative review, and in terms of what they do, the way they ration health care -- and let's call them what they are, death panels -- is they'll say certain procedures, you don't get reimbursed for. That effectively cuts those procedures off. And Rich is right. It's going to be right after the -- they're going to go right after the elderly.

    Two facts put to rest the falsehood Forbes is pushing.

  • Forbes Joins Fight Against Money-Saving Light Bulbs

    ››› ››› FAE JENCKS

    In a column for Forbes magazine, Steve Forbes endorsed Republicans' proposal to repeal light bulb efficiency standards signed into law by President Bush in 2007 and attempted to debunk the fact that compact fluorescent lamps (CFLs) save consumers money by using less energy. However, tests have shown that CFLs can save households money even under the least ideal conditions.

  • Steve Forbes Falsely Claims EPA Is "Regulating Milk Spills"

    ››› ››› JOCELYN FONG

    Steve Forbes falsely claimed that the Environmental Protection Agency is "now regulating milk spills as part of an oil spill program," to which Fox Business host Stuart Varney replied, "That is true as a matter of fact." In fact, EPA has already said it will "exclude milk and milk product storage tanks from the spill prevention regulatory program."