"It turns out the rich have suffered more than you," concluded Fox Business host Stuart Varney, after a new analysis found income inequality hasn't risen since the financial crisis.
According to new analysis from economist Stephen J. Rose of George Washington University, existing data points reveal that income inequality has not actually risen since the recession, due in part to income losses incurred by the wealthiest one percent during the financial crisis. As The New York Times explained on February 17, though income inequality is still enormously high:
[T]he crisis, which ran roughly from 2007 to 2010, reduced the pretax incomes of the wealthiest Americans more than the incomes of any group. The wealthy have indeed received the bulk of the gains since the recovery began, but they still haven't recovered their losses. Meanwhile, the steps that the federal government took in response to the crisis, including tax cuts and benefit increases, have mostly helped the nonwealthy.
Of course, income inequality is still at historically troubling rates, and could potential even worsen, as the Times repeatedly noted.
But Fox Business' Varney had a much different takeaway from the report. On the February 17 edition of Fox News' America's Newsroom, Varney cited the report to argue the recession hurt the rich more than others, saying, "The rich took it on the chin, everyone else took it on the chin, but not as badly." A data point for his argument was "for the very, very wealthiest people ... their income went from $39 million in 07 to 29 million in 2013." Though Varney acknowledged that income losses are felt more strongly by those with less wealth, he claimed that "government programs" made it so the lower and middle classes "didn't suffer quite as much as that one percent." He concluded, "It turns out, the rich have suffered more than you."
From the February 12 edition of Fox News' Fox & Friends:
Loading the player reg...
Fox News is burying Republican policy positions that exacerbate income inequality in order to help the GOP rebrand itself as a party for the middle class. This effort follows years of Fox figures blasting Democratic policies designed to alleviate income inequality as "class warfare."
Conservative media hyped the findings of a new Congressional Budget Office (CBO) report as a "bombshell" that shows the costs of the Affordable Care Act (ACA) will be much higher than expected. But according to the CBO's report, the ACA will cost 20 percent less over the next decade than its initial projections.
Right-wing media maligned Obama's economic policy initiatives announced during his State Of The Union address as both divisive class warfare and Santa Claus-style giveaways.
Fox News diminished the importance of paid sick and parental leave for working families and other employees as unnecessary "giveaways," ignoring the fact that paid sick leave policies have proven to save the economy billions of dollars annually, improve businesses, and predominately help low-income workers and women.
On January 15, President Obama launched an initiative to urge federal agencies and private-sector businesses to provide paid sick and family leave to working parents and other employees. And as The New York Times reported, pushed Congress to pass measures that will "let workers earn up to a week of paid sick time a year," provide federal workers "an additional six weeks of paid parental leave," and "encourage states to create paid family and medical leave programs." As The Washington Post's Wonkblog noted, "The U.S. remains the world's only wealthy nation that does not mandate a minimum of paid sick leave, vacation leave or parental leave."
On the January 15 edition of Fox News' America's Newsroom, Stuart Varney dismissed the initiatives as a "giveaway" and a political ploy aimed at making Republicans "look bad." Host Martha MacCallum flippantly diminished the importance of paid sick leave for working families and other employees saying, "What happened to, if you are really sick and you really can't come to work you don't come to work, and then if you are not really sick then you don't get any sick days?":
But Fox's dismissal ignores the fact that paid sick days have been shown to save the U.S. economy billions of dollars annually. According to the National Partnership for Women and Families, "Paid sick days help to decrease the productivity lost when employees work sick... which is estimated to cost our national economy $160 billion annually." Paid sick leave also contributes to workplace stability by removing the cost of replacing workers and the risk of infecting other workers.
Additionally, The Center for Economic Policy Research found that Connecticut's paid sick leave law had a negligible financial impact on the businesses that had to change their policies to comply with the law. Furthermore, these businesses reported minimal abuse of sick leave policies and a host of benefits:
The largest increases in paid sick leave coverage after the law went into effect were in health, education and social services; hospitality; and retail. Part-time workers, rarely covered before the law took effect, benefited disproportionately from its passage. Few employers reported abuse of the new law, and many noted positive benefits such as improved morale and reductions in the spread of illness in the workplace.
And paid sick leave policies predominately help low-income workers and women. As The Washington Post's Wonkblog pointed out, low-income workers are four times less likely to get paid sick leave than the top 10 percent of private sector wage earners. And a Kaiser Family Foundation report found that women are overwhelmingly more likely than men to need paid sick leave to care for their sick children, and the poorest moms have the fewest benefits with "only 36 percent of moms below 200 percent of the federal poverty level" having paid sick leave.
From the January 12 edition of Fox News' Your World With Neil Cavuto:
Loading the player reg...
In advance of the Federal Communications Commission's February vote on net neutrality rules, media have promoted distortions of the proposed regulations, suggesting net neutrality is an unpopular, "Orwellian" takeover of the internet that may stifle innovation, hurt the economy, and raise costs for consumers. In reality, net neutrality has broad bipartisan support, promotes competition, and has been the guiding principle behind Internet innovation since its inception.
This year saw clean energy technologies become cost-competitive with fossil fuels and gain prominence worldwide. The fossil fuel industry, desperate to stymie clean energy's continuing expansion, enlisted conservative media to do their bidding and attack clean technologies in every shape and form. From stoking fears about public transit being a form of "government control," to providing one-sided stories falsely predicting clean energy's downfall, here are the media's six most absurd attacks on clean energy this year.
1. 60 Minutes Produces "Poor Piece Of Journalism" To Attack Clean Energy
In January, CBS' 60 Minutes aired a report titled, "The Cleantech Crash," which attempted to label clean energy a "dirty word." The report was widely criticized by reporters, government officials, and clean energy advocates alike for offering a one-sided look at renewable energy and narrowly focusing on a few failures while ignoring the majority of clean energy's success. Two of the guests interviewed in the report later criticized it for selectively airing their comments to provide an overly negative portrait of the industy and for "fail[ing] to do the most elementary fact checking and source qualification."
Further, the report made no mention of climate change, which as energy reporter Dana Hull pointed out is "the whole point of cleantech, after all: using the promise of technology and innovation to try to wean our economy off of fossil fuels."
Conservative media attacked President Obama over a historic deal between China and the U.S. to reduce carbon emissions, claiming that the deal was a "cave" to China and that the U.S. got "steamrolled." But climate experts and others widely agree that the deal is an important step in the fight against climate change.
Fox News legal analyst Andrew Napolitano branded the principle of net neutrality as "Orwellian" after President Obama spoke out in favor of an open internet for consumers.
On Monday, President Obama called on the Federal Communications Commission (FCC) to adopt the "strongest possible rules to protect net neutrality," emphasizing that "[a]n open internet is essential to the American economy, and increasingly to our very way of life."
But according to Fox's legal analyst Napolitano on the November 10 edition of Fox Business' Varney & Co, Obama just "wants to take the choice of buyers and sellers out of the market." After host Stuart Varney accused the president of seeking "to regulate the internet," Napolitano concluded that the entire principle of net neutrality "is Orwellian."
Fox News misleadingly claimed that a Republican Senate majority could be a "big plus" for the stock market and generate economic growth of 3 percent to 4 percent, but hid the reality that growth has already topped those levels.
On the November 3 edition of Fox News' America's Newsroom, co-host Martha MacCallum warned that the midterm elections could have a "big impact on your money" and argued that despite recent stock market growth, "we could be seeing an even bigger rally if the GOP takes the Senate." Fox Business host Stuart Varney agreed, attributing the stock market rally of the past two weeks to the fact that "Republicans look more and more likely to take the Senate," and predicting that policies produced by a Republican-led Senate could set the economy on a path toward "3 to 4 percent" growth "instead of 2 percent." MacCallum and Varney claimed that 4 percent growth is something the economy has not seen in "a long time":
In reality, the American economy has grown by an average of 4.1 percent in the last six months -- while the Senate remained under Democratic control. The second and third quarters of 2014 had the strongest back-to-back growth rates the U.S. has seen since 2003, with respective growth rates of 4.6 percent and 3.5 percent. In fact, growth rates have topped Varney's arbitrary "3 to 4 percent" threshold during four of the past five quarters.
As Bloomberg News' Dave Weigel noted, Varney's speculation also ignores the Dow Jones industrial average's gain of more than 4,000 points since the 2012 election. The Dow is up more than 9,000 points since President Obama was first inaugurated in January 2009.
From the October 24 edition of Fox Business Channel's Varney & Co.:
Loading the player reg...
Fox News has repeatedly dismissed the prioritization of addressing climate change, questioning if now is the correct time to focus on it even as military experts highlight climate change as a threat to national security.
Fox News attempted to spin reports that some health insurance plans that do not meet minimum standards under the Affordable Care Act will be discontinued as a "new Obamacare bombshell" and death blow to the health care law.
The October 9 edition of America's Newsroom raised concerns over recent news that some health insurance plans not in compliance with the Affordable Care Act would be cancelled at the end of the year. Fox Business host Stuart Varney declared the cancellations to be a "political bombshell." The previous day, network host Shannon Bream called news of the cancelled plans a "new Obamacare controversy."
A headline on FoxNews.com declared that the canceled plans were evidence of an "Obamacare Death Knell":
Of course, the cancellation of plans that do not meet minimum coverage requirements was always a "part of the design of the health care law," as the New York Times explained, and meant to allow new insurance plans to be "more comprehensive and fair, with prices less variable by customers' ages and health status."
Last year, the Obama administration delayed the requirement that all plans cover a minimum standard of health benefits and medical bills, giving states the ability to allow insurers to extend existing plans that were not up to par -- something many states and insurance providers opted against. As the Washington Post reported, federal policy allows these non-compliant plans to continue through 2017 in some states, but some insurers are cancelling them now in favor of ACA-compliant plans.
Non-compliant plans which fall short of now-basic standards can be dangerous to the policy holder -- as studies show being underinsured carries many of the same risks as lacking insurance all together. As a spokesperson for the Department of Health and Human Services told the Post, those who may lose their non-compliant plans will "have access to better options through the health-insurance marketplace . . . [including] the opportunity to qualify for financial assistance to help them afford premiums and improved consumer protections."
Fox also ignored the realities of the insurance market -- these insurance plans may have been discontinued anyway. According to Georgetown University's Center on Health Insurance Reforms (CHIR), most consumers have year-long policies with health insurance companies that often changed at the end of the policy year, and "in most states insurers are allowed to increase premiums, increase cost-sharing, and/or reduce the scope of benefits covered."
Such phony outrage over discontinued plans is just the latest in Fox News' sustained campaign to undermine the ACA with misinformation, spin, and zombie lies -- despite news that the health care law has greatly reduced the nation's uninsured rate.