In a March 6 news article headline, Bloomberg referred to the "Obama Bear Market," and The Wall Street Journal ran an op-ed on the same day with the headline "Obama's Radicalism is Killing the Dow." In fact, the market has been on a decline since October 2007, and, as the Financial Times' Dan McCrum said, "it's the economy which is driving the market down here" and that "what's important is that President Obama doesn't try to address that in the short term. He's quite right that short-term market movements aren't -- shouldn't be driving government policy. What he needs to do is concentrate on fixing the economy, and the market will sort itself out."
The Wall Street Journal reported that Richard Scott, "the former chief executive of HCA Inc," had formed the non-profit organization Conservatives for Patients' Rights as part of a "lobbying campaign to derail or modify" President Obama's health care proposals, but failed to note that Scott resigned from HCA in 1997 amid a federal investigation into the company's Medicare billing, physician recruiting, and home-care practices. HCA eventually pleaded guilty to fraud charges and paid approximately $1.7 billion in fines and penalties.
A Wall Street Journal article reported that as first lady, Hillary Clinton "sparked outrage after embracing Suha Arafat, wife of Palestinian leader Yasser Arafat, shortly after Mrs. Arafat accused Israel of using poison gas against Palestinians." But the article did not note that Clinton reportedly "condemned Mrs. Arafat hours later, after receiving, she said, an official translation of her remarks."
A Wall Street Journal article mischaracterized a section of H.R. 1, stating: "In a staff report describing the bill, the House said treatments found to be less effective and in some cases more expensive 'will no longer be prescribed.' " However, neither the House discussion draft nor the House bill implements federal requirements banning the use of "treatments found to be less effective and in some cases more expensive." In fact, the section of the bill the article referenced establishes a Federal Coordinating Council for Comparative Effectiveness Research and calls for funding to "be used to accelerate the development and dissemination of research assessing the comparative effectiveness of health care treatments and strategies."
Sean Hannity and Rush Limbaugh have repeatedly claimed that President Reagan's tax cuts were responsible for ending the recession in the early 1980s, suggesting that tax cuts, and not government spending, would be the best solution to the end the current recession. However, several economists have stated that while fiscal policy had some impact during that period, "[l]ower interest rates after mid-1982 permitted the recovery to begin," according to a 1983 CBO report. By contrast, a reduction in the federal funds interest rate is not available to the Federal Reserve today because the current rate is essentially zero.
A Wall Street Journal editorial falsely suggested that, unlike President Obama, former President Bush never used "a list of reporters preselected to ask questions" when deciding who to call on at presidential press conferences. In fact, Bush also used such a list, as former White House spokesman Ari Fleischer told reporters in a March 2003 press briefing.
A New York Times essay by Jason DeParle highlighted a resurgence of the use of the word "welfare" among conservatives, this time to attack President Obama's economy recovery plan. Indeed, while economists agree that provisions in the legislation targeting needy people are among the most economically stimulative, Media Matters documents below the pervasiveness of what DeParle called the "weaponiz[ation]" of the "very word, welfare," in the media, particularly, but not exclusively on Fox News, to denounce the stimulus bill.
In his Wall Street Journal op-ed, Karl Rove wrote of the House-passed economic recovery bill: "And it should not shock Americans that Democratic appropriators would funnel tax dollars to the Association of Community Organizations for Reform Now." In fact, the recovery bill does not mention ACORN or otherwise single it out for funding; ACORN itself has said that it is ineligible for the funds and has no plans to apply for them.
The Wall Street Journal misleadingly claimed in an editorial that the U.S. corporate tax rate "is higher than in all of Europe." In fact, according to the Government Accountability Office, "Statutory tax rates do not provide a complete measure of the burden that a tax system imposes on business income." Additionally, World Bank and GAO data indicate that the U.S. effective corporate tax rate is lower than 35 percent and lower than several developed -- including some European -- economies.
Echoing a Republican talking point, Rush Limbaugh asserted in a Wall Street Journal op-ed that "[t]he average recession will last five to 11 months; the average recovery will last six years. Recessions will end on their own if they're left alone." But Limbaugh's claim misses the point and misrepresents the reason for the stimulus bill. Economists take the position that an economic stimulus package is necessary, both during the recession and after the economy begins to recover.
The Wall Street Journal uncritically reported congressional Republicans' criticism of the proposed economic stimulus bill on the grounds "that much of the money in the package wouldn't be spent until 2011 or later, when a recovery is likely to be already under way." The article did not mention that economists, including Congressional Budget Office director Douglas W. Elmendorf, have said that fiscal stimulus in 2011 or later would be effective in the current economic situation, in which economic output is projected to remain below its potential long after the technical beginning of the recovery.
The Wall Street Journal printed an op-ed that falsely claimed that the Army Field Manual "prohibits ... good-cop bad-cop routines" when interrogating detainees. The op-ed was criticizing President Barack Obama's executive order stating that a detainee in U.S. custody cannot be subjected to interrogation techniques not listed in the manual. In fact, the Army Field Manual explicitly permits good cop-bad cop interrogations under the name of "Mutt and Jeff" interrogations, which involve two interrogators "display[ing] opposing personalities and attitudes toward the source."
Several media figures have likened House Speaker Nancy Pelosi's comments defending a provision in the American Recovery and Reinvestment Act of 2009, which would expand Medicaid funding for family planning services, to China's "one-child policy," eugenics, social engineering, and Nazism. In fact, the family planning provision does not mandate either limits to family size or eugenics but, rather, would expand "the number of states that can use Medicaid money, with a federal match, to help low-income women prevent unwanted pregnancies."
A Wall Street Journal editorial asserted that "[n]ot a single man, woman or child has been killed by terrorists on U.S. soil since the morning of September 11." In fact, shortly after September 11, 2001, letters laced with anthrax were mailed through the U.S. Postal Service, which, as the Journal previously reported, "killed five people, sickened 17 others and crippled mail delivery for months."
A Wall Street Journal editorial claimed that, in a recently released decision, the Foreign Intelligence Surveillance Court of Review affirmed the legality of the Bush administration's "warrantless wiretapping program" that "was exposed in 2005." In fact, the decision applies only to surveillance conducted pursuant to a 2007 congressional statute and does not say anything about the legality of the warrantless wiretapping program exposed in 2005.