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Stuart Varney: Ignore Trump’s political failures, praise “MAGAnomics”
Fox Business host Stuart Varney celebrated the first six months of the Trump administration by ridiculously claiming that the election and inauguration of President Donald Trump are responsible for adding trillions of dollars to the economy and lifting wages for low-income workers around the country. Varney’s claims are the latest in a long-running right-wing media fantasy that the Republican Party’s economic agenda will unleash the American economy, which conveniently ignores more than six years of steady economic progress under the Obama administration.
On July 20, Trump celebrated the six-month anniversary of his inauguration as president of the United States. By any objective measure, Trump’s presidency has already been one of the strangest and most chaotic in living memory. The Trump administration is consumed by scandals of its own making, and, according to a Washington Post report published on Trump’s six-month anniversary, the president is beginning to ask his political and legal advisers “about his power to pardon aides, family members and even himself.”
Despite these facts, the team at Fox News and Fox Business attempted to find a silver lining for the Trump presidency by falsely crediting his administration for the continued overall health of the American economy. In a July 20 op-ed published by FoxNews.com and a corresponding segment on Varney & Co., host Stuart Varney credited Trump with “add[ing] $4.1 trillion to the nation’s wealth” thanks to a post-election stock market rally. Varney also preposterously claimed that “during [Trump’s] presidency,” long-established American tech giants “Apple, Amazon, Alphabet, Microsoft and Facebook” have “emerged as global technology leaders.” Varney’s ridiculous claims were promoted by the network’s social media accounts and parroted again from the Trump-friendly confines of Fox & Friends during a segment in which Varney also credited Trump for wage growth witnessed by low-income workers. From the July 21 segment:
Fox’s claim that Trump is responsible for low-income wage increases stems from a July 20 Wall Street Journal article, which said that “full-time earners at the lowest 10th percentile of the wage scale” witnessed a 3.4 percent year-to-year wage increase in the second quarter of 2017, according to data from the Department of Labor. Contrary to Fox’s argument that Trump deserves credit for the increase, the Journal pointed to consistently low unemployment rates and minimum wage increases enacted by states and municipalities across the country as primary drivers of the uptick, which continued an accelerating wage trend for low-wage workers dating back to 2015. Minimum wage increases have been found to correlate with significant gains to low-income earnings, as the Massachusetts Budget and Policy Center (MassBudget) reported on September 5, and 19 states increased their minimum wages at the beginning of the year:
In addition to falsely crediting Trump for years-long wage growth trends, the team at Fox News also claimed that Trump is responsible for a $4.1 trillion increase in stock market capitalization since Election Day, citing the Wilshire 5000 composite index. It is true that American stock markets have gained value since November, but as CNN business correspondent Christine Romans pointed out last month, stocks had been gaining value for years before Trump’s election. Indeed, the Wilshire 5000 index, like other major stock indices, has been consistently climbing since bottoming out in March 2009 in the midst of the Great Recession and financial crisis.
Fox’s promotion of Trump’s supposed economic success was not lost on the network’s number one fan, as the president posted a video of Varney’s celebratory July 20 segment on Twitter just this morning:
— Donald J. Trump (@realDonaldTrump) July 21, 2017
Fox has repeatedly pushed misleading economic data to hype Trump since the start of his administration, and the network has even fought against increased minimum wages, which are partly responsible for the wage growth its hosts now celebrate. Fox’s sycophantic devotion to Trump runs so deep that Varney even once admitted his unwillingness to criticize the president, a complete reversal from the tone of his coverage during the Obama administration.
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Sekulow’s organization is being investigated for “troubling” fundraising tactics and funneling donations to his family and personal businesses
The Guardian is reporting that authorities in North Carolina and New York are examining the filings from a nonprofit led by former Fox personality and President Donald Trump’s lawyer, Jay Sekulow after reports unveiled that the organization steered tens of millions of dollars to Sekulow’s family.
The Post noted that Sekulow’s media exposure on Fox News as an anti-Obama pundit and his close ties to Trump has led to the skyrocketing of donations to his groups the American Center for Law and Justice (ACLJ) and Christian Advocates Serving Evangelism (CASE). The Guardian wrote that Sekulow’s fundraisers at CASE used scripts filled with anti-Muslim rhetoric, lies about Planned Parenthood, and falsehoods about the Affordable Care Act to scare conservatives into paying up.
Today, Attorney General Josh Stein of North Carolina and Attorney General Eric Schneiderman of New York announced they are investigating CASE’s filings following the report that CASE and an affiliate have been paid more that $60 million dollars in compensation and contracts to Sekulow, his family members, and their companies. From the Guardian:
“Josh Stein, the attorney general of North Carolina, and Eric Schneiderman, the attorney general of New York, said on Wednesday they would be examining the operations of Jay Sekulow’s group Christian Advocates Serving Evangelism (Case).
Stein said in a statement: “The reports I’ve read are troubling. My office is looking into this matter.”
Amy Spitalnick, a spokeswoman for Schneiderman, said in an email: “We’re reviewing their filings.”
"Earlier this month, Sekulow directed fundraisers for Case to pressure hard-up Americans to donate money to the group by saying the funds were urgently needed to repeal the Affordable Care Act if they initially resisted.
A script contained in the contract instructed the telemarketers to tell people that their money was needed for Case’s “massive campaign to repeal and replace Obamacare”.
“Many people are helping with smaller amounts,” fundraisers were told to say. “Can Jay count on you for a smaller, but just as important gift?” People should be urged a third time to donate if they continued to resist, the script said.
Fundraisers were told that if asked for information on Sekulow, they should say: “He never charges for his services”. Since 2000, the not-for-profit group and an affiliate have steered more than $60m to Sekulow, members of his family and businesses where they hold senior roles."
"The 2017 script for Case’s telemarketers detailed only the latest in a series of forceful requests for money the group has made over recent years. Scripts for several years were obtained by the Guardian. The not-for-profit group raises more than $40m a year, most from small contributions made by Christians across the US who receive alarmist political messages by telephone or in the mail.
At the height of last year’s presidential election, Sekulow instructed his telephone fundraisers to “listen, empathize, [and] relate” to people who said they could not afford to donate to Case, before pushing these people twice more for an “urgently needed gift”. A script signed by Sekulow told the marketers to “overcome [the] objection” to donating, and to tell the person on the line that “many people are finding ways to help with smaller amounts as well”.
Telemarketers for Case have over the years delivered frightening warnings about a variety of issues, depicting Christians in the US as under siege from both Muslim terrorists and a liberal political elite led by a president supposedly desperate to increase the national abortion rate.
“Islamic extremists are headed in your direction, and you are most likely the main target,” Sekulow himself told people in a recorded message used in fundraising calls during 2011.”
The White House’s rollout of its so-called “infrastructure week” agenda demonstrated once again that President Donald Trump and his staff are interested in policy discussions only insofar as they can generate short-term media narratives. The infrastructure scheme that the Trump team is pushing falls far short of the substantive approach necessary to address America's infrastructure needs and stands in stark contrast to plans outlined by progressive advocates. The Trump plan seems designed to curry headlines rather than spur a serious media conversation about infrastructure.
On June 5, the White House released a vague six-page infrastructure outline touting the Trump administration’s goal to invest “at least $1 trillion in total infrastructure spending” over the next decade along with numerous other initiatives. A close reading of the plan, coupled with the White House’s budget request for the 2018 fiscal year, shows that it is not actually a plan to invest $1 trillion in our nation’s roads, bridges, and other vital infrastructure. Instead, it is a proposed $200 billion tax giveaway to developers and construction contractors, which the administration hopes would spur additional private sector investment of up to $1 trillion.
Aside from a controversial side project that would break up and privatize the Federal Aviation Administration’s (FAA) air traffic control systems, which has encountered pushback from both the head of the FAA and from Trump’s own transportation secretary, the Trump infrastructure agenda included few specific policies. Most major media outlets saw the “infrastructure week” gambit for what it was, a transparent attempt to distract media attention away from the looming congressional testimony of former FBI Director James Comey.
This isn’t the first time the Trump administration has hastily rolled out an incomplete economic agenda in hopes of distracting the press from the challenges it’s facing. In late April, as the administration neared its 100th day in office with no major legislative accomplishments, the White House rolled out a comically incomplete one-page tax plan that was pilloried in the press. The plan called for “a radical reordering” of tax policy that The New York Times projected “would significantly benefit the wealthy.” The hastily drafted tax plan was described as “a frantic last push” for a policy victory after what media observers had dubbed “100 days of failure.”
By all accounts, the White House’s head fake on infrastructure failed, in part because the president couldn’t keep himself on message. But the attempt to again use vitally important domestic policy debates as a ploy to manipulate media attention underlines a telling problem with the Trump White House. The administration’s approach to economic policy seems to be little more than a media game -- a shame given the extent of necessary investments and reforms needed nationwide.
According to the American Society of Civil Engineers (ASCE), the United States faces a $2 trillion spending shortfall over the next decade to make necessary upgrades to its D+ rated infrastructure. The Congressional Progressive Caucus (CPC) has a plan to make precisely those investments, and another plan floated earlier this year by Senate Democrats would bridge at least part of the funding gap. By comparison, the White House’s contribution to this substantive infrastructure debate is a flimsy and exaggerated series of tax cuts and controversial public-private partnerships that bear a closer resemblance to trickle-down economics than to infrastructure policy.
The “infrastructure week” gimmick failed to create the headlines the administration wanted, and the White House has reportedly put little effort into turning its agenda into viable legislation. Millions of Americans stand to benefit from actual investments in public infrastructure, and those millions of people deserve more from the White House than fleeting attempts to gin up good press.
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News outlets, experts, and health care advocates blasted President Donald Trump’s federal budget proposal that would rip health care away from millions while eliminating key HIV prevention and research programs. If enacted, these cuts would have a disproportionately devastating impact on members of the LGBTQ community, who rely more heavily on Medicaid than the general public does and face higher rates of HIV infection.
Outcries continue to grow in response to Trump’s federal budget proposal for the 2018 fiscal year. The proposal faced immediate criticism for its unrealistic revenue projections and was branded by critics as a “repugnant grab bag” of cuts to vital anti-poverty and public health programs to pay for part of a massive tax cut for top earners. The latest criticism of Trump’s budget comes from public health experts and LGBTQ media, which are pointing out that its cuts to Medicaid, coupled with harsh reductions in funding of HIV treatment, prevention, and research add up to a reprehensible swipe at the LGBTQ community.
Cuts to Medicaid would disproportionately affect the LGBTQ community, which faces higher levels of poverty than the public at large. On May 28, NBC Out reported that Trump’s budget would hit the LGBTQ community in several ways. Stephen Forssell, director of George Washington University’s graduate program in LGBTQ health policy, explained that Medicaid is “hugely important” for LGBTQ Americans, who are more likely than others to rely on the program:
Medicaid is "hugely important" for the LGBTQ community," (sic) Gruberg told NBC Out, noting that 18 percent of lesbian, gay, bisexual and transgender people have Medicaid compared to 8 percent of non-LGBTQ people.
Gruberg also noted that Medicaid is the "largest source of coverage for people with HIV in the U.S.," adding that "a $1.4 trillion cut to Medicaid over 10 years will be detrimental to the ability of people living with HIV to get the health care they need to survive."
HIV funding is of great concern for the LGBTQ community and faces steep cuts in the White House’s budget. The Health Resources and Services Administration (HRSA) outlined that the fiscal year 2018 budget would include a $59 million reduction to the Ryan White HIV/AIDS program, including eliminating all its funding for LGBTQ and minority education and HIV prevention. The Ryan White HIV/AIDS program funds health care services for individuals living with HIV as well as public service education programs about the virus. The program is named after an HIV activist who fought for the program’s enactment before tragically passing away just months before it was authorized after battling the virus.
On May 31, the Washington Blade highlighted the funding cuts to the Ryan White HIV/AIDS program and an additional $186 million in proposed cuts to the Center for Disease Control and Prevention’s (CDC) work on HIV and other sexually transmitted infections (STIs). Doug Wirth, CEO of the nonprofit Amida Care, called Trump’s budget proposal a “cruel and callous attack” on those living with HIV. Advocacy groups argued that the funding cuts would lead to “more suffering” for those living with HIV, and the AIDS Institute criticized the White House’s “severe cuts” while noting that the 19 percent cut to the CDC’s HIV prevention program would set back efforts to eliminate the virus.
According to the Kaiser Family Foundation, gay and bisexual men represent 2 percent of the American population but make up 56 percent of all Americans living with HIV and 55 percent of all HIV-related deaths in the U.S. The CDC reported that while HIV diagnoses have declined overall in recent years, diagnoses have increased among gay and bisexual men. The CDC found that much of the increase was among men of color and even projected that one out of every two black gay and bisexual men would become infected with the virus during their lives. Currently, gay and bisexual men make up 67 percent of all new HIV infections:
Trump’s cuts to HIV programs are eerily reminiscent of cuts Vice President Mike Pence imposed on Indiana during his tenure as governor. Pence followed through on right-wing media’s obsession with defunding Planned Parenthood and cut funding to the health care provider ostensibly to reduce abortions, but in doing so actually shut down access to the only HIV testing centers available to many Indiana residents and may have inadvertently caused an HIV epidemic in rural parts of the state. Pence has a long history of supporting right-wing media causes against the LGBTQ community and during the 2016 presidential campaign was called out by MSNBC host Rachel Maddow for statements he made while serving in Congress.
Trump campaigned as an alleged ally of the LGBTQ community, but community leaders recently slammed his “shameful” refusal to sign a proclamation declaring June LGBTQ Pride month, ending an eight-year tradition. The Trump administration also faced pushback after it announced it would not allow Americans to self-identify as LGBTQ in the 2020 national census.
Fox News used the Bureau of Labor Statistics’ (BLS) underwhelming jobs report for the month of May as proof that Congress needs to pass President Donald Trump’s trickle-down economic agenda that, in reality, would strip working- and middle-class Americans of basic public services and hand top income earners a gigantic tax cut.
On June 2, BLS released its jobs report for May 2017, which estimated the United States added 138,000 new jobs last month while the unemployment rate fell slightly to 4.3 percent. The jobs number fell below economists’ expectations and The Washington Post declared that the report showed that the “job market stumble[d]” last month. While the number of new jobs reported was weaker than expected, The New York Times noted the overall health of the economy was still strong enough for the Federal Reserve to possibly raise interest rates and pointed out that wage growth was up 2.5 percent from this time last year.
In response to this news, Fox pushed the absurd claim that the report is proof that big business needs Congress to pass Trump’s economic agenda of tax cuts and gutting consumer protections to stoke further economic growth and job creation. During the June 2 edition of Fox News’ Fox & Friends, guest Steve Hilton, host of The Next Revolution, used the jobs report to claim the U.S. was in a “jobs crisis” and needed Trump’s economic agenda to be enacted. On Fox Business’ Varney & Co., host Stuart Varney described the jobs number as “lousy” and “disappointing” while correspondent Ashley Webster claimed the jobs number shows the American economy is “in a holding patterning” that is “waiting on Washington” to act. Fellow Fox Business host Maria Bartiromo added that “what this jobs number tells us is that business is still cautious” and companies are “sitting on cash” because they are “strangled by all of the regulatory environment” and waiting for Congress to pass Trump’s agenda:
In reality, Trump’s economic agenda has been described as a “repugnant grab bag” of tax cuts for top-income earners that guts funds for Medicaid, children’s health insurance, food assistance, medical research, disease prevention funding, disability insurance, and even college student financial aid while watering down consumer protections to give Wall Street investors a $100 billion windfall. Trump’s budget proposal to slash funding for vital health assistance programs has been described as “ruthless” and would exact a huge human cost from those who lose access to care.
Far from being a jobs savior, Trump’s economic agenda has faced heavy criticism from economists for relying on “voodoo” economic theories that falsely claim tax cuts will lead to economic growth. Research from the nonpartisan Congressional Research Service and Brookings Institution have found no link between tax cuts and economic growth. Economist Jason Furman has also slammed Trump’s tax cut agenda for proposing to add trillions of dollars to the federal debt in ways that could hamper economic growth. Trump’s tax proposals have been blasted by economists and experts across the political spectrum, who have argued that his restrictive approach to international trade and immigration, if enacted, may actually dampen economic activity. Even Trump’s proposals to reduce supposedly burdensome regulations in the financial industry fly in the face of facts -- Trump has proposed dismantling the Dodd-Frank Act, but the Government Accountability Office concluded in 2016 that Dodd-Frank protections have “contributed to the overall growth and stability in the U.S. economy.”
Fox figures have attempted to use the monthly jobs report to advance the president’s agenda since he first took office. Fox used the reports to claim unearned victories for the president, and even once used a jobs report described as “weak” to declare it was “the most successful day” of Trump’s presidency. Last month, a Fox Business panel attempted to spin the April jobs report as a reason to pursue Trump’s tax and regulatory policies with no evidence to back up its claims. Next month will likely produce more of the same.
White House budget proposal bases its revenue numbers on unrealistically high economic growth projections
Experts and journalists have pointed out that President Donald Trump’s budget numbers for the 2018 fiscal year do not add up, as they rely on unrealistic growth expectations. Nonpartisan experts say the gap between the White House’s estimates and the Congressional Budget Office’s is “the largest on record.”
On May 23, the White House released its full budget proposal, which not only calls for kicking millions of working- and middle-class Americans off vital public assistance programs to make room for gigantic tax cuts for top income earners, but also bases its tax revenue projections on expected annual gross domestic product (GDP) growth of 3 percent by 2020. While right-wing media commentators have repeatedly defended trickle-down economic fantasies that predict unlikely levels of economic growth because of tax cuts for the rich, assuming such growth when determining revenue projections for the federal budget hides the true cost of Trump’s devastating budget plans.
Experts and journalists quickly noted the absurdity of Trump’s projections in their coverage of the budget request. In a Washington Post blog, former Treasury Secretary Larry Summers, an economist at Harvard University, called the logic of Trump’s growth assumptions “simply ludicrous” and compared it to believing in the tooth fairy. On the May 23 edition of MSNBC Live, economist Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities (CBPP), told host Ali Velshi that Trump’s budget “does not add up at all” while noting that economic growth “is a function of the growth of the labor supply,” and that’s going to slow as the country grows older. Bernstein compared the chances of Trump’s projections coming true to the chances of a kitchen appliance coming to life to sing and dance, concluding that it is reckless for budget numbers to be “based on on these kinds of fairy tales”:
On May 23, Vox correspondent Matt Yglesias pointed out that for anyone over 35, annual growth of 3 percent “doesn’t sound outlandish” because it is reminiscent of GDP growth during the 1990s. But Yglesias noted that if the United States did manage today to replicate 1990s-level growth in the labor force, productivity, and capital investment, “even under that rosy scenario” the growth rate would not hit 3 percent:
In a May 24 column for Vox, economist and former Obama adviser Jason Furman explained in even more detail why 3 percent economic growth was “extremely unlikely,” with a specific focus on the slowing growth of the labor force. Furman also noted that the American economy is already growing faster than other advanced economies around the world, which have struggled to keep pace.
As FiveThirtyEight’s Ben Casselman explained, the reason this level of growth is not currently attainable is that during the 1990s, the U.S. saw “rapid growth in its labor force and rapid gains in the productivity of that labor force.” By comparison, the baby boom generation today is retiring, not entering the workforce, which slows labor force growth, and “growth in productivity has slowed to a crawl” as electronic and internet-based technologies from the 1990s have matured.
On May 24, The Washington Post’s Ana Swanson also looked at how realistic Trump’s growth projections would be with regard to labor force growth after Mick Mulvaney, director of the Office of Management and Budget, told reporters that much of the growth could come from getting the 6 million Americans marginally attached to the workforce to be fully employed. Yet, as Swanson noted, adding 6 million workers to the 160 million Americans already in the labor force would generate only 2 percent growth.
Trump’s budget projections were not just debunked for lacking numbers based in reality; CBPP pointed out the historic gap between the White House’s economic growth projections and those of the nonpartisan Congressional Budget Office (CBO). According to a May 22 CBPP blog post, Trump’s budget proposal projects $3 trillion less in deficit accumulation using its 3 percent growth model than it would using the CBO’s less optimistic economic forecasting. The difference is even more striking because, as CBPP pointed out, the gap between the White House’s proposal and CBO forecasting is “the largest on record”:
On May 23, President Donald Trump released his vision for the fiscal year 2018 federal budget titled, “A New Foundation for American Greatness,” which called for deep cuts to Medicaid, Social Security Disability Insurance (SSDI), student loan assistance, and anti-poverty programs geared toward working- and middle-class Americans while providing gargantuan tax cuts for top income earners and increasing military spending. As details of the budget began to surface in the lead up to the announcement, Media Matters identified some of the best take downs from journalists and experts hammering the proposal for its “ruthless” cuts.
Will Journalists Continue To Take Trump’s Empty Economic Promises Seriously?
According to a new survey from the University of Chicago, vanishingly few economists agree with the claim of President Donald Trump’s administration that blowing up the deficit with tax cuts for the rich will pay for itself by generating new economic growth. Professional economists have warned of Trump’s economic agenda for over a year; when will news outlets stop taking his boasts seriously?
On April 26, the Trump administration unveiled a plan to slash taxes for high-income earners, and Treasury Secretary Steven Mnuchin implausibly claimed the tax proposal “will pay for itself” by stoking latent economic growth. Last week, a new survey by the University of Chicago’s Booth School of Business showed that almost no professional economists agree with Mnuchin’s prediction that the plan will “pay for itself.” A May 4 article in The Washington Post described the findings as proof that “economists aren't buying” the Republican Party’s trickle-down economic agenda while a May 5 article from Vox noted that the results were “a rare display of unanimity” among economists. In statements given to both outlets, Massachusetts Institute of Technology (MIT) economist David Autor described Trump’s tax cut plan as “a fiscal disaster.” The survey results showed only two of 37 economists who answered the question agree with the statement that Trump’s tax proposal “would likely pay for itself.” Both these economists later clarified that they misread the question and had meant to register their disapproval. Stanford economist Kenneth Judd later told the Post, “I screwed up on that one … I meant to say that this is a horrible idea, a bad idea -- no chance in hell.” From the University of Chicago:
This timely rebuke by economists of Trump’s economic smoke and mirrors seemed to have been lost on CNN, which spent much of May 5 promoting the inexplicable claim that unnamed "economists" think Trump's rhetoric alone had so far been enough to stoke economic growth. CNN host Jake Tapper falsely claimed “many economists credit” Trump’s promise of tax cuts, deregulation, and profligate spending for job creation since he took office. CNN chief business correspondent Christine Romans bizarrely claimed throughout the day that Trump’s “rhetoric” about the economy was responsible for a minuscule uptick in manufacturing sector employment, which rebounded substantially under former President Barack Obama.
The survey results showing that economists don’t trust Trump’s tax cutting agenda add to a growing body of evidence demonstrating that cutting taxes for the rich is a bad way to boost the economy. Nobel Prize-winning economist and New York Times columnist Paul Krugman called Trump’s trickle-down economic plan a return to the “voodoo economics” of the Bush and Reagan administrations and pointed to numerous examples of previous Republican administrations cutting taxes and not spurring growth. Independent research from the Congressional Research Service and Brookings Institution has been unable to find a causal relationship between tax cuts and economic growth, and many experts who hammered Trump’s fiscal policy proposals have pointed out that his restrictive approach to trade and immigration is likely to dampen economic activity, not enhance it.
Trump has been pilloried for having only a few credentialed economists on his economic policy team and 370 economists, including eight Nobel laureates, signed a letter denouncing his repeated lies and “conspiracy theories” about the state of the American economy. It is no wonder that Trump could not manage to garner the support of a single former member of the White House Council of Economic Advisers during his presidential campaign. What remains to be seen is why any media outlet, such as CNN last week, would take his positions seriously or accept his policy proposals at face value.
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Meager Growth Under Obama Meant We Were “Sliding Toward Recession”; For Trump, Fox Predicts A “Bounce Back”
The latest report from the Commerce Department found American economic growth in the first quarter of 2017 fell just short of most economists’ expectations. A virtually identical report one year ago was met with a chorus of outrage and hyperbole from the professional antagonists at Fox News, but their doomsaying has mellowed completely with President Donald Trump occupying the Oval Office.
On April 28, the Bureau of Economic Analysis (BEA) released a report detailing the rate of change in real gross domestic product (GDP) during the first quarter of the year. The report showed GDP had increased just 0.7 percent during the time frame, which was both below expectations and the “weakest growth in three years.” According to The New York Times, the indicator “upset expectations for a Trump bump at the start of 2017,” while The Washington Post added that underwhelming economic performance “highlights the challenge this administration … will face trying to meet its target rate of 3 percent economic growth.” During a segment on CNN’s New Day, chief business correspondent Christine Romans noted that “the main culprit” holding back economic growth is “some nervousness among consumers,” whose spending accounts for more than half of the economy:
At Fox News, however, the GDP report was met with muted reactions and renewed criticism of the supposedly weak economy Trump inherited from President Obama. Fox Business host Stuart Varney admitted at the outset of the April 28 edition of Varney & Co., that the report was “very, very weak” before predicting “the Left [will blame] President Trump” for sluggish first-quarter growth while guest John Lonski surmised that the economy would “bounce back” in the second quarter of the year. Later in the program, after a guest complained about the economy settling into a cycle of slow growth, Fox Business anchor Ashley Webster pleaded, “It’s just the first three months, give it time,” before predicting higher rates of growth over the next three months stemming from deregulation. Fox Business contributor Elizabeth MacDonald added that “this is an overhang … of the Obama years” while complaining that “this is what the president has inherited.” From Varney & Co.:
The measured response from Fox’s cast of characters is a far cry from how they responded to a virtually identical GDP report published by the BEA on April 28, 2016. Varney falsely characterized first-quarter GDP growth of last year -- which at 0.5 percent also missed expectations before being upwardly revised -- as proof that the economy was “sliding toward recession” and ignored other indicators showing the economy was improving. One day later, Varney continued lambasting Obama during an appearance on Fox & Friends in which he pushed the unsubstantiated claim that the post-recession recovery was a historic failure.
This is not the first time a Fox personality has backtracked on mischaracterizations of the economy in order to hype or defend the Trump administration. The network has completely reversed its tone toward the monthly jobs reports since Trump took office, giving him credit for jobs he didn’t create, fawning over job creation that had become routine under Obama, and heaping praise on economic indicators identical to those they had once excoriated.
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