By Tom Blumer | July 12, 2014 | 7:45 PM EDT

At the Associated Press on Friday afternoon, Andrew Taylor, who it should be noted covers Congress and is not routinely on the economics or business beat, relayed an Obama administration prediction that economic growth in 2014 will come in at 2.6 percent.

Taylor noted that this estimate, lowered from 3.3 percent, came about because of "the unexpected 2.9 percent drop in gross domestic product in the first quarter of this year when unusually severe weather dinged the economy." Besides failing to note that the contraction was an annualized drop (the actual contraction was about 0.7 percent), he didn't tell readers how absurdly strong growth will have to be during the rest of the year to hit that 2.6 percent target; it works out to an annualized 4.5 percent during each of this year's remaining unreported quarters. Perhaps the AP reporter isn't economically astute enough to recognize how unlikely that is — or worse, he recognized it and let it pass unchallenged.

By Tom Blumer | July 7, 2014 | 11:57 AM EDT

Donna Brazile apparently liked yours truly's NewsBusters post yesterday. That post ripped the Associated Press's Pollyanna-like coverage of the U.S. economy, and carried the following headline which may have caused several spilled drinks and soaked monitors among the genuinely informed — "AP: ‘Humming’ and ‘Rising’ U.S. Economy Is a ‘World-Beater.'"

About five hours after the post's appearance, Brazile tweeted her clear approval (HT Twitchy). While we appreciate any traffic which might have come this way as a result of Brazile's tweet, it's hard to imagine that Al Gore's 2000 presidential campaign manager has switched sides. It's far more likely that she didn't bother reading the underlying post. The tweet follows the jump:

By Tom Blumer | July 6, 2014 | 9:45 PM EDT

Fox News contributor and syndicated columnist Charles Krauthammer made a very interesting and logical correlation Friday. The press has predictably failed to make the connection or even to relay Krauthammer's point, simply because it leads to the default assumption that conservatives were right on an important economic issue.

To be clear, the point Krauthammer and National Review Online's Robert Stein made on Thursday isn't directly provable. But the fact that an acceleration in job growth and a significant reduction in the unemployment rate have occurred in the six months since extended unemployment benefits expired is hard to explain away as some kind of lucky coincidence — especially given the endless blather of "weather" excuses the press and the administration have made about the economy in general since early this year. Video and a transcript follow the jump.

By Tom Blumer | July 6, 2014 | 5:10 PM EDT

In the latest White House press release disguised as analysis at the Associated Press, aka the Administration's Press, AP stenographer Paul Wiseman sang the praises of this nation's "humming" job market and its "steadily rising" growth as the economy is "finally showing the vigor that Americans have long awaited." Wow.

Of course, the White House — er, Wiseman — never mentioned the following (to name just a few): two straight months (April and May) of real declines in consumer purchases; the seasonally adjusted decline of 523,000 in full-time employment paired with an increase of 799,000 part-time jobs in June; April’s and May's trade imbalance coming in worse than March’s, which was already very high; shipments of durable goods barely budging in April and May; factory orders falling in May; or May's flat construction spending. It got worse, as Wiseman concocted five reasons why the U.S. economy is a "world beater." Excerpts from Paul's pathetic prose follow the jump (bolds and numbered tags are mine):

By Tom Blumer | May 19, 2014 | 5:50 PM EDT

In July 2013, the Associated Press's Christopher Rugaber finally noticed the meteoric rise in the number of temporary help service and other non-payroll personnel working at U.S. employers — a trend which at the time was about 2-1/2 years old. Rugaber noted that "temps and to a much larger universe of freelancers, contract workers and consultants ... number nearly 17 million people who have only tenuous ties to the companies that pay them – about 12 percent of everyone with a job." He also cited two likely contributors to that growth. First, "Some employers have also sought to sidestep the new health care law’s rule that they provide medical coverage for permanent workers. Second, "companies want to avoid having too many employees during a downturn."

This morning, the AP's Tom Raum did another report on the situation, and proceeded to blow the numbers, ignore Obamacare, and downplay the influence of the mediocre economy. 

By Tom Blumer | May 12, 2014 | 4:59 PM EDT

The Associated Press's unbylined 2:25 p.m. report on the government's April Monthly Treasury Statement contained an unhealthy dose of the historical revisionism we've come to expect from the outfit which really should be called in the Administration's Press.

AP's tallest tale is in ascribing the four annual deficits of over $1 trillion incurred from fiscal 2009 through 2012 entirely to the "deep recession" and the need to "stabilize the financial system," when the truth is that huge increases in government spending not related to those matters are primarily what shot the annual deficits upward — and are still keeping them at historical highs. Excerpts follow the jump (bolds and numbered tags are mine):

By Brad Wilmouth | April 20, 2014 | 11:37 PM EDT

Appearing as a panel member on the Sunday, April 20, Disrupt with Karen Finney, MSNBC political analyst Jonathan Alter -- formerly of Newsweek -- asserted that President Obama's move to delay a final decision on the Keystone Pipeline "strongly increases the likelihood that he will rule against the pipeline after the election."

He recounted a history of Democratic presidents appeasing liberal environmentalists before leaving office when it is politically safer.

By Tom Blumer | April 18, 2014 | 11:13 AM EDT

In a Friday morning dispatch which comes off more as a set of election instructions from "Democratic strategists" than as a real news report, David Espo at the Associated Press, aka the Administration's Press, wanted to make sure that political operatives who don't read boring pollster reports still get the message: Don't use the word "recovery" during your fall campaign.

In the course of his missive, Espo falsely claimed that economic growth since the recession officially ended has continued unbroken, and failed to remind his audience that the party has trotted out "recovery" themes several times, only to see historically weak economic and employment results each time. Excerpts follow the jump (bolds are mine):

By Noel Sheppard | December 8, 2013 | 11:42 AM EST

Former Federal Reserve Chairman Alan Greenspan made some rather ominous economic observations Sunday.

Appearing on CNN’s Fareed Zakaria GPS, Greenspan said, “[T]he level of uncertainty about the very long-term future is far greater than at any time I particularly remember.” He blamed it on “government intervention [that] has been so horrendous that businesses cannot basically decide what to do about the future” (video follows with transcript and commentary):

By Noel Sheppard | September 29, 2013 | 2:02 PM EDT

Chris Matthews has a new book out about his former boss the late Speaker of the House Tip O'Neill.

Despite this, the MSNBC host was made a fool of on Sunday's Meet the Press by Tea Party Congressman Raul Labrador (R-Id.) concerning how many times the government was shut down when O'Neill ruled the House (video follows with transcript and commentary):

By Julia A. Seymour | September 25, 2013 | 10:26 AM EDT

So much for the recovery. Even liberals admit employment is “weak,” that household wealth hasn’t recovered and consumer experts say middle-class retailers are “struggling.” But two of the three broadcast news networks have been much more focused on “proof that the economy is getting stronger,” than on economic worries since the May jobs report was released June 6.

Federal Reserve Chairman Ben Bernanke surprised some on Sept. 18, when he postponed the tapering off of its huge monetary “stimulus” policy called quantitative easing (QE). At the same time, the Fed cut economic growth forecasts. Reuters reported that “the Fed cut its forecast for 2013 economic growth to a 2.0 percent to 2.3 percent range from a June estimate of 2.3 percent to 2.6 percent. The downgrade for 2014 was even sharper.”

By Amy Ridenour | September 23, 2013 | 11:10 PM EDT

If you listen to the left, you're probably hearing about food stamp "cuts."

What you're probably not hearing is, as Ira Stoll reported in the New York Sun, that the Democrats wanted to increase food stamp spending by 65% over the next ten years but Republicans passed a bill to raise it by only 57%, so partisan spinners and liberals in the media are calling what the GOP passed "a cut."