On Monday’s CBS "Early Show," co-host Harry Smith talked to John McCain supporter Carly Fiorina and Barack Obama supporter Senator Claire McCaskill about the respective economic plans of the presidential candidates: "Bear market blues. Wall Street returns from the holiday as gas prices set another new record. Can either candidate calm America's fears?" At one point, Smith asked Fiorina: "How do we do all of this stuff? And we're not making more money, the tax rolls are not growing, the coffers are not full. We're just talking about deficit -- if nobody's going to get taxed, isn't this just going to be deficit city?" (audio available here)

While Smith did not feel the "coffers" were "full," at least not full enough for him, in reality, government tax revenue has tripled since 1965 and since the Bush tax cuts took effect in 2003, corporate income tax revenue has reached its highest level in over 20 years.

Smith began the segment by touting a new CBS poll: "The economy remains a major issue for voters as we head into the fall elections. In fact, a recent CBS News poll shows 78% of Americans think the economy is in bad shape." Considering the "Early Show’s" declaration of a recession last week it’s easy to understand such poll results.