Economy

A new economic report from the Federal Reserve doesn't offer much hope. On the front page of The Washington Post,  Ylan Q. Mui underlined "the Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992."    Furthermore, "the data represent[s] one of…

Here is yet another "fact check" whose sole purpose is to try to invent reasons that an objectively true statement made by a conservative or Republican really isn't. Monday, the Associated Press's Stephen Ohlemacher tried to claim that "Taxmageddon," the $423 billion tax increase which will take effect on January 1 if Congress and President Obama don't act to prevent it, won't really be the…

Over a three year period, from 2007 to 2010, Americans saw their average net worth drop by 39 percent. CBS, however, wasn't interested in this dire economic news.  The network skipped the new report by the Federal Reserve, ignoring it on Monday's Evening News and Tuesday's This Morning. In contrast, NBC and ABC did cover it. But both made sure to avoid any mention of Barack Obama or how this…

Late in the 2008 campaign, Republican presidential candidate John McCain was whacked in a front-page story in the New York Times for saying the "fundamentals of our economy are strong." But after President Obama said on Friday that "the private sector is doing fine" (he walked the statement back hours later) Times reporter Jackie Calmes conjured up some spin on Obama's behalf. The slant was…

Does CNN anchor Soledad O'Brien's job description include spoonfeeding Democratic talking points to Obama's deputy campaign manager? Quoting a study used by the Democratic-appointed CBO director to defend the stimulus plan, O'Brien asked Stephanie Cutter if there should be another stimulus, on Monday's Starting Point. "So, is the takeaway from this, the stimulus worked, so there should be…

Thin-skinned New York Times columnist Paul Krugman spoke at the left-wing Netroots Nation conference held in Providence, R.I. this weekend (a fact overlooked in his own paper's story). In his Saturday morning talk, Krugman displayed his usual class and charm by calling Times Book Review editor Sam Tanenhaus "very much a noecon," a slur in Krugman's liberal circles, for allegedly assigning an…

Charlie Rose deferred to Obama campaign adviser David Axelrod on Monday's CBS This Morning regarding the controversy over several recent national security leaks. Axelrod repeatedly denied that the leaks came from the administration. Rose didn't challenge his guest's talking point, even though former Defense Secretary Robert Gates indicated that White House officials went "out in public with…

President Obama's declaration that “the private sector is doing fine” immediately became the headline out of his news conference last week, with even traditional liberal media outlets reporting it without spinning it for Obama. Even Time magazine headlined it, “As Economic Concerns Mount, President Obama Says, ‘The Private Sector Is Doing Fine'” However, as the story has continued, some of…

Straining to find a way to excuse President Obama's Friday remark that "the private sector is doing fine," on Monday's NBC Today, co-host Ann Curry did her best to spin for the White House: "He is right in saying that the private sector is doing better than the public sector, is he not? And so that was his point, that this comment was taken out of context." [Listen to the audio or watch the…

President Obama made quite a gaffe Friday when just one week after the Labor Department announced horrid jobs numbers for May, he claimed "the private sector is doing fine." Appearing on CBS's This Morning Monday, New York Times columnist and unashamed Obama shill Paul Krugman covered for the current White House resident saying, "He screwed up the line" (video follows with transcribed…

The $82 billion auto bailout has been a Crony Socialist nightmare mess. We’re going to lose at least $30 billion on the deal.  And that’s only if the Barack Obama Administration’s math can be trusted - a dicey proposition at best. The Administration eviscerated two hundred-plus years of bankruptcy law, throwing bond holders over the side to over-reward their United Auto Workers shock force…

Fareed Zakaria on Sunday actually asked former Obama Chief of Staff Rahm Emanuel if the president should "run a campaign against a do-nothing Republican Congress." Such actually transpired on CNN's Fareed Zakaria GPS, a program hysterically presented by the so-called "Most Trusted Name In News" (video follows with transcript and commentary):

Former President Bill Clinton made headlines last week when he told CNBC's Maria Bartiromo the Bush tax cuts should be extended into next year. On ABC's This Week Sunday, Clinton's former adviser turned talk show host George Stephanopoulos asked one of his guests, "Might not he be right on the issue of extending the tax cuts at least for two or three or four months into next year to get over…

Last year, Harry Reid said pretty close to the same thing President Obama said on Friday about the health of the nation's private sector. Obama claimed that "The private sector is fine." On the Senate floor on October 19, Reid claimed that "It's very clear that private-sector jobs have been doing just fine." Don't feel bad if you don't know this, because the press mostly ignored it. The few…