Economy

Each year the Business & Media Institute looks back on the year's news and selects the top 10 worst economic myths. Here is our 2010 list: 10. GM Repayment Shows Taxpayer Bailout Worked 9. All the Economy Needs is More Stimulus 8. Soda is Like Cocaine and Ads Cause Obesity 7. Obama the Tax Cutter 6. The Tea Parties are Astroturf, but Green Groups Aren't. 5. Despite Largest…

Good Morning America's Jon Karl on Thursday offered misleading, sloppy reporting on a congressional tax deal, bizarrely suggesting that the proposal "slashes" the estate tax. In a follow-up piece, news anchor Juju Chang asserted that many Democrats "are still opposed, especially to the estate tax cut." In reality, the so-called death tax is currently at zero. Under the deal, it will increase…

 As MSNBC’s Richard Wolffe - formerly of  Newsweek - appeared as a guest on Wednesday’s Late Late Show on CBS, after Wolffe conveyed his left-leaning take on the deal to extend the Bush tax cuts, host Craig Ferguson asked, "You’re a Democrat, aren’t you?" as he stared at the MSNBC contributor for comedic effect, inspiring audience laughter. After Wolffe responded, "I am a journalist,"…

Apparently unhappy at the idea of a compromise with Republicans over taxes, Good Morning America's George Stephanopoulos on Wednesday attacked the deal from the left, wondering if the "White House [is] open to renegotiating" portions that have made liberals in Congress unhappy. Stephanopoulos, a former aide to Democrat Dick Gephardt, highlighted Nancy Pelosi's opposition to a high exemption…

There is no such thing as a "free" government benefit. Ask small-business owners who are footing skyrocketing bills for bottomless jobless benefits. While politicians in Washington negotiate a deal to provide welcome temporary payroll, income and estate tax relief to America's workers, struggling employers wonder how long they'll have to pay for the compassion of others — and whether they can…

Lawrence O'Donnell on Tuesday surprisingly exposed how ignorant liberals are of the tax code. In a sometimes heated discussion with prominent progressives about President Obama's new compromise tax plan, "The Last Word" host aggressively challenged the knowledge of two of his guests (video follows with transcript and commentary):

MSNBC's Joe Scarborough slammed President Obama Tuesday for not standing up to Republicans but rather compromising over extending the Bush tax cuts. Scarborough called the tax cuts for millionaires "inefficient" and agreed with co-host Mika Brzezinski that the Republicans are "complete hypocrites" when it comes to dealing with the deficit. The deal includes an extension of the Bush tax…

There are many areas where the establishment press's terminology preferences are significantly out of sync with everyday usage by the general public. To name just two examples, the ever so PC press routinely replaces publicly favored and more informative terms such as "illegal immigrants" and "Muslim terrorists" with "undocumented workers" and "militants." And of course, we can't forget the…

MSNBC's Chuck Todd on the December 7 "Daily Rundown" was uncharacteristically heated in his opposition to the compromise between President Barack Obama and congressional Republicans on extending the Bush tax rates. Interviewing a Treasury Department official, Todd used flawed statistics to malign the proposed two-year extension of tax breaks for all families as unacceptably expensive. "…

A few weeks ago, just before GM's initial public offering went to the market (at the Washington Examiner; at BizzyBlog), I noted that Multi-Government/General Motors had spent the past several months shipping more cars than its dealers were selling, to the point where dealer stocks represented an unusually high number of days of dealers' sales. GM's December 1 press release made that trend…

Good Morning America's Jake Tapper on Tuesday spun Barack Obama's reaction to a tax deal with Republicans this way: "The devil made him do it..." The devil, apparently, being GOP representatives. Picking an easy target as an example, Tapper asserted that, as a result of tax rates staying the same, the "family of the average Wall Street banker [who] paid more than $300,000 last year, will keep…

The Washington Post's Robert J. Samuelson in his Monday column scolded President Obama's deficit commission in a fashion that should be must-reading for every American, especially liberal media members. At issue for Samuelson wasn't the cost-saving or revenue-generating ideas in the plan. Instead, he accurately pointed out that it lacked a coherent message as to why our social programs are…

Charles Krauthammer on Monday said that when Barack Obama spoke to the nation hours ago to announce a tax extension compromise just reached with Republicans, "It was actually a speech addressed at Daily Kos, the New York Times, and MoveOn." In Krauthammer's view expressed on Fox's "Special Report," "This was a speech aimed at appeasing the Left which is extremely angry over this" (video…

World News anchors and reporters on Sunday chided Barack Obama from the left, complaining that he was "caving" and "breaking one of his biggest campaign promises" by preventing tax rates from increasing in January. ABC's Washington editor Rick Klein worried, "President Obama has been clear this was a critical position and he is caving on it, in, in allowing all the tax cuts to be extended."…