The Dow Jones Industrial Average closed above 26,000 for the first time on Wednesday. When it first jumped the 26,000 hurdle during Tuesday's trading, only to fall back at the close, CNN's Christine Romans somewhat surprisingly noted it. But as she did, she positively and erroneously spun the market's awful pre-presidential election history in a way that even some conservatives have ignorantly come to accept.
On Tuesday, Julia Seymour at NewsBusters reported that the Friday evening news shows on all three networks spent a few seconds noting the government's somewhat disappointing but hardly alarming job-creation number for December (148,000 seasonally adjusted payroll jobs) reported earlier that day. Seymour observed that "Those same news programs (have) often underreported good economic news in the past year." Consistent with that pattern of selectivity, the three networks failed to note that Friday's job release reported the lowest black unemployment rate on record.
Business and technology magazine Fast Company may have pulled a fast one over any readers unwilling to whip out a calculator when thinking about the Universal Basic Income (UBI).
A universal basic income is when a government provides a certain amount of money unconditionally, to all individuals regardless of employment status or income level.
On Friday, the government reported that the economy added a seasonally adjusted 211,000 jobs, and that the unemployment rate dropped to a 10-year low of 4.4 percent. The day's press coverage had three noticeable highlights. The first was the headline at the Associated Press's coverage — "US JOBS DATA SHOW SOME SCARS FROM RECESSION FINALLY HEALING."
There are predictable signs that after eight years of giving the problem inadequate attention and occasional ridicule, the business press has decided that federal budget deficits and the national debt are going to start to matter again. Gosh, I wonder why? The Associated Press's Christopher Rugaber was relatively subtle about it in a report on Uncle Sam's December and year-to-date budget deficits on Thursday. As would be expected, Paul Krugman wasn't subtle at all in his latest New York Times column.
Chuck Todd joined colleagues Mark Murray and Carrie Dann in a Wednesday article on NBC's First Read blog that decried President-Elect Donald Trump's "dangerous game of...picking winners and losers" in the economy. The trio oddly wondered, "Despite all of the corporate criticism of President Obama's first few years in office...has Trump intervened more in companies -- directly and individually -- in his month as president-elect more than Obama ever did?"
Vice President-Elect Mike Pence appeared on NBC’s Meet the Press on Sunday to discuss Donald Trump’s fast approaching presidency. What he got, at one point, was moderator Chuck Todd grilling him on why Trump couldn’t save some 700 jobs Carrier still sent to Mexico. “You gave a tax break -- some people could say you gave a tax break to Carrier so that they would only send 700 jobs overseas,” he told Pence.
On Thursday's CNN Newsroom, Carol Costello hyped the possible impact to taxpayers for President-Elect Donald Trump's role in getting Carrier to stay in Indiana: "Donald Trump delivering on his vow to save Carrier jobs, and his economic team says it will deliver a lot more — but at what cost?" Costello brought on two Trump critics from both sides of the aisle, but didn't bring on any supporters. She also touted Senator Bernie Sanders blasting the deal, and later played up a possible "slippery slope" impacting Indiana residents.
At Wednesday's White House press briefing, Obama administration Press Secretary Josh Earnest, in a fit of completely unsupported arrogance, claimed that 805,000 jobs have been created "while President Obama was in office," and that "President Obama has set a high standard" in that regard.
The lazy stenographers posing as journalists present at the briefing, along with other reporters covering Carrier Corp.'s decision not to move its Indianapolis manufacturing jobs to Mexico, have failed to recognize what anyone whose job it has been to follow the economy during the Obama administration should know, namely that the economy, through October 2016, has fewer manufacturing jobs now than it did when President Obama took office in January 2009.
MSNBC’s Chris Matthews went of the metaphorical high speed rails during Hardball Monday night, as he announced a ridiculous plan to fund high speed rail. “We've got about $30 trillion sitting overseas, because of the tax laws of this country, the corporate tax rates and things like that,” he explained, “You say, ‘Why don't we find a way to grab all of that, in fact, and put it into development of a public/private thing.’” And it only got more ludicrous from there.
The liberals who thought Chris Wallace did a bang-up job as moderator of the third presidential debate were judging strictly by appearances, contended Daily Kos’s Laura Clawson and Salon’s Gary Legum in separate articles. Clawson pooh-poohed the praise for Wallace, sneering that he “really wasn’t all that. Unless the ‘that’ is ‘a purveyor of right-wing talking points masked as “fair and balanced” questions.’” Legum called Wallace “a creature of Fox News, a point of view he betrayed through both his selection of several questions and the right-wing frame he gave to them. Which might have tickled the amygdala of conservatives everywhere, but also managed to perpetrate for a mainstream audience a couple of the more pernicious policy myths that haunt our political discourse.”
The federal government's fiscal year ended on September 30. As has been the administration's habit for years with news that might draw negative attention, the Treasury Department conveniently released its year-end Monthly Budget Review Friday afternoon to minimize the discussion of its grim news.