In its April 2018 Monthly Treasury Statement, the federal government reported that it ran an all-time single-month record $214 billion surplus, primarily because it took in a record $510 billion in receipts. The Associated Press's Josh Boak ignored the collections record, even though the AP noted the previous record when it occurred in 2015. Instead, Boak presented a different and far smaller out-of-context collections figure, and falsely claimed that the Republican Congress's tax cuts are responsible for the increase in fiscal 2018's seven-month budget deficit compared to last year. This negligence irresponsibly enables leftist pundits to continue to scream that the tax cuts aren't working, despite growing evidence that they really are.
It takes a special talent to spin news which is unquestionably positive into something negative. But Christopher Rugaber and Josh Boak at the Associated Press were up to the task in a Wednesday afternoon report on bonuses, pay raises, and other benefits which now have been showered on well over 2 million American workers since the December passage of federal tax cuts.
Tuesday afternoon, Clay Waters at NewsBusters noted how two September 18 items in the New York Times ridiculed Texas and Florida, two recently hurricane-ravaged states whose governors and legislatures are pro-growth and Republican. Josh Boak, an economics writer at the Associated Press, was actually a day ahead of them on Florida, filing a Sunday item which claimed that "Irma's destructive floodwaters renewed fears about how to manage the state's population boom as the risks of climate change intensify."
One of the more absurd spectacles in the press's coverage of the economy is the attack on the Trump White House's long-term economic growth assumptions in this week's budget release. The same reporters, pundits and outlets now ridiculing the Trump administration's belief that the economy can consistently grow by 3 percent each year beginning four years from now were stone silent when the Obama administration, whose alums have joined the current negative chorus, used far higher growth assumptions — and miserably failed to achieve them.
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.
Many writers on the left and beat journalists in the establishment press contend that Republican presidential nominee Donald Trump and running mate Mike Pence tell lies so often that it's virtually impossible to keep up with all of them.
If that's so, why, with all those "obvious" falsehoods out there, did two Los Angeles Times reporters have to label an absolutely true statement by Pence about Hillary Clinton's Syrian refugee position "misleading" and then fail, as seen in a Friday NewsBusters post, to even try to explain why it was? And why did the Associated Press's Josh Boak, as will be shown after the jump, pretend on Tuesday that Pence's absolutely true claim about the growth of the national debt under President Obama wasn't true?
In covering Thursday morning's report from the Department of Labor on initial unemployment claims, one of a relatively few economic reports showing strength these days, Associated Press reporter Scott Boak spread his enthusiasm over the result to the entire economy. It wasn't justified.
It's as if the poor guy has missed most of the pertinent other economic news during the past week, most of which — other than the stock market's recovery from earlier losses this year, which is more dependent on Federal Reserve Chairman Janet Yellen's moods than it is on economic fundamentals — have been anything but strong.
Today's report on February's new-home sales from the Census Bureau showed seasonally adjusted declines in three of the nation's four regions and an increase in the West.
The Associated Press and reporter Josh Boak, displaying brazenness which might have even embarrassed the scribes at Pravda during the worst days of the Soviet Union, concentrated on how great things were in the West in their headline and opening paragraph, ensuring that those who get their news from headlines and opening blurbs on their computers and mobile devices will believe that all is mostly well. Incredibly — well, it would be except that this is AP — Boak never told readers that sales actually declined in the other three Census regions.
Ridicule by media critics has apparently made some headway against the business press's annoying habit of describing bad news about the economy as having occurred "unexpectedly." Now they seem to be reserving the "U-word" for unexpected improvements, which haven't been seen very much during the past seven-plus years.
Instead, reacting to today's bad news from the National Association of Realtors, which reported that seasonally adjusted existing homes sales dropped by 7.1 percent in February, Bloomberg News said that they "dropped more than forecast." Reuters opened with "U.S. home resales fell sharply," saving specific comparisons to forecasts for a much later paragraph. The Associated Press, which rarely even recognizes the existence of such forecasts, stuck to that posture. AP and Bloomberg both deliberately ignored a red flag about the overall health of the economy the realtors' group included in its narrative. Reuters grudgingly cited worries about the economy as "potentially troubling."
The press is mostly thrilled over yesterday's Employment Situation Summary from the government, which reported that the unemployment rate stayed at 4.9 percent and that the economy added 242,000 seasonally adjusted payroll jobs. President Barack Obama took the opportunity to take what CNBC's Jeff Cox described as "a victory lap ... in Friday remarks to the media."
Well, why not? Obama was secure in the knowledge that the establishment press would mostly play along, even though February's larger number of private-sector workers put in 16 million fewer hours per week and earned $540 million fewer dollars per week than those who were employed in January.
In the context of his pathetic writeup on the government's disappointing report on January new-home sales, Josh Boak at the Associated Press had the nerve to claim that "demand for housing has recovered over the course of the 6 ½-year recovery from the recession."
Wow. Who knew that the industry has made it all the way back to an acceptable level at long last? The obvious answer to that question is "nobody." Even the incomplete picture Boak drew in his dispatch contradicted his ridiculous claim.
Two important economic reports came out today at 10 a.m. One had relatively good news, while the other was a definite downer.
At 2:43 p.m., the good-news item was still listed second at the Associated Press's list of Top 10 business stories, while the bad-news item was gone. That's all in a day's work of news manipulation at what should be called the Administration's Press. (UPDATE: At 9:12 p.m., apparently lacking for any other genuinely positive stories and despite no story updates, the AP moved its dispatch on existing-home sales UP to first on the list.)