On-air editor Rick Santelli announced the first quarter gross domestic product (GDP) estimate for CNBC’s Squawk Box on April 27. “Holy cow! Better than expected up 2.3 percent. You know many were thinking, and there’s a lot of reasons to believe so, that it would be a bit under the 2 percent. So 2.3 of course, as follows 2.9 last quarter,” Santelli said.
Robert Johnson, the founder of BET television and America’s first black billionaire, had some positive things to say about the economy in April, but most liberal media failed to notice. The one national paper to cover it delayed including it in the print edition for more than a week. Citing multiple factors including “fairly stable” interest rates, the “Trump tax cut,” and historically low unemployment for African Americans, Johnson said, “Business is very good.”
Good news for the economy came quickly on the heels of the Republican-driven tax bill. AT&T, Boeing, Wells Fargo, Comcast and others announced employee bonuses or wage increases, additional contributions to training, charitable efforts and facilities, and U.S. investment. Some directly attributed the decision to changes that will affect them in the tax legislation.
While liberals made many different objections to the GOP’s latest tax reform plan, one former Obama and Clinton administration economist claims the plan will literally kill. Economist Larry Summers told CNBC viewers the Republican tax bill “would result in 10,000 extra deaths per year.” He appeared on CNBC Squawk Box on Dec. 4, to discuss the Republican tax bill.
At CNBC Wednesday morning, just after the release of the government's GDP report, Squawk Box panelist Steve Liesman appeared to do everything he could to downplay the significance, and even the relevance, of the 3.3 percent annualized growth estimate. At the end of the segment, he gave away his ignorance when he expressed outrage that the tax bill currently under consideration in Congress, while eliminating or significantly curtailing individual taxpayers' ability to deduct state and local taxes, leaves business deductions for state and local taxes intact. He, and show host Becky Quick, should know that it's bogus to try to make such a comparison.
The CEO of AT&T insisted that tax reform spurs business investment, which will lead to hiring and wage growth in an interview with CNBC’s Squawk Box a week after the president proposed reforms.
AT&T CEO and chairman Randall Stephenson sat down with the Squawk Box crew on May 4, to discuss several issues including the possibility and impact of a tax reform plan on the U.S. economy. Although specifics regarding President Donald Trump’s tax reform proposal was not mentioned, it seemed to underpin the conversation.
On CNBC’s Squawk Box on March 30, a former senior Obama administration official tried to take back her earlier admission that the former administration tried to “get as much information” as possible on Trump and his associates before the transition of power – but she only dug herself in deeper.
Wall Street has been brimming with optimism since President Donald Trump’s election, but Main Street’s optimism soared as well. Some say the new GOP health insurance bill may keep that going.CNBC reporter Kate Rogers said that “Main Street’s outlook post-election is still holding at historically high levels according to the National Federation of Independent Business.”
Rather than rejoice over the stock market rally, many people are pushing economic pessimism and that upset CNBC’s Rick Santelli. The CNBC editor and contributor complained about the pessimism on Squawk Box Feb. 16. “Much of the world always finds something to cheer about, always finds hope in every stock market. This particular rally, because of the president, everybody wants to put cold water on it and maybe some day they’ll all get their wish,” Santelli said.
It’s working. President-elect Donald Trump’s talk of lowering corporate tax rates and reducing regulation is already helping the economy, according to New York Stock Exchange (NYSE) Group President Tom Farley. Farley shared his views on the economy and the causes of the recent stock market rally with CNBC’s Squawk Box on Jan. 18. Squawk Box anchors interviewed Farley live from Davos, Switzerland, during the 2017 World Economic Forum meeting.
MRC Vice President of Business and Culture Dan Gainor ripped the liberal media for its anti-Trump, pro-Clinton bias. “There is no neutrality at The New York Times,” Gainor told After the Bell host Dan Asman before pointing out the double standard in how differently the Times covered Democratic and Republican presidents.
Tuesday on CNBC, Microsoft co-founder and multibillionaire Bill Gates recounted a conversation he had with Donald Trump a couple of weeks ago. He had fairly nice things to say about both the conversation and the potential of the incoming Trump administration. Naturally, neither the Associated Press nor the New York Times found these elements of the CNBC interview to be newsworthy.