The AP uncritically reported that Sen. Mitch McConnell and "other Republicans" stated that the economic recovery bill "allows Democrats to go on a spending spree unlikely to jolt the economy." But the AP did not point out that the Congressional Budget Office "anticipates that implementation of H.R. 1 would have a noticeable impact on economic growth and employment in the next few years," or that CBO director Douglas Elmendorf said the bill "would provide a substantial boost to economic activity over the next several years relative to what would occur without any legislation." Read More
NBC's David Gregory falsely claimed Social Security will "pay out more than it's taking in by 2010"
NBC's David Gregory falsely asserted that Social Security will "pay out more than it's taking in by 2010." In fact, according to the 2008 Social Security trustees' report, Social Security will not exceed the income rate before 2017 and will be able to pay full benefits until 2041, after which it will be able to cover between 78 and 75 percent of scheduled benefits through the end of the 75-year period the report's long-range projection covered. Read More
Wash. Times echoes recovery bill falsehoods on undocumented immigrants, ACORN
The Washington Times falsely claimed that the House-passed economic recovery bill "allows payment of checks to undocumented immigrants," and repeated the falsehood that "much" of the $4.19 billion allocated for a Neighborhood Stabilization Program in the bill "might go to ACORN." In fact, under the bill, undocumented immigrants without Social Security numbers are not eligible for tax credits, and the bill does not mention ACORN or otherwise single it out for funding. Read More
ABC's Tapper ignored CBO report, advanced GOP claim that recovery bill is "not a stimulus plan"
ABC's Jake Tapper uncritically aired a video clip of Republican Sen. Jim DeMint saying of the economic recovery bill: "This is a spending plan, it's not a stimulus plan. It's temporary and it's wasteful." Tapper did not point out that the Congressional Budget Office stated in its January 26 cost estimate of the House version of the bill that it anticipates implementation of the bill "would have a noticeable impact on economic growth and employment in the next few years." Read More
After mocking a bill he doesn't understand, Glenn Beck now ridicules acronym that doesn't exist
On his Fox News program, Glenn Beck reported as true the idea floated on Forbes.com that a program the Obama administration is reportedly considering should be called the "Bad Asset Repository Fund." Without noting that the reported program has not in fact been named, Beck then ridiculed the creators of the nonexistent name for failing to recognize that the acronym is "BARF." Read More
MSNBC's Mika Brzezinski echoed her disputed claim that funding for "welfare programs" included in the recovery bill, such as "food stamps and helping low income people pay for college," would not stimulate the economy. In fact, economists have said that programs that provide aid to state governments and individuals would, in the words of Congressional Budget Office director Douglas W. Elmendorf, "have a significant impact on GDP." Read More
Experts dispute claim by CNBC's Burnett that size of Wall Street bonuses is unrelated to TARP money
Responding to criticism of the bonuses paid in 2008 by Wall Street firms -- some of which had received federal bailout funds -- Erin Burnett said during Meet the Press: "The taxpayer money isn't being taken and paid out in the form of bonuses. It goes in a separate pool ... a separate account for banks." However, contrary to Burnett's assertion, money is fungible, and without the federal assistance, Wall Street bonuses would have been much lower, according to several experts. Read More
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