Fox News obscured the fact that Republican lawmakers are holding renewal of a terrorism insurance program hostage in order to continue chipping away at financial regulatory reform.
The Terrorism Risk Insurance Act (TRIA), first passed after 9/11 and subsequently renewed by Congress, allows the federal government to aid insurance companies in providing terrorism insurance to businesses. One of the biggest beneficiaries of TRIA are professional sports organizations like the NFL.
If TRIA is not renewed, these organizations could lose terrorism insurance coverage. Thus on the December 15 edition of Fox & Friends First, Fox Business contributor Lauren Simonetti claimed that the Super Bowl may be in danger of cancelation. According to Simonetti, "The reason is Congress," adding "unless this act is reauthorized by the end of the year," the Super Bowl could be canceled:
The New York Times overlooked the millions of dollars in campaign contributions spent by lobbyists and special interest groups that benefitted from the provisions added to the omnibus spending bill passed by Congress last week.
The Sunday broadcast political shows overwhelmingly ignored the omnibus spending bill's rollback of key regulations on Wall Street and campaign finance. Only ABC's This Week covered the provisions, which come at a time when the financial services industry and large donors are playing an increasingly outsized role in elections.
Congress' controversial $1.1 trillion spending bill to avoid a government shutdown took several days of debate to pass in the Senate and barely passed through the House of Representatives, due to the inclusion of provisions "easing rules on campaign finance and the banking industry," as NPR explained.
The deal reverses a requirement of 2010 Dodd-Frank financial reform, allowing banks to "place both standard accounts and accounts that handle riskier derivative trades under the protection of the Federal Deposit Insurance Corp." The provision was drafted by Citigroup bank and provides a major benefit to big banks that allows riskier trades and transfers accountability for banks' failures -- and potentially future financial crises -- onto the government and taxpayers. The bill also rolls back campaign finance regulations, dramatically increasing the limit wealthy individuals may donate to national political parties.
This erosion of key Wall Street and campaign finance regulations was all but ignored on the broadcast Sunday political talk shows. Neither NBC's Meet The Press, CBS's Face The Nation, nor Fox Broadcasting Company's Fox News Sunday acknowledged the controversial provisions in their discussion of the spending bill, glossing over the specific rollback of regulations in favor of general discussions on inner-party divisions on the vote. Only ABC's This Week highlighted the provisions. Host Martha Raddatz explained how the bill "dramatically ease[s] restrictions on the amount of cash individuals can donate to campaigns," while a later panel discussion emphasized the rollback of Wall Street regulations.
The shows' failure to cover the rollback of banking regulations and systematic erosion of campaign finance comes at a time when dark money, large donors, and outside spending are playing an increasingly outsized roll in elections and the financial services sector -- the very industry which drafted and stands to benefit from the Dodd-Frank reversal -- is already outspending all other industries in midterm elections.
Rush Limbaugh claimed on Fox News Sunday that the American people were "begging" the GOP to stop Obama by shutting down the government and denied the harmful effects of the 2013 shutdown, which cost an estimated $24 billion.
On the December 7 edition of Fox News Sunday, host Chris Wallace asked Limbaugh to defend his recent demands for congressional Republicans to force a government shutdown. Limbaugh stated that the results of the 2010 and 2014 elections showed the American people were "begging" the GOP to stop President Obama and that Republicans don't need to worry about the political risk of another shutdown. He then claimed that the "only thing that happened in that shutdown was Barack Obama closed [...] the World War II Memorial to World War II vets" and "shut down some White House tours."
But the shutdown was a significant blow to the U.S. economy. Standard & Poor's found the shutdown cost $24 billion in economic activity. Moody's Analytics chief economist Mark Zandi similarly estimated that it "stunted fourth quarter GDP growth by 0.5 points, resulting in a $20 billion hit," by disrupting "federal spending, global trade and investments in housing and businesses." Following the 2013 shutdown, Fox repeatedly downplayed its economic impact.
From the December 4 edition of Fox News' The O'Reilly Factor:
Loading the player reg...
The Las Vegas Review-Journal criticized a long-awaited draft Environmental Protection Agency (EPA) rule to reduce smog pollution as economically harmful, echoing unfounded industry fears about EPA regulations. The EPA's estimates, however, are based on sound science and show that the smog regulation will have long-term economic benefits.
From the December 2 edition of Courtside Entertainment Group's The Laura Ingraham Show:
Loading the player reg...
Right-wing media outlets hyped widely discredited research from the Heritage Foundation to push the myth that President Obama's executive actions on immigration will cost the U.S. economy more than $2 trillion in federal benefits paid to those undocumented immigrants whose deportations are deferred. But Obama's exercise of prosecutorial discretion on behalf of certain undocumented parents of U.S. Citizens and lawful permanent residents does not confer federal means-tested benefits and economists report that allowing more immigrants to legally work will raise revenues and boost the economy.
ABC's World News Tonight pushed the myth that building the Keystone XL pipeline could create up to 40,000 jobs. In fact, the pipeline is expected to create as few as 50 permanent jobs.
During a November 18 report on the failed Senate vote to approve the Keystone XL pipeline, World News Tonight anchor David Muir stated that "many argued it could have created thousands of American jobs." ABC White House correspondent Jonathan Karl added that "the jobs estimates range from 4,000 to 40,000 jobs. Proponents say it not only creates jobs, but it could lead to energy independence."
But PolitiFact has classified similar claims that the construction of the pipeline would create tens of thousands of jobs to be "mostly false," because a vast majority of the jobs would be temporary, and it "does not amount to tens of thousands of full-time jobs in the most common sense of employment." According to PolitiFact, "the State Department estimates the operation of the pipeline will only create 35 permanent, full-time jobs and 15 temporary contractors" once construction is complete.
The pipeline would also do little for "energy independence." Much of the oil that would be carried by the pipeline is slated for export, and U.S. imports of oil would be minimally affected by the supply that would flow through the pipeline.
MSNBC host Joe Scarborough peddled the myth that building the Keystone XL pipeline would "create 50,000 new jobs," even though independent fact checkers have called that figure false. The pipeline is projected to create as few as 50 permanent jobs.
The House of Representatives passed a bill to fast-track approval of the Keystone XL pipeline for the ninth time on Friday. A parallel measure will be considered in the Senate on Tuesday. The administration has indicated that it plans to delay approval of the pipeline while a legal challenge to the proposed route proceeds and suggested that President Obama would veto the effort to accelerate the process.
Scarborough questioned any decision to delay the pipeline on the November 17 edition of Morning Joe and wrongly claimed that the project would "create 50,000 new jobs."
The implication that building the pipeline would create 50,000 jobs that don't currently exist is not true. As PolitiFact noted in calling similar job creation estimates false, many of the jobs that would be supported by the pipeline already exist, and the majority of the construction jobs that would be supported are short term.
"A State Department review found the project could support -- not create -- 42,100 jobs. But that number needs considerable explanation and does not amount to tens of thousands of full-time jobs in the most common sense of employment," PolitiFact noted. "The figure represents the project's estimated direct, indirect and induced jobs over two years of construction, and all but 50 are temporary."
Right-wing media resurrected the myth that increased immigration hurts American workers in response to President Obama's plans for executive action on immigration. In fact, studies consistently find that immigration does not lead to higher unemployment or lower American wages and that it actually helps the economy.
Fox News revived a long debunked myth to inflate the number of long-term, sustainable jobs that would be created by the Keystone XL pipeline.
From the November 10 edition of Fox News' Your World:
Loading the player reg...
The Washington Post has promoted the conservative myth that corporate taxes in the United States are among the highest in the world while pushing the claim that tax rates should be further reduced as part of a so-called "reform" of the tax code.
A Media Matters study on the coverage of key policy issues in nightly news' midterm election broadcasts finds that 65 percent of network news segments that dealt with the midterm elections failed to discuss the policy issues most important to the American people.