Economy

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  • Fox News Peddles Misleading Deficit Hysteria To Undercut Obama’s Economic Record

    Confused Fox & Friends Host Claims Trump Is Not Inheriting “A Healthy Economy” From President Obama

    Blog ››› ››› CRAIG HARRINGTON

    Fox & Friends misinterpreted a nuanced statement about long-term federal budget deficits from the president of the Committee for a Responsible Federal Budget (CRFB) while falsely claiming that President-elect Donald Trump “is inheriting the worst economy since Truman.” The comments demonstrate the continued right-wing media effort to diminish the economic successes of the Obama administration.

    During the November 20 edition of CBS’ Face the Nation, an all-conservative panel lamented the supposed failure of President Obama to rein in the federal budget deficit. CRFB president Maya MacGuineas -- whom Nobel Prize-winning economist Paul Krugman has labeled “the queen of the deficit scolds” -- argued that the incoming Trump administration will inherit “the worst fiscal situation of any president” since Truman, “as judged by the debt relative to the economy.” MacGuineas’ point about the so-called “debt-to-GDP ratio” was part of a larger argument highlighting that the tax and economic policy proposals put forward by Trump and his GOP counterparts during the campaign are entirely at odds with their promises to reduce the federal budget deficit and national debt. From Face the Nation:

    As MacGuineas pointed out, Trump’s proposals would add “over $5 trillion to the national debt,” on top of $9 trillion that was already projected to accumulate over the next decade. CRFB says Trump’s proposals are significantly more expensive than those that were put forward by Democratic presidential nominee Hillary Clinton based on an analysis that assumes his proposed tax cuts generate economic growth. In fact, decades of evidence show no stimulative effects from tax cuts.

    It is true that the debt-to-GDP ratio is currently at its highest point since the end of World War II, but there is no reason to believe the current national debt is untenable. MacGuineas clarified her point later on Twitter, reiterating that Trump actually promises to make the “fiscal situation” worse and conceding that Obama actually inherited “one of the worst economic situations” in history:

    MacGuineas’ nuanced, but probably not very useful, argument about “fiscal situations” and Trump’s irresponsible approach to the federal budget was entirely lost on the crew of Fox & Friends, which misinterpreted her remark while falsely claiming that the overall economy is in poor health.

    During a November 21 interview with former Trump campaign manager Kellyanne Conway, co-host Brian Kilmeade butchered MacGuineas’ argument, stating, “This president-elect is inheriting the worst economy since Truman,” and, “It is not a healthy economy.” Conway agreed with Kilmeade’s hollow argument, slamming the Obama administration for the pace of debt accumulation over the past eight years while neglecting to mention that even the most favorable estimates concede that debt accumulation under Trump will far exceed Obama. From Fox & Friends:

    This is not the first time that Fox & Friends has lamented the supposed fiscal shortfalls of Democratic politicians while completely ignoring the reality that Trump’s plans are demonstrably worse by the same standards.

    Deficit hysteria used to be a cause célèbre of conservative media figures, who routinely slammed Obama’s alleged negligence with the nation’s finances. In 2010, an error-filled paper from two conservative Harvard economists, which falsely claimed that debt-to-GDP ratios exceeding 90 percent immediately result in domestic economic stagnation, generated unceasing criticism of the Obama administration. For years, deficit-obsessed right-wing outlets promoted the absurd claim that the national debt was pushing the United States to the verge of collapse, and right-wing politicians who are now aligned with Trump unfavorably compared the U.S. to crisis-stricken European countries.

    It remains to be seen how sincere conservative media personalities are about the need to balance the budget and reduce the debt -- but we’ll find out the answer if Trump has the opportunity to enact budget-busting tax cuts for the wealthiest and most powerful individuals and corporations in the world.

  • Media Falsely Give Trump Credit For A Ford Plant Not Moving To Mexico

    ››› ››› JULIE ALDERMAN

    Media are uncritically hyping President-elect Donald Trump’s false claim that he should be credited for Ford Motor Co.’s decision not to relocate a plant from Kentucky to Mexico, despite the fact that the plant was never going to close and no jobs were going to be lost. While right-wing media hyped Trump’s claim on its face as proof of his political success, mainstream media echoed that pro-Trump spin in a series of misleading headlines, which critics have called out for being out of context and “completely wrong.”

  • What You Need To Know About Rumored Trump Labor Secretary Andy Puzder

    Trump Reportedly Leaning Toward Prolific Right-Wing Op-Ed Writer And Fast Food CEO To Head Department Of Labor

    Blog ››› ››› ALEX MORASH

    Media outlets have reported that President-elect Donald Trump is considering Andy Puzder, a right-wing commentator and fast food CEO, for secretary of labor. Puzder is known for writing op-eds denouncing worker rights and the minimum wage, and his company is infamous for its “supermodel-centric marketing strategy” designed to offend viewers and stoke sales.

    According to a November 15 article in Politico, Puzder, the CEO of CKE Restaurants, which operates burger chains Carl’s Jr. and Hardee’s, was on the short list to replace Tom Perez as the secretary of labor in the incoming Trump administration. The same day, The Atlantic also reported on Trump’s possible choice of Puzder, noting the CEO’s history of fundraising for Trump and his staunch opposition to Obamacare and raising the minimum wage.

    In his op-eds and media appearances, Puzder frequently peddles right-wing misinformation advocating policies that hurt American workers. Puzder has praised the job destruction that comes with workplace automation, boasting in a March 16 interview with Business Insider that he wanted to automate more of his restaurants to avoid paying worker salaries and benefits. Puzder claimed that replacing people with machines would be preferable because machines “never take a vacation” or complain when discriminated against. From Business Insider:

    "They're always polite, they always upsell, they never take a vacation, they never show up late, there's never a slip-and-fall, or an age, sex, or race discrimination case," says Puzder of swapping employees for machines.

    Puzder opposes new overtime rules proposed by the Department of Labor that would extend guaranteed overtime pay to qualified salaried workers making less than $47,476 a year. Puzder defended his position by claiming that having a salaried position -- and thus no overtime pay -- is an “opportunity” that confers “prestige” and “an increased sense of ownership” to overworked and underpaid managers. Puzder has also frequently attacked the push to raise the minimum wage and Obamacare’s health insurance expansion, misleadingly claiming that stronger wages and benefits actually hurt workers.

    Puzder even attacked working-class Americans during an appearance on Fox & Friends, claiming that low-income workers might be wary of higher paying jobs if the salary increase results in a loss of government benefits. Puzder wrote in an op-ed in The Hill of a so-called "Welfare Cliff," where employees turn down promotions that could lead to $80,000 salaries because they "don't want to lose the free stuff from the government." Yet, by Puzder's own admission, the company he runs does not pay anywhere near the $80,000 annual salary that his employees were supposedly passing up so as to qualify for anti-poverty assistance.

    In addition to being an outspoken media advocate of poverty wages in the fast food industry and an opponent of policies aimed at helping American workers, Puzder also runs a company that boosts its sales via a “supermodel-centric marketing strategy” catered to exploiting his customers’ base impulses. Puzder told Entrepreneur magazine that complaints that his ads are sexist “aren't necessarily bad” for the company and that he thinks his company’s “sales go up” amid public outcry over ads that degrade women. The fast food chain has been running these ads for years, and Jezebel compiled “a history of disgusting Carl's Jr. ads” from 2005 to 2013. Puzder’s stance on objectifying women for commercial gain is eerily reminiscent of Donald Trump’s own history of degrading remarks about women.

    As the president-elect begins the transfer of power, media need to inform Americans of Trump’s potential cabinet picks, the potential policies these cabinet members may support, and how those policies will affect American workers. Experts have already started to express fear that Trump’s proposals for the economy -- budget-busting tax cuts for the rich and unfunded deficit spending -- may create a short-term “sugar high” followed by an economic crash. The next labor secretary could exacerbate those economic worries if he or she promotes policies that undermine the livelihoods of millions of Americans.

  • Fox Business Spins Gallup Consumer Confidence Poll To Push “Trumponomics”

    Report Fails To Mention Only Group With A More Positive Outlook Since The Election Is Republicans

    Blog ››› ››› ALEX MORASH

    Fox Business spun the first post-election consumer confidence report to misleadingly claim economic confidence “increased sharply” after Donald Trump’s election, failing to note the confidence numbers swung based on party affiliation.

    During the November 16 edition of Fox Business’ Varney & Co., guest host Ashley Webster used the latest consumer confidence report from Gallup to push so-called “Trumponomics” as “a winning formula” for the American economy. Conservative columnist Liz Peek added that she thought the Gallup numbers showed Americans were “cheered up by the idea that Republicans have [control of all three branches of government]”:

    In reality the Gallup poll found the only Americans who are “cheered up” by Republicans having complete control of the federal government are other Republicans. Gallup concluded that Donald Trump becoming the president-elect of the United States “transformed the way Republicans and Democrats view the economy” but it was “too early to say” if these numbers will hold.

    Republicans, who had been unduly pessimistic about the economy under President Obama, substantially lifted their outlook on the economy after the election. According to Gallup, Republican opinions of whether or not the economy was getting better or worse went from -65 points before the election to +5 points after, while Democratic opinions on the same topic shifted from +26 points before the election to -1 point after. At the same time, Republican opinions of the current state of the economy also improved markedly after Election Day, with GOP opinions improving from -21 points to -5 points, while Democratic opinions sagged from +26 points to +17 points.

    Republican economic optimism may be short-lived after Trump takes office, as experts have expressed fear that his proposals for budget-busting tax cuts for the rich and unfunded deficit spending may create a short term “sugar high” followed by an economic crash. Trump’s proposals to severely restrict immigration and international commerce could create the conditions for another recession in the United States and his proposed monetary policies could imperil the financial system. The spending cuts and restrictions to vital anti-poverty programs proposed by Trump and congressional Republicans would push millions of working-class Americans into poverty, while his anti-trade policies could cost 4 million jobs.

    From the November 9-13 Gallup U.S. Daily Survey:

  • Experts Fear Trump Policies May Cause Economic Slowdown

    ››› ››› ALEX MORASH

    After Donald Trump's election, media and experts are predicting the president-elect’s stated policies will harm the economy if implemented in 2017 and beyond. According to expert analyses, working-class Americans will face the greatest economic disruptions as a result of Trump’s policies.

  • WSJ Falsely Claims Anti-Labor "Right-To-Work" Laws Are The "Secret To High Employment"

    Blog ››› ››› ALEX MORASH

    The Wall Street Journal falsely claimed so-called “right-to-work” laws assist in job creation because they serve as “an attraction for many businesses” in an editorial attacking a South Dakota ballot measure that could roll back that state’s anti-union laws. In fact, “right-to-work” laws have continually proved to be ineffective tools at boosting local economies, and they may hurt economic mobility for working Americans.

    The Journal’s editorial board slammed a ballot initiative in South Dakota that “would effectively repeal the state’s right-to-work law” by falsely claiming that such anti-union laws are one “secret to high employment.” The Journal’s assault on South Dakota’s Measure 23 echoes years of right-wing media myths on “right-to-work” laws and ignores the reality that “workers at any workplace always have the option as to whether or not to join a union.” The Journal cherry-picked two states with both low unemployment rates and “right-to-work” laws to make its farfetched assertion that cracking down on unions is good for the economy:

    Right to work simply gives workers the right not to join a union, and South Dakota has had such a law since 1947, as do 25 other states. South Dakota’s 2.9% unemployment rate is tied with New Hampshire’s for the lowest in the country. Right-to-work laws aren’t the only secret to high employment, but they are an attraction for many businesses considering states for investment.

    The measure is being pushed by the International Union of Operating Engineers. Last fall IOUE Local Chapter 49 Director of Special Projects Jason George told the Argus Leader in Sioux Falls that “unions are the only organizations in the country that are required to provide a service, but can’t charge a fee. We don’t think that’s fair.”

    South Dakota’s Measure 23 was previously targeted by the conservative National Review, which suggested on November 3 that the state’s Republican-led legislature change the legal language that the initiative is already modifying in order to nullify its effects. Right-wing media have consistently attacked labor unions, but the facts have repeatedly showed that unions boost wages and economic mobility. An in-depth May 8, 2015, profile in The American Prospect compared two states with similar economies but radically different public policy initiatives -- Wisconsin, which pursued anti-labor policies, and Minnesota, which did not, -- and found “Minnesota’s economy has outpaced Wisconsin’s.”

    Researchers have consistently found that “right-to-work” laws do not actually benefit workers. The Economic Policy Institute (EPI) analyzed employment growth in states with and without "right-to-work" laws and found that "the evidence is overwhelming" that "right-to-work laws have not succeeded in boosting employment growth in the states that have adopted them." While EPI did not find that “right-to-work” laws boost employment, additional research from the think tank found wages in “right-to-work” states are 3.2 percent lower than states that do not have such anti-union laws. The nonpartisan Congressional Research Service (CRS) got similar results in a January 2014 report, finding that workers in “right-to-work” states made more than $7,000 less in an average year than their counterparts in “union security states.”

    In addition, research suggests that children enjoy more economic mobility and nonunion workers receive stronger compensation in local economies with high rates of union membership. The Center for American Progress (CAP) found children from union families were better off than children in nonunion families in areas with lower rates of unionization. Unions also have a positive impact on the wages of nearby nonunion workers, and the decline of union rates has had a negative impact on wages “for union members and nonunionized workers alike."

  • Trump’s Tax Returns Eclipse Coverage Of The Economy

    Media Emphasis On Tax Returns Overshadows Outrageous Tax Policies

    Blog ››› ››› ALEX MORASH

    According to Media Matters’ ongoing quarterly analyses of prime-time weekday cable news coverage of the economy, cable outlets more frequently discussed Republican nominee Donald Trump’s refusal to release his tax returns than any economic topic from July through September. Amid the flurry of coverage focused on Trump’s tax secrecy, the major cable networks missed an opportunity to also thoroughly discuss how Trump’s unworkable tax policy proposals would adversely affect the American public.

    With just one day left before Election Day, Trump has yet to release his tax returns during his run for president of the United States. According to The Huffington Post, “the writing has been on the wall for months now” that Trump would not release his tax returns before November 8. Trump’s refusal to disclose his tax returns makes him the first major party nominee to do so since 1976. Media have floated many theories for why Trump has refused to release his tax information: He may be hiding the fact that he has not paid federal income taxes; he could be covering up the news that he makes less money than he claims; or he might be trying to disguise the fact that he improperly used funds from his nonprofit foundation for personal expenses.

    In the third quarter of the year, evening cable news shows featured 63 segments dedicated to Trump’s tax returns -- more than the number of segments on actual tax policy (49) or any other economic subject. Media Matters tracked the number of segments each of the three major cable news networks -- CNN, Fox News, and MSNBC -- committed to Trump’s tax returns. Then we compared those figures to the other economic topics tracked as part of our quarterly report on coverage of the economy -- economic inequality, economic growth, tax policy, the federal deficit and national debt, health care, and the minimum wage:

    Fox News: Least Coverage, Most Spin

    Fox News spent much of the third quarter ignoring Trump’s tax returns while promoting his embrace of failed trickle-down economic policies. Fox aired the fewest segments discussing Trump’s tax returns (11) -- fewer segments than the network spent on economic inequality (38), economic growth (33), taxes (29), the debt and deficit (15) -- and the same number as network devoted to health care (11). The only economic topic Fox News had fewer segments on was the minimum wage (5).

    Fox’s economic coverage largely pushed economic claims aligned with Trump’s policies. Of the 76 segments Fox aired discussing the economy, almost one-third (24) specifically discussed the supposed benefits of cutting taxes -- a major part of Trump’s tax plan. Fox’s Hannity frequently used persistent economic inequality as a foil against Trump’s political opponents to claim progressive economic policies under President Obama had failed.

    Despite airing the fewest segments about Trump’s tax returns, the majority of Fox’s segments actually attempted to defend Trump’s decision not to release his tax returns -- and Fox was the only network that attempted to defend Trump. Out of 11 segments, Media Matters identified seven that were either attempts by the host to defend Trump’s actions or were appearances by Trump where he defended not releasing his tax returns. Five of these seven segments were on Fox News’ The O’Reilly Factor.

    MSNBC Covered Trump’s Tax Returns More Than All Economic Issues Combined

    Coverage of Trump’s tax returns on MSNBC eclipsed all other economic coverage. Much of MSNBC’s relentless drumbeat for transparency came from The Last Word with Lawrence O’Donnell, which accounted for over half of all coverage at the network, with 17 segments, followed by All In with Chris Hayes (10), and The Rachel Maddow Show (3). In total, the network discussed Trump’s tax returns in 30 segments, more than all economic segments combined (25).

    While MSNBC dedicated more coverage in the third quarter to Trump’s failure to release his tax returns than any other network, it also provided the least amount of coverage on the economy (25 segments) compared to CNN (35) and Fox News (76). MSNBC did discuss tax policy in relation to Trump's tax returns once and was the only network to do so. As was the case with CNN and Fox, MSNBC could have used more of its segments on Trump’s tax returns to provide more context on how Trump’s actual tax policy plans would increase the deficit and neglect the middle class while giving the largest tax reductions to high-income individuals. Unfortunately, MSNBC covered tax policy only 12 times:

    CNN’s Anderson Cooper 360 Pressed Trump Campaign To Disclose Tax Returns

    CNN featured twice as many segments discussing Trump’s tax returns (22) as Fox News (11). CNN also discussed the economy (35) more than MSNBC (25). Yet, while CNN did have more economic coverage than MSNBC, the network did not produce as many segments discussing tax policy (8) as MSNBC (12). And while none of MSNBC’s coverage on tax policy pushed debunked trickle-down economics, CNN did have three segments promoting the supposed benefits of tax cuts.

    CNN covered Trump’s taxes more than any single economic topic: economic inequality (16), economic growth (17), tax policy (8), the debt and deficit (4), the minimum wage (5), and health care (5). Slightly over half of the segments on Trump’s tax returns were from Anderson Cooper 360 (12). In one exchange with Trump senior adviser Sarah Huckabee Sanders, Sanders claimed Trump could not release his tax returns because he is being audited, and host Anderson Cooper answered that “what you are saying doesn't make sense.” From the September 9 edition of Anderson Cooper 360:

    Trump’s Tax Returns Outshine Trump’s Economic Agenda

    Scrutiny of Trump's missing tax returns was necessary given the possible reasons for his unprecedented breach of political norms. Trump has tried to falsely claim that he cannot release his tax returns while under audit by the IRS, but even President Richard Nixon released his tax returns during his re-election campaign in 1972, when he was under audit by the IRS.

    Trump’s tax returns are just one aspect of the concerns media and experts have had with his extreme and unconventional campaign. Trump’s economic plan has been blasted as “pie in the sky” and “magical thinking” by experts on both sides of the aisle. The conservative-leaning Tax Foundation found Trump’s proposed tax cuts will explode the deficit by $2.6 to $3.9 trillion. Media Matters identified 19 economic myths Trump has spread during this election cycle. Trump’s actions even moved 370 economists, including eight Nobel laureates, to sign a letter denouncing his repeated lies about the economy.

    Methodology

    Media Matters conducted a Nexis search of transcripts of network broadcast news and cable prime-time (defined as 8 p.m. through 11 p.m.) weekday programs on CNN, Fox News, and MSNBC from July 1, 2016, through September 30, 2016. We identified and reviewed all segments that included any of the following keywords: econom! or jobs or growth or debt or deficit or minimum wage or inequality or taxes or poverty or low income or low-income or obamacare or aca or affordable care act or health care.

  • Fox Spent All Morning Lying About The Jobs Report To Boost Trump

    ››› ››› CRAIG HARRINGTON

    Both Fox News Channel and Fox Business dedicated significant portions of their morning programing to misleadingly portraying the Bureau of Labor Statistics' (BLS) employment report for October 2016 as an "underwhelming" and "lukewarm" sign for the health of the American economy. While Fox was portraying this supposed economic weakness as a boon for Republican presidential nominee Donald Trump's election hopes, credible media outlets and economic experts were reporting that the jobs report actually showed a national economy that has been steadily improving over the past seven years.

  • Right-Wing Media Attempt Last-Ditch Effort To Smear Raising The Minimum Wage In Four States

    Blog ››› ››› ALEX MORASH

    As four states appear poised to pass ballot initiatives to raise their minimum wages, right-wing media are launching an eleventh hour smear campaign falsely claiming that a wage increase will kill jobs and hurt workers.

    On November 8, voters will decide in four states -- Arizona, Colorado, Maine, and Washington -- whether or not to raise their state’s minimum wages. While none of the states go as high as $15 per hour, three are pushing for $12 per hour with Washington proposing a $13.50 hourly wage by 2020. If all four states raise their minimum wages it would boost pay for over 2 million workers. As Thinkprogress reported, recent polling shows all four states are on track to approve these initiatives, with Arizona seeing 58.4 percent support, Colorado 55 percent, Maine 57 percent, and Washington 58 percent.

    In an attempt to dissuade voters from approving these popular initiatives, Michael Saltsman, the research director of the business front group Employment Policies Institute, attempted to push false claims about the minimum wage in The Wall Street Journal on November 3. Saltsman cherry-picked from a Congressional Budget Office (CBO) report to claim a proposed federal minimum wage increase “would cost the country a half-million jobs” and he pointed to a study by researchers at the University of Washington on Seattle’s phase-in of a $15 per-hour wage to claim the city had seen a loss of employment.

    Saltsman failed to mention that the CBO report also found a federal minimum wage increase to $10.10 per hour in 2016 would have boosted net income by $2 billion, raised wages for more than 16 million workers, and lifted 900,000 Americans out of poverty. Furthermore, the CBO’s director at the time, Douglas Elmendorf, made clear in testimony before Congress in March of 2014 that while the CBO considers a wide range of effects on employment, it did not analyze potential job growth from the greater consumer demand created by higher incomes as a result of raising the minimum wage.

    Saltsman also did not mention that the study by researchers at the University of Washington ultimately found the Seattle economy saw a “boom in job growth” over the 18 months studied. And when researchers attempted to predict what potential job growth might look like for Seattle without raising wages, researchers found the city created 99 percent as many new jobs with a wage increase than it might have without.

    The last minute campaign against raising the minimum wage was also pushed on Fox Business’ Varney & Co. on November 4. Fox host Stuart Varney proclaimed the far-right view that “I just don’t think you should legislate wages period” and guest Anthony Scaramucci claimed raising wages is “a real problem for the youth and this is the reason why you've got [a] 60 percent increase in African-American unemployment in the inner cities.” Scaramucci’s opposition to the minimum wage matches the stance once espoused by Republican presidential nominee Donald Trump, for whom he serves as a prominent fundraiser. Trump claimed during the GOP primary that “wages [are] too high” when asked to offer his opinion on raising the minimum wage.

    This last-ditch effort follows an October 28 report from the conservative American Action Forum (AAF) that claimed raising wages in these four states would cost 290,000 jobs. The AAF claim was picked up by both the The Washington Examiner and The Washington Free Beacon. But AAF based its models on a 2015 study by economists Jonathan Meer and Jeremy West that did not actually predict hard job losses. According to the August 2015 study by Meer and West, raising the minimum wage could lead to a reduction in potential job growth but would not lead to "an immediate drop in relative employment levels."

    Counter to right-wing media claims that raising the minimum wage hurts workers, researchers at the Massachusetts Budget and Policy Center found states that raised the minimum wage saw stronger low-wage earnings gains than states that did not raise wages. The right-wing media myth that raising the minimum wage kills jobs has been debunked by studies that found increasing the minimum wage to have a negligible effect on low-wage employment. Researchers at Cornell University found that over the past 20 years, raising the regular and tipped minimum wage for workers in the restaurant and hospitality industries has "not had large or reliable effects" on the number of people working in those industries. Researchers at the University of California, in a March 2015 report for Los Angeles on how a $15.25 minimum wage would affect that metro area, actually found “employment changes" would be "quite small when compared to projected job growth of 2.5 percent a year in the city," and it estimated that the cumulative effect would be an increase of “5,262 jobs by 2019 at the county level.”

    Right-wing media have a history of attacking the minimum wage, giving business executives a platform to push myths about the minimum wage and bemoan the labor victories of workers. Despite the onslaught of misinformation about minimum wages, a majority of Americans support raising the minimum wage and appear to be rejecting right-wing media myths.

  • Fox Misleadingly Spins Solid October Jobs Report As A Win For Trump

    Maria Bartiromo: “People Were Expecting A Lot Better, So This Actually Could Have Impact On The Voting Booth”

    Blog ››› ››› CRAIG HARRINGTON

    Fox News pulled out all the stops in its desperate attempt to frame a solid October 2016 jobs report in a negative light just days ahead of Election Day. The studio crews of Fox & Friends and Fox Business’ Mornings with Maria joined forces to misleadingly label the latest jobs report as “underwhelming” and a potential boon for Republican presidential nominee Donald Trump.

    On November 4, the Bureau of Labor Statistics (BLS) released its employment report for October, the last major government data release of the general election. The report showed the economy added 161,000 jobs last month -- a 73-month streak of monthly job creation -- as the unemployment rate dropped to 4.9 percent. The report also showed considerable positive revisions to jobs estimates for prior months, with the economy adding 44,000 more jobs in August and September than previously thought.

    The New York Times heralded the report as showing “a healthy outlook” and quoted one economist who compared the report to a golf shot “right down the middle of the fairway." CNNMoney noted that the report showed wage growth “accelerating” at the fastest monthly pace since June 2009. Jed Kolko, chief economist at Indeed, tweeted that the October report “set 3 pre-recession records” in major economic indicators, concluding, “Wow.” Kolko also noted that the gap between the official unemployment rate (U-3) and a broader measure of unemployment that includes discouraged workers (U-6), often referred to by conservative media critics as the “real” unemployment rate, is the “narrowest” it has been since the midst of the Great Recession:

    In general, news outlets and economic experts see the October 2016 jobs report as good news for the economy. MarketWatch even argued that the positive economic indicators might be enough to convince the Federal Reserve to tighten the money supply to prevent the economy from overheating.

    At Fox News, the story was different.

    Fox & Friends broke into its regular programming to simulcast a discussion with Fox Business hosts Maria Bartiromo and Trish Regan, where they framed the report exclusively as “underwhelming,” “below expectations,” and “weaker than expected.” Bartiromo claimed that “people were expecting a pretty good number ahead of the election” before Fox co-host Brian Kilmeade interjected that President Obama benefited from “good numbers” in the October 2012 report. (Fox News actually spread a conspiracy theory in 2012 that the Obama administration was forging BLS jobs data to help the president win re-election.)

    When co-host Ainsley Earhardt asked if the October report would “make a difference, come Tuesday,” Bartiromo misleadingly claimed that “this could have impact” because “people were expecting a lot better.” Regan concluded the segment by falsely claiming the economy is “in a weak environment” and not “adding enough jobs to actually start to stimulate the economy in a meaningful way.”

    Fox News has a long history of spinning the monthly jobs report to fit the network’s preconceived narrative that the economy is faltering under Democratic leadership.

    Watch the full segment from Fox & Friends here:

  • 370 Economists Debunk Trump's Right-Wing Media Myths On The Economy

    Blog ››› ››› ALEX MORASH

    Hundreds of economists, including eight Nobel laureates, signed a letter denouncing Republican presidential nominee Donald Trump’s repeated lies about job growth, trade, immigration, the federal debt, and the state of the American economy. The misinformation the economists identified is not Trump’s alone, but the product of a right-wing media echo chamber that specializes in spreading myths about the economy to serve its partisan agenda.

    The Wall Street Journal published a letter from 370 economists on November 1 denouncing Trump’s economic policies and the distortions upon which they are built. The Journal reported that the letter was “less partisan or ideological” than similar letters aimed at political candidates and instead focused on “Trump’s history of promoting debunked falsehoods” and “conspiracy theories” instead of “engag[ing] with reality.” The economists took specific issue with Trump’s false claims that the unemployment rate is higher than the federal government reports, that increasing tariffs would lead to more U.S. manufacturing jobs, that immigration has hurt the U.S. economy, and that his proposed tax cuts will decrease the deficit. From the letter:

    • He degrades trust in vital public institutions that collect and disseminate information about the economy, such as the Bureau of Labor Statistics, by spreading disinformation about the integrity of their work.
    • He has misled voters in states like Ohio and Michigan by asserting that the renegotiation of NAFTA or the imposition of tariffs on China would substantially increase employment in manufacturing. In fact, manufacturing’s share of employment has been declining since the 1970s and is mostly related to automation, not trade.
    • He claims to champion former manufacturing workers, but has no plan to assist their transition to well-compensated service sector positions. Instead, he has diverted the policy discussion to options that ignore both the reality of technological progress and the benefits of international trade
    • He has misled the public by asserting that U.S. manufacturing has declined. The location and product composition of manufacturing has changed, but the level of output has more than doubled in the U.S. since the 1980s.

    [...]

    • He has lowered the seriousness of the national dialogue by suggesting that the elimination of the Environmental Protection Agency or the Department of Education would significantly reduce the fiscal deficit. A credible solution will require an increase in tax revenue and/or a reduction in spending on Social Security, Medicare, Medicaid, or Defense
    • He claims he will eliminate the fiscal deficit, but has proposed a plan that would decrease tax revenue by $2.6 to $5.9 trillion over the next decade according to the non-partisan Tax Foundation.

    [...]

    • He uses immigration as a red herring to mislead voters about issues of economic importance, such as the stagnation of wages for households with low levels of education. Several forces are responsible for this, but immigration appears to play only a modest role. Focusing the dialogue on this channel, rather than more substantive channels, such as automation, diverts the public debate to unproductive policy options.

    The falsehoods the economists denounce have been well-documented -- Media Matters identified 19 economic myths Trump has spread during this election cycle. The economists took issue with Trump falsely claiming the unemployment rate could be as high as 42 percent, a wildly exaggerated figure that has been repeatedly debunked after being popularized by right-wing radio host Rush Limbaugh and Fox News.

    The economists denounced Trump’s attacks on immigrants and immigration reform, which have been enabled by Fox hosts Sean Hannity, Bill O’Reilly, and others at the network. According to Vice, Trump learned his anti-immigrant rhetoric from right-wing commentator Ann Coulter, who has attacked immigrants for years. Yet, as FiveThirtyEight chief economics writer Ben Casselman pointed out, immigration has “important economic advantages” for the United States, including stoking economic growth by imbuing the population with younger and more economically productive workers and consumers.

    The economists pointed out that Trump’s proposed tax cuts will explode the deficit by $2.6 to $3.9 trillion. Media Matters has pointed out that Trump’s tax policy agenda has been discredited as “pie in the sky” and “magical thinking” by experts on both sides of the aisle, but it has nevertheless found repeated defenders in Fox News, which falsely claims huge tax cuts for the wealthiest of Americans is “how we grow the economy.” The Wall Street Journal’s editorial board has also defended Trump’s tax plan, lauding it for reducing taxes on the wealthy.

    Even conservative Washington Post columnist Jennifer Rubin -- no stranger to pushing absurd and unrealistic right-wing media narratives when it suits her -- slammed Trump’s “know-nothingism” on the economy. Conservative Chicago Tribune columnist Steve Chapman had also previously hit the GOP nominee for perpetuating “a scam, skillfully pitched to fool the gullible” with his fact-free economic populism.

    But criticism from a few conservative writers does not change the fact that conservative media outlets enabled Trump’s lies, paved the way for his presidential campaign, and built the political infrastructure he needed to conquer the Republican Party. As Media Matters and others have repeatedly pointed out, Trump is a creation of the right-wing media. His willingness to echo any number of right-wing media economic myths is further proof of that.