Vargas reported Bush's claims about tax cuts, omitted critics' views
SUMMARY: On ABC's World News Tonight, anchor Elizabeth Vargas noted President Bush's claim that dividend and capital gains tax cuts passed in 2003 "have helped expand the economy and create jobs," but she omitted any mention of critics who have challenged the administration's claims that the tax cuts were responsible for the recent economic growth.
On the May 17 broadcast of ABC's World News Tonight, anchor Elizabeth Vargas noted President Bush's claim that dividend and capital gains tax cuts passed in 2003 "have helped expand the economy and create jobs," but she omitted any mention of critics who have challenged the administration's claims that the 2003 tax cuts were responsible for the recent economic growth. For example, as noted by Washington Monthly's Kevin Drum, a March 27 report by the progressive Center on Budget and Policy Priorities (CBPP) concluded that "[a] more comprehensive look at the evidence, however, indicates that, while the dividend and capital gains tax cuts were indeed correlated with the upturn in the recover[y], they were not the cause of the improvement" (italics in original). The report noted that "as of early 2003, various expert observers, including [current] Federal Reserve Chairman Ben Bernanke and economists surveyed by the Wall Street Journal, were predicting that GDP [gross domestic product] and investment growth would accelerate in 2003." The CBPP report also noted that "the [p]resident's own Council of Economic Advisors [CEA] was predicting a significant increase in employment growth starting in 2003, even without additional tax cuts" but that "actual employment at the end of 2005 was significantly below the level CEA predicted it would reach without the tax cuts" (italics in original).
In addition, Vargas failed to mention Democrats' criticism that the tax cut bill disproportionately benefits the wealthy, a claim that, as Media Matters for America has documented, is supported by an estimate of the bill's impact published by the nonpartisan Tax Policy Center (TPC). By contrast with Vargas's report, NBC Nightly News anchor Brian Williams did note this criticism of the tax cut during his brief report on the May 17 broadcast of the Nightly News:
WILLIAMS: Speaking of the economy, Wall Street's performance came on a day when President Bush signed into law a $70 billion tax cut bill that will extend tax breaks for investors and provide a one-year fix for that alternative minimum tax. The president said tax cuts have spurred economic growth in this country, but the Democrats said the cuts mainly help the very wealthy and have ballooned that federal deficit number.
From the May 17 broadcast of ABC's World News Tonight:
VARGAS: President Bush was bullish on the economy today. He predicted a strong lift from the $70 billion tax cut package he signed into law. He said the cuts, originally passed in 2003, have helped expand the economy and create jobs. The major provisions extend tax breaks on dividends and capital gains for two years, and protect 15 million taxpayers from the alternative minimum tax for one more year.
Perhaps you are unfamiliar with a truism spoken by Theodore Roosevelt. Paraphrasing him, he said" It is not the critic who matters, but the man in the arena". One reason President Bush has elevated the Presidency back to a place of dignity and honor after 8 years of lying, neglect, malingering and traitorousness by Bill Clinton, is that he ignores the unimportant critic, and simply DOES. The critic, who can't do, yet disparages others. The critic, who is afraid to risk failure in the world of action, content to sit behind a computer and regurgitate liberal pablum. The critic, who like 60's Great Society and the disastorous late 70's under Jimmy Carter, did far worse by actually putting their ignorant ideas into action. Under Bush our economy has grown, despite the recession he inherited from Clinton. Under Bush, who actually prosecuted corporate malfeasance unlike CLinton, where companies lied on their balance sheets as a matter of practice. Let these milquetoast critics remain as they truly are, unheeded, unused, unimportant, and unneeded.
I'm guessing by your sentiment that you must be a doctor, lawyer, corporate executive, or millionaire playboy.
Any regular working stiff would not be praising this cruel joke of a taxcut if he knew just how much he was saving (see my post below).
As the public believes that the tax cuts are responsible for economic growth, even if facts suggest they weren't, what do facts matter? Who cares that average personal incomes have dropped on an inflation adjusted basis as long as people think they're better off?
Who cares that Iraq had no WMDs? Who cares that critics predicted the current unrest based on Iraq's history as an unlikely state? Who cares that by any meaningful measure, Iraqis are worse off now than they were before the invasion?
To heck with evolution! Down with global warming. Facts don't matter, only what you believe! Damn the torpedoes, full steam ahead!
care to cite any examples (with proof) of all the great things Bush has done to elevate the presidency? Or should we just take your word for it?
there's some truth to what you said.
Namely, Clinton was president for eight years.
The poster also makes contradictory claims. If you read carefully the bombastic statements about "the critic," you'll note this...
The critic, who can't do...did...!!
...and in the next post, we'll be treated to The Little Engine That Could.
I like your post!!!! Its funny.
Bush did NOT inherit a recession from Clinton. The recession officially started in April of 2001 that would be under Bush's watch. As for bringing honor back to the White House, how did he do that? By lying us into a war? In fact Bush lies so much I was suprised to find out his name really was George he lied about who benifitted from his tax cuts, about WMDs about his former positions, I think he lies about what he wants for breakfast to keep in form. Was it by exposing a CIA agent in a fit of politica pique? Maybe it was the way when he went to the podium to announce the Iraq war he pumped his fist in the air and said FEELS GOOD. See when HE had a chance to fight a war he strongly supported he made darn sure his pampered butt was no where near the action but sending OTHERS off to die feels good to him. Wow. Your disconnect from reality is complete. I think you should get your mail forwarded to Planet Wingnut
You have to be kidding, or you simply have the same disease as Bush does.
The last six years have been a disaster for the USA and all the problems rest squarely on Bushs' shoulders. You thought the Carter years were bad! The US is in the worst shape of my lifetime. The economy for the rich is going well, but that surely has not trickled down to the middle class. My 401k is still well below what is was during the Clinton years. Yes, under Clinton the USA had the long expansion of the economy ever!!!!!!! When another Bush takes office, it is back to recession.
Our standing in the world has been destroyed. Our security is at an all time low because of Bushs' failed foreign policies. The cronies he appointed to run our government agencies have been a disgrace and weakened the government.
My opposition to President Bush always has been, he is not qualified for the job. He was involved in corporate insider trading, he showed a lack of moral character for skipping out on his duties in the Air National Guard. His fathers cronies brought him in to run the Texas Ranger, and gave him a 12 million dollar pay off, then they helped him become governor. He is the least qualified President in modern history, and history will prove he is the worst.
You said Clinton was treasonous, (I don't think that is a word) What about the lying and the cover up Bush has done about our involvement in Iraq. I would not use the harsh word treason, but is sure is close.
HOW MUCH WILL YOU SAVE?
Here's an estimate of the average savings that the tax reconciliation bill will yield for different income groups.
$20K-$30K saves $10 $50K-$75K saves $112 $75K-$100K saves $406 $100K-$200K saves $1,395 $200K-$500K saves $4,527 Over $1 million saves $42,766
Source: Urban-Brookings Tax Policy Center
What a tremendous savings we regular working folks get! My wife and I will probably be able to afford another couple tanks of gas thanks to Dubya!
Rejoice everyone!
I still don't have this blank line thing nailed down. Here's a clearer version:
$20K-$30K saves $10
$50K-$75K saves $112
$75K-$100K saves $406
$100K-$200K saves $1,395
$200K-$500K saves $4,527
Over $1 million saves $42,766
Happy day! I get a couple tanks of gas, millionaires get to go buy another SUV.
that attaching another country overthrowing their government and occupying their territory for 3 years also helps to stimulate the economy . Could that be skewering the so called benefits of Bush's fiscal policies ?