Schieffer carries water for GOP, mouthing myth about stimulus
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SUMMARY: On Face the Nation, Bob Schieffer adopted the often repeated Republican talking point that some government spending in the recovery package currently being debated in the Senate is not stimulus. In fact, while testifying about the bill, CBO director Douglas Elmendorf said that CBO and "most economists" believe that "all of the increase in government spending ... provides some stimulative effect."
On the February 8 edition of CBS' Face the Nation, host Bob Schieffer adopted the often repeated Republican talking point that some government spending in the recovery bill currently being debated in the Senate is not stimulus. In fact, Congressional Budget Office director Douglas Elmendorf has explicitly refuted the suggestion that some of the spending provisions in the bill would not have a stimulative effect.
Schieffer said, "Senator [John] McCain makes the point that some of this is not going to stimulate the economy. And basically what he's saying -- and these are my words, not his -- is that some of this is just the pet projects the Democrats have been trying to write into law for a long, long time, and while they may be good things, they will not help get this economy going again." In fact, contrary to the "point" Schieffer said McCain made, in January 27 written testimony before the House Budget Committee, Elmendorf stated: "[I]n our estimation -- and I think the estimation of most economists -- all of the increase in government spending and all of the reduction in tax revenue provides some stimulative effect. People are put to work, receive income, spend that on something else. That puts somebody else to work."
Additionally, Center for Economic and Policy Research co-director Dean Baker wrote in a February 3 post to his American Prospect blog that "[s]pending is stimulus," and that "[a]ny spending will generate jobs." Baker later added: "Any reporter who does not understand this fact has no business reporting on the economy." From Baker's post:
Spending that is not stimulus is like cash that is not money. Spending is stimulus, spending is stimulus. Any spending will generate jobs. It is that simple. There is a question of whether the spending will go to areas that will provide benefits, long-term or short-term, to the economy, but there is no question that money that is spent will create jobs and therefore is stimulus.
Any reporter who does not understand this fact has no business reporting on the economy.
From the February 8 edition of CBS' Face the Nation:
SCHIEFFER: Senator McCain makes the point that some of this is not going to stimulate the economy. And basically what he's saying -- and these are my words, not his -- is that some of this is just the pet projects the Democrats have been trying to write into law for a long, long time, and while they may be good things, they will not help get this economy going again. How do you respond to those allegations?
SEN. KENT CONRAD (D-ND): You know, Senator Lindsey Graham [R-SC] and I offered an amendment to take out some of these things that have less stimulative effect, in favor of addressing the housing crisis, which must be addressed, because, unless we have a healthy housing market, and housing, and the fiscal situation is stabilized, we can't have recovery.
But, look, in economic terms -- in economic terms, stimulus is stimulus. If you put more money into the economy to offset this falling demand -- remember what's happening here: The economy is contracting, and consumers don't have the money to put in to offset those losses. Companies don't. The only one that does is the taxpayer of the United States. We are going to have to come forward and put up money to offset this falling demand. If we don't, we could enter a deflationary spiral that would be devastating.
Schieffer congratulated McCain for being on Face The Nation for a record 68th time- and told him that he had broken the old record, set by Robert Dole, last year.
Robert Dole served in Congress and the US Senate for 28 years. He was Senate Majority Leader for over a decade. He ran for President three times, and was his party's candidate for President once and Vice President once.
John McCain served in the US Senate for 22 years. He ran for President twice, and was his party's candidate for President once. Never served as Majority Leader, never was his party's candidate for Vice President, served six years less than Dole. But McCain has been on Face the Nation more than ANYONE ELSE- why?
Because media toadies like Schieffer just love John McCain. Gosh, he's so down to earth and grouchy and honest and straight-forward and mavericky. God, what a load of bull.
Face The Nation: If It's Sunday, It's John McCain.
I dunno if he's carrying water when he's paraphrasing what a GOP Senator is saying... That's nitpicking on a slow news day.
Schieffer is a good old buddy of the Shrub, but you know that already and the only thing slow is your inability to understand the post.
"How do you respond to those allegations?"
What's this? A Republican spouting BS, easily irrefutable talking points is akin to a prosecutor cross-examining a criminal defendant?
Some "liberal media bias."
bush's job creation rate was less than a quarter of clinton's. so whose policies worked? and don't forget, clinton raised taxes on the wealthy, to predictions of disaster from the republicans. check chart.
http://krugman.blogs.nytimes.com/2008/06/11/job-creation/
Did bush ever get a net positive? We've lost what - 3 million + just in the last 3 months. And while the government line is 7.6% unemployment right now, when you count in those who have been reduced to part time the figure is running 12% or more. I don't believe bush acomplished anything of value in the job creation market.
Remember, "the Unemployment rate was 'still' 14% after six years of the New Deal Programs, which means the New Deal didn't work..." (repeated endlessly by Right Wing Talking Heads and their echo chamber "reporters" in the media.)
Of course, since the Unemployment rate was 25% when the first New Deal programs were enacted, this means that unemployment dropped 40% in six years-- seems to me that if Unemployment drops forty percent over the NEXT six years, it would be hard to label the stimulus package as a failure.....
The 1937 unemployment rate was determined by an ad hoc "Unemployment Census' given from November 16-20 of that year, where people filled in yellow cards they got at the post office, and then mailed them back. It also included part-time unemployment notations.
So the 1937 figures are subject to interpretation-- at the very least.
P.S.
In case anyone's interested in this census-- so oft' mis-cited these days, here's FDR's Fireside Chat about it:
http://millercenter.org/scripps/archive/speeches/detail/3312
The census was held in November of 1937, right before FDR's early Thanksgiving time!
Bush was handed the economy on a silver platter, and eight years later he hands it off to his successor in a wooden pig trough. And naturally, he and his party spent his entire Presidency looking for someone to blame and handing buckets of money to their wealthy friends. Today, the GOP's main goal is to escape blame for the current crisis and set themselves up to reap the benefits of economic misery in 2010 and 2012. What a pity there are no human beings in that party.
While conditions now are worse than early 2001, there was a little bit of tarnish on that silver platter at that time, due to the dot con bust and the let down in spending leading up to Y2K, therefore the mild recession in 2001. Look at our history, cyclic ups (about 6-7 years), cyclic downs (around 18-24 months). Has been that way pretty much since at least the late 50s (don't remember back beyond that). The real stinker in this one is that it is affecting much of the world at this time.
The dot com bust, agreed, but I believe the Y2K issue created a lot of programming jobs. You might have said that but I wasn't sure, you better check your coffee!
I'll concede the programming jobs, but what did we get for that except "Vista'? ;>). But some of those jobs started disappearing after Y2K. I know we lost a couple of people out of IT during 2000 (that's out of what is now a 6 person department).
i will agree that there was a recession coming when bush came into office. but basically, there has been very little net job creation during his eight years, not even enough to keep up with population growth. and you are correct that recessions have tended to be cyclical, and actually we have had higher unemployment figures in the recent past. and that's why i don't want us to go overboard on spending and run up even more debt. but what we have now is different in that we are having a bank/mortgage meltdown at the same time. given the financial responsibility of the clinton administration vs, bush's, i'll take clinton every time. bush was handed a basically healthy economy, and obama is handed a train wreck.
The dot com bust, agreed, but I believe the Y2K issue created a lot of programming jobs. You might have said that but I wasn't sure, you better check your coffee!
Clinton's up was much bigger than Bush's up. Clinton's down was much smaller than Bush's down (Bush I as well as Bush II).
But if you close your eyes and pretend that "other factors" were at work, then at least you'll chew out republican charlatans who pretend that their tax policy will help the economy.
I have let my Senators know my feelings about tax cuts, however I don't think it will make any difference in their votes.
John McCain revealed two parts of his character during the campaign for president that undermine his credibility on all matters, but most especially economic matters. First, he revealed that he really has no honor or honesty when it comes to politics. This was revealed in his cynical choice of a running mate who was totally unprepared to be a heart-beat away from the presidency. It was also revealed by his embrace of lies that promoted his candidacy and his embrace of fear-mongering and out and out hate-mongering. The second revelation was that he has no clue when it comes to economic matters and that his entire approach to the economy has to do with a self-promoting kind of expediency that does not put country first but puts John McCain and his own aggrandizement first. Fundamentally, John McCain has shown that he is part of the problem not part of any solution.
And by the way, I cannot listen to this guy Schieffer anymore. He is too old. He thinks that somehow he has some special kind of wisdom. Which he does not. He is a mouthpiece for the popular republican mentality which has all but brought our great nation to its knees.
There's only one explanation for these people and their 'spending money doesn't put money into the economy' view of life: they have been so bought-and-paid-for for so long in mouthing the dishonest platitudes of others, that their brains have rotted and they are really, really stupid.
Hey, CBS, where were ALL these wise republicans for the last 8 years?.
They were promoting all of the policies that brought us to the place we are now. It's almost cute listening to our media now, especially the far -right outlets like Fox and am radio. A bunch of failures talking to their suckers, criticizing the new administration as if they're working under normal circumstances, and fretting over whether they're adhering closely enough to the same insane philosophy that has made the current extraordinary moves necessary.
Bingo!
Schieffer's brother Tom was on the helicopter with W when it left the White House on Inauguration Day. Schieffer has always been a shill for the GOP, and has no standing to host Face the Nation as any sort of a moderator.
yeah, there is nothing to moderate when you are " preaching to the choir "
MARKER
There's no need to trash Dawuss opinion, but i'd be careful using the word "inability" in regards to understanding the post
Again, the Republicans hijack the will of the people. I am not suggesting that the "Stimulus Plan" put forward by President Obama is perfect, or even good, but the widespread mocking and derailment by a party that was soundly defeated has become the line of the day, thanks to Shillfer and others who are NOT economists. As far as McCain, he embarrassed himself, embarrassed his party, and he repeatedly embarrassed US and now he is the expert.