Lou Dobbs advances Wash. Times' false $3 trillion stimulus figure
SUMMARY: Lou Dobbs falsely claimed, "President Obama sign[ed] a $800 billion stimulus package that we now know will come to about $3 trillion with debt servicing over the next decade," echoing a false claim in a Washington Times editorial that the Congressional Budget Office estimated that the full cost of the bill would reach $3.2 trillion by 2019. In fact, more than half of of the $3.2 trillion figure comes from the cost of permanently extending more than 20 provisions in the recovery bill, which the bill does not do.
During the February 17 edition of CNN's Lou Dobbs Tonight, host Lou Dobbs falsely claimed, "President Obama sign[ed] a $800 billion stimulus package that we now know will come to about $3 trillion with debt servicing over the next decade," echoing the false claim in that day's Washington Times that the Congressional Budget Office estimated that the full cost of the bill would reach $3.2 trillion by 2019. In fact, more than half of the $3.2 trillion figure comes from the cost of permanently extending more than 20 provisions in the recovery bill, which the bill does not do. CBO did not include those costs in its cost estimate of the bill; rather, in a letter to Rep. Paul Ryan (R-WI), who requested that CBO estimate the cost of permanently extending those provisions, CBO director Douglas Elmendorf noted: "As specified in H.R. 1 as passed, those provisions would either explicitly expire or would specify appropriations only for a limited number of years (usually 2009 and 2010)."
As Media Matters for America documented, the CBO has estimated that the recovery bill as passed by Congress will cost $787,242,000. In addition to including approximately $1.7 trillion to permanently extend programs that the recovery bill does not authorize to be extended, the $3.2 trillion figure cited by the Times also includes $745 billion in interest costs, which, according to Elmendorf's letter to Ryan, are not included in CBO scorekeeping.
From the February 17 edition of CNN's Lou Dobbs Tonight:
DOBBS: Speaking of bigger issues, President Obama signs a $800 billion stimulus package that we now know will come to about $3 trillion with debt servicing over the next decade. How is he doing? This -- we're celebrating today his fourth week as president.
CHRIS STIGALL (KCMO radio host): Yeah, and 17,000 troops just got sent to Afghanistan today, by the way, Lou. God bless every last one of them. Interesting pick of a day, wasn't it?
Ten years? What the hell.... the world is going to look like a Mad Max movie by then, anyway.
I'm going on Ebay to get me some football pads and a hockey mask.
That damn Obama...the country was in great shape before he took over. <sarcasm>
Absolutely. The economy started to tank as soon as it looked like he might win.
Now, that's POWER!
I encourage everyone to look at Time Magazine's list of people who are most responsible for this economic mess.
I know that the Republicans will say that it's "biased"... that Bill Clinton should occupy the first 10 slots... yada yada yada, but it does give you an idea of how complex the problem is and how many bad decisions it took to get us here.
Despite the mewlings from Republicans about Congress "forcing" banks to lend money to minorities, it is interesting to note that Phil Graham(R) is number 1 on the list for his role in deregulation.
And to think... we could have had Phil Graham as our Treasury Secretary. Darn!
Okay, for some reason the list keeps shifting... Phil Graham has been demoted to Number 2.
At the bottom of the page there is a link to Time's list. It still shows Phil as #1.
I think the mixup is in the pictures being displayed. The order of the pictures being displayed is determined by the votes that visitors are giving the people.
I think anyway. But then, Time and that damned Luce family were always flaming libs.
Of course, it's the liberal media protecting Barack Obama again. Everyone knows Obama is the real cause for the financial mess the country is in. Obama and Bill Ayers planned this whole thing so they could take over the country and transform it into a Marxist state. ;>)
Actually, I heard one of our local "right wingers" on here the other day writing about how the stock markets have just absolutely TANKED since Obama took over (of course, he totally ignored that they were and have been tanking for months now). And, gosh by golly, they even had a bad day after he signed the stimulus bill. I mean, he signed it, we should all be saved by now right?
Last night someone I know, a right winger, who is retired told me something very similar...complaining about how the stock market has tanked. I jokingly told him that he should consider going back to work...after all our state expects an increase of about 50,000 jobs. You know what he said? That he was of the "wrong color" to get any of those jobs. Unbelievable...
The Dow fell from 14,000 in October 2007 to 8,500 in October 2008. It was down close to 8,100 when Obama took office.
I guess, in the minds of Republicans, the 40% slide prior to Obama taking office was just a "correction".
Exactly. They've positioned themselves perfectly to capitalize on whatever happens. If, by some miracle, the economy does rebound by 2010, they'll start screaming about Obama's "reckless deficit spending".
It's easy to dominate the debate when you're willing to lie about.... everything.
FOX News is pushing this line. "Stocks crash in response to Obama stimulus plan." And why is Wall Street worried? One reason: "The stimulus is not big enough!" (The GOP managed to keep the plan small enough to raise worries about it!) Also, the plan is said to be not specific enough, or too long term in some respects to make an immediate impact.
Some even complained that Obama did not deal with the banks and foreclosures in the stimulus plan. (That plan was announced this morning.) And then too, the car companies are looking for more billions in rescue funds. But they did announce a number of agreements reached with the UAW. That's good news, I would think.
Everyone knows Obama is the real cause for the financial mess the country is in. Obama and Bill Ayers planned this whole thing so they could take over the country and transform it into a Marxist state.
Well--not everyone. Don't forget that it was really George Soros who caused the collapse of the world financial markets as an "October surprise", thus swinging the election to Obama. It must be true because it was reported by that hard hitting group of truthseekers at Newsmax. Of course they reported it in 2004. And the dastardly man waited until 2008 thinking he would throw them off the scent. I'm Ok with all of this though. George still keeps paying us cash to post here.
I'm Ok with all of this though. George still keeps paying us cash to post here.
Me, too... Mr. George also sent me a pool table for Christmas because he said he likes my posts. ;>)
George also sent me a pool table for Christmas because he said he likes my posts.
See Mr. O'Reilly--that means the godless Commie agitator George is not part of the War on Christmas. I was confused though when he sent me a copy of Grundrisse der Kritik der Politischen Ökonomie last Christmas. I think he wanted me to brush up on my German (or perhaps my Marx). Well at least I won't have to learn Hungarian. It is always hard to understand what George is thinking. Pool table eh? Well your posts hane always been much better than mine. Maybe there is a new car in your future--or perhaps health insurance. I heard he is going to provide a new kitchen and a car for Henrietta Hughes. He takes good care of his friends.
And if the economy turns around they're going to say it was going to happen anyway and not because of anything Obama did. In fact, they'll say he delayed the turnaround. It's all so predicatble...
Just like when the economy turned around in 93 and 94, the Repubgs tried to say it started because of Bush Sr, and Clinton had nothing to do with it.
As I said, it's all so predictable...you can already write the script.
Exactly. They've positioned themselves perfectly to capitalize on whatever happens. If, by some miracle, the economy does rebound by 2010, they'll start screaming about Obama's "reckless deficit spending".
It's easy to dominate the debate when you're willing to lie about.... everything.
You know it , Nerzog, they cover their bases, and , considering the demographic, they don't even have to be slick about it.
the Right-wing media has been pretty enthusiastic in reading the stock market based on single-day fluctuations. A drop on election day was very telling to them. Even a drop on Inauguration day (which is jjust a ceremony, nothing new really happens, no decisions made or policies enacted) was seen as a bad sign for Obama.
The funniest spin I heard was (unless I'm getting my wingnuts mixed up) Dennis Prager, who had recently been citing daily drops in the market as warning signs against the stimulus plan. Reacting to a recent up day in the market, he remarked to his guest that, although they should be careful about reading to much into daily changes, the rise could be a sign that the stimulus package may not be needed because the economy is doing allright.
And the callers to these guys respond as if this all makes sense on Planet Earth.
My favorite Lou Dobbs quotation of recent vintage:
From 8/15/08: "Let's talk about what is obvious. What is obvious is that Russia has invaded the nation of Georgia and that the European nations -- the United Kingdom, France, Germany, NATO, the European Union, G-8 -- have been absolutely unwilling to respond in any way, uh, to this, uh, Russian adventurism. And that, uh, puts the entire region, that is Eastern Europe and Central Asia, in great jeapardy."
Funny how that story just went away. There are conflicting reports as to who started the whole thing. I still want to know what Karl Rove was doing over there the week before it happened.
Not to mention that Russia is a member of the G8.
Speaking of Rove, Daily Kos has an item right now from Ralph Lopez who says Don Siegelman has learned Rove is trying to cut a deal with Rep. Conyers. Siegelman is urging anyone who cares about justice in this country -- and accountability for Rove -- to contact Conyers' office with a message: No deal, no immunity.
Here is the link: http://www.dailykos.com/storyonly/2009/2/18/123420/715/777/698929
He is a closet conservative....in my estimation. You know, the rules do not apply to me(using Illegals to care for his daughter's horse but condemn others) but he gets on a high horse about other things!
Comrades,
The revolution of the people will not be detered! Can one ever imagine the party not extending the benefits of the struggle to the masses? Nyet!
We are not like the pigs of decadent capitalism who would hoard their despicable wealth gathered on the backs of the poor. The state will do what it always does and continue to claim what belongs to the oppressed, taken from the bourgoise remnants and put it to the uses prescribed by our esteemed revolutionary leaders!
Can one ever imagine the government stopping a spending program that it has put in place? Nyet, I say! Nyet. 3 trillion it shall be!
What was it you were proud about? Your one joke that makes sense only in the twisted imagination of a drooling dittohead? Good for you.
Even Sean Hannity has 2 or 3 talking points, and he's one of the stoopidest people in the world.You could shoot for being in his league, at least.
The answer to what is the best economicly is not Communism, pure Socialism, or pure unregulated Capitalism but the solution is a combination of some socialistic aspects and well regulated Capitalism. Thing such as medical care should be made avable to all at a resonable price while things such as food should be regulated to make sure they are safe and healthy. By the way the Bush administration was the most socialist in the history of the United States but in the reverse of what most people think of as socialism.
Please do everyone including yourself a favor and stop using the comunist image from the Russian revolution unless your are a comunist because in makes you a hypicrit and makes me think that you realy are a comunist despite what you say in your writings.
I get the feeling that Proudcon works at Wendy's and will outgrow this as soon as he moves out of his parents' house and has to take care of himself.
Or he's severely retarded, and will be a Republican for life.
Well.....if you cannot win any elections with this garbage that you are spewing....JUST NAME CALL...You Moron!
hmm, no word from Mr. Dobb on how the crooks* on "WallStreet" and in Banking, with their greed, vaporized about 7 Trillion dollars of American Citizen's assets?
... Mr Dopp certainly has skill in deflecting issues.
* and you may ask why I might suggest the seemingly outrageous claim regarding the above mentioned crooks
Well, I don't have time to explain... but it involves the notion that Bankers and Investment Brokers have an inherent mission and vested interest in parting you from your money to earn _their_ living and dam# the ethics, morality, or consequences
The only thing worse than Sean Hannity and the driveling Dobbs is a broker with a quota to meet