Fox Business

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  • Fox’s Ralph Peters: Trump’s NATO Position Is “Destructive And Idiotic”

    Blog ››› ››› NICK FERNANDEZ

    Following comments Donald Trump made to The New York Times raising the possibility that as president he would not honor the United States’ NATO obligations, Fox News national security analyst Ralph Peters called Trump’s position “the most destructive and idiotic statement on foreign policy” by a presidential candidate in his lifetime.

    In a July 20 interview with the Times, Trump “called into question whether, as president, he would automatically extend the security guarantees that give the 28 members of NATO the assurance that the full force of the United States military has their back.” Trump suggested that, as president, he would assist Baltic NATO member states “only after reviewing whether those nations ‘have fulfilled their obligations to us.’”

    Peters blasted Trump’s comments during a July 21 interview on Fox Business, saying that “there’s no excuse for what Trump said, and what he did was invite Vladimir Putin to invade the Baltics,” adding that “Trump’s throwing [the Baltic NATO member states] to the wolves” and “knows nothing about” NATO:

  • Fox Business' GOP Convention Coverage Promotes 5 Big Coal Myths In 7 Minutes

    Blog ››› ››› DENISE ROBBINS & ANDREW SEIFTER

    During Fox Business’ July 20 coverage of the Republican National Convention, host Maria Bartiromo and coal industry executive Robert Murray peddled industry-friendly myths while attacking clean energy with falsehoods. Murray also said he is thus far “elated” with the GOP convention, which is aligned with a radical anti-environmental platform, and he repeatedly declared that the energy policies of the Obama administration and presumptive Democratic presidential nominee Hillary Clinton are “evil.”

    Here are five Big Coal myths that Bartiromo and Murray espoused during the segment:

    Myth #1: Obama regulations are to blame for the coal industry’s decline. Bartiromo aired a clip of Clinton that has repeatedly been distorted by conservative media to claim she wants to harm coal miners, and then Bartiromo claimed that “the policies in place have already put [coal industry employees] out of work.” Murray declared that “there’s hundreds of thousands of people” at the Environmental Protection Agency and other government agencies “writing rules against we who are trying to maintain jobs,” and added: “The coal industry is virtually destroyed … we had 200,000 miners before Obama. We now have 60,000.” But industry experts say market forces, including technological advances and competition from natural gas and renewables, are the primary cause of the coal industry’s decline -- not policies from the Obama administration.

    Myth #2: Murray “cares” about coal miners. As he was attacking environmental protections, Murray stated: “I’ve been forced to lay off 3,300 coal miners this year. It just kills me because I am a coal miner. I care about these people.” Bartiromo might have pointed out in response that Murray has pressured employees to support his favored political candidates, allegedly fired employees to influence the 2012 presidential election, and has repeatedly fought against health benefits, safety protections, and labor rights for coal miners.

    Myth #3: Coal energy is cheaper than wind energy. During the segment, Murray claimed that wind energy is highly subsidized and far more expensive than coal, which he said provides “low-cost reliable electricity.” However, according to both the U.S. Energy Information Agency and the investment banking firm Lazard, the unsubsidized cost of wind energy is substantially lower than that of coal.

    Myth #4: It’s not possible to retrain coal miners for jobs in the clean energy economy. Bartiromo baselessly dismissed the concept of retraining coal miners for clean energy industry jobs, declaring: “The other thing is the skill sets and the training. What does a coal miner know about windmills? How do they know about solar panels? There’s no training." However, according to a recent study by researchers at Oregon State University and Michigan Technological University, “a relatively minor investment in retraining would allow the vast majority of coal workers to switch to [solar photovoltaic]-related positions even in the event of the elimination of the coal industry.”

    Myth #5: There is a “war on coal.” The “war on coal” is a favorite talking point of the coal industry and the Republican party, most recently adopted in the GOP’s 2016 energy platform. Fox Business endorsed it with on-screen text:

    The “war on coal” was manufactured by the GOP and the coal industry to attack Democrats during the 2012 election -- as Greenpeace has pointed out, then-presidential candidate Mitt Romney released an ad claiming President Obama was “ruining” the coal industry around the same time that House Republicans pushed a “Stop the War on Coal Act.” Associated Press reporter Vicki Smith succinctly explained the misleading nature of the phrase at the time:

    The war on coal is a sound bite and a headline, perpetuated by pundits, power companies and public relations consultants who have crafted a neat label for a complex set of realities, one that compels people to choose sides.

    It's easier to call the geologic, market and environmental forces reshaping coal — cheap natural gas, harder-to-mine coal seams, slowing economies — some kind of political or cultural "war" than to acknowledge the world is changing, and leaving some people behind.

    The full video, from the July 20 edition of Fox Business’ Mornings with Maria:

  • GOP Lawmakers Latch Onto Fox’s Unsubstantiated Claims About A Clinton Foundation Investigation

    ››› ››› MEDIA MATTERS STAFF

    GOP lawmakers reportedly circulated a letter requesting several federal agencies investigate the Clinton Foundation, parroting “unresolved media reports” to allege that the nonprofit was a “lawless ‘pay to play’ enterprise.” This latest move echoes months of unsubstantiated assertions from Fox News that the foundation was already under investigation for supposed abuses during Hillary Clinton’s tenure as secretary of state.

  • Trump Economic Adviser Confirms On Fox Business That Campaign Tax Plan Still Isn’t “Finalized,” But Assures “You Are Going To Love It”

    Adviser Steve Moore Pushes New Round Of Confusing Talking Points About Whether Trump Tax Plan Exists

    Blog ››› ››› ALEX MORASH

    Economic adviser to the Trump campaign Stephen Moore responded to critiques of Trump’s published tax plan by underscoring that the campaign’s plan is not “even finalized,” while still pushing a series of confusing claims about the revised plan’s specifics. Moore assured Fox Business’ Charles Payne, however, that he would “love” the new plan.

    Moore, a conservative economist and Fox contributor, appeared on the July 15 edition of Fox Business’ Cavuto: Coast to Coast to discuss criticisms of presumptive Republican nominee Donald Trump’s tax proposals, which were first rolled out in September and are still currently detailed on the campaign’s website. Moore’s defenses of the plan largely consisted of repeating the Trump talking point that the plan is currently being “revised” and “finalized.” Protesting critiques of the Trump tax plan already made public, Moore complained “it’s like declaring the New York Yankees the winner in a game after the fifth inning -- I mean, the game isn’t over yet because we haven’t put [the plan] together.”

    Payne and Moore rehashed that Donald Trump would be “hands off” on entitlements and is not interested in cutting “social security, medicare.” Payne then claimed Trump “is going to double the size of the military” -- an assertion Moore was unsure about.  Moore claimed the Trump tax plan would stimulate the economy “from 2 percent growth to 4 percent” by slashing taxes and that these tax cuts will be paid for by that growth and by cutting federal spending dramatically:

    Moore argued that economists and critics pointing out that the numbers of the current plan don’t add up “don’t know what they are talking about,” because it is being revised. The plan, as it stands now, has been panned by economists.  

    Moore’s claim that tax cuts will be balanced by cuts in spending do not, in fact, add up: The nonpartisan Tax Policy Center (TPC) and the conservative Tax Foundation each scored the current tax plan and found that that it would explode the deficit by $9 to $12 trillion over the next decade, on top of the $9.4 trillion in projected deficits at current spending levels. Trump would need to cut almost one trillion dollars in federal spending per year, which is more than all non-military discretionary spending.

    The Tax Foundation’s analysis concluded that Trump’s current tax plan would boost investment and wage growth while creating up to 5.3 million new jobs, but those figures relied on a so-called “dynamic” scoring model that has been criticized for overestimating the stimulative value of tax cuts. According to a September 2014 report from the Brookings Institution, tax cuts do not necessarily create economic growth and they can even discourage growth by undermining economic incentives to invest. A September 2012 report from the Congressional Research Service (CRS), which was suppressed by Senate Republicans, similarly found no correlation between tax cuts and economic growth, but it did caution that tax cuts for high-income individuals “appear to be associated” with rising inequality.

    Moore has a long and well-documented history of distorting facts on the economy. Nobel Prize-winning economist and New York Times columnist Paul Krugman, who has spent years documenting Moore's repeated failures in economic policy, recently slammed the right-wing commentator’s "impressive lack of even minimal technical competence" upon learning the economist would be involved in re-working Trump’s tax proposals.