Panelists Ignore The Entire Bush Administration And Great Recession
Blog ››› ››› CRAIG HARRINGTON
A Fox Business panel attempting to downplay the latest round of positive economic indicators devolved into self-parody. The host and guests misleadingly framed median income data to omit the economic calamities of the Bush administration while accusing President Obama of “cherry-picking the time frame” and “playing with the numbers” related to other examples of economic improvement.
On the September 14 edition of Fox Business’ Varney & Co., host Stuart Varney and guests Elizabeth MacDonald and Tammy Bruce slammed President Obama for defending his economic legacy during a campaign stop in Pennsylvania. The segment began with Varney and MacDonald lamenting that new median household income data released yesterday by the Census Bureau is “still below the peak back in 1999,” with MacDonald mockingly adding, “You’re nearly [as] rich as you were 17 years ago.”
Varney complained that Obama was “cherry-picking” data to claim his administration has created nearly 15 million net new jobs, and MacDonald added, “He’s not factoring in 2009, … so he’s playing with the numbers.” MacDonald further claimed that a “majority of net new jobs” during the Obama administration have been in “low-paying fast-food or health sector” industries. Bruce concluded the segment by lamenting the administration’s so-called “spin” and “theater” while citing evidence from outside sources that she claimed contradicts the significant increase in median household income from 2014 to 2015.
The complaint that Obama is “not factoring in 2009” is particularly telling, given that the segment began with Varney and MacDonald ignoring all of the reasons that median incomes remained lower in 2015 than at their 1999 peak. What happened between 1999 and 2015 to cause this income stagnation? The answer is simple: two recessions, both of which occurred during the Bush administration and neither of which was Obama’s fault. From the Census report:
Contrary to Varney’s claim, President Obama was not “cherry-picking” data to prop up his economic legacy. Even Fox’s complaint about shifting the “time frame” on net job creation carries little weight. CNNMoney explained last January that the president is basing his calculation on net jobs created since the low point of his presidency. He does not include 2009, because the economy the president inherited that year was rocked by recession and “it took time for the administration’s policies to take effect.” According to the Bureau of Labor Statistics (BLS), the Obama administration has overseen the creation of 15.1 million private sector jobs since that indicator bottomed out in February 2010 and 10.9 million private sector jobs overall since he took office in January 2009.
The Census report showed major improvements in the poverty rate and the health care insurance rate and revealed broadly shared income gains across all racial and ethnic groups and by workers at every level of income. The gender wage gap narrowed slightly, with women earning roughly 80 percent as much as men in 2015, up from 79 percent the year before. The Census deemed that increase not to be “statistically significant,” and more work remains to be done to achieve equal pay, but the latest data still reveal the narrowest pay gap in history. Meanwhile, the year-to-year median income increase of 5.2 percent represented “the largest single-year increase since record-keeping began in 1967,” according to The New York Times.
Fox News and Fox Business have a long history of cherry-picking data to frame the Obama administration and progressive economic policies in the worst possible light. The economy continues to improve despite their protests.
View the full segment from Varney & Co. here: