The Washington Post's Howard Schneider asks, "In Europe's grand battle over growth vs. austerity, has Ireland proved that austerity works?" If so, keeping unemployment more than 10 percentage points above pre-recession levels is an odd sort of "working."
Why do we need "serious spending cuts"? Milbank assumes the answer is so obvious that it need not be explained–everyone knows the more cuts, the better. All the serious people, anyway.
Niall Ferguson's Newsweek cover story "Hit the Road, Barack" has attracted lots of the wrong kind of attention. As Dean Baker put it: It's hard to believe that progressive bloggers didn't get together to pay Newsweek to run Niall Ferguson's piece on Obama. The thing is so shot full of easily identifiable errors no serious publication would ever allow it into print. But printed it was–a lengthy cover-story argument against re-electing Obama, based on an array of charts and economic facts that the Harvard professor believes bolster his case. The first–and arguably most important–error was flagged in a blog post [...]
CNN host and Time columnist Fareed Zakaria is no doubt a wealthy guy. He reportedly gets paid $75,000 for one hour speeches. Who has that kind of money? As CJR recently noted: Over the years, he has been retained for speeches by numerous financial firms, including Baker Capital, Catterton Partners, Driehaus Capital Management, ING, Merrill Lynch, Oak Investment Partners, Charles Schwab and T. Rowe Price, according to the website of the Royce Carlton speakers bureau. All of which brings us to his new column in Time magazine, where he rails against the cushy pensions of public sector workers and slams [...]
Last year Republican Rep. Paul Ryan presented a budget plan that was, according to one analysis, full of "dubious assertions, questionable assumptions and fishy figures." But Ryan's brand of budget austerity makes the media swoon–hence we saw coverage (FAIR Media Advisory, 4/12/11) of Ryan's "piercing blue eyes" that dubbed him "a PowerPoint fanatic with an almost unsettling fluency in the fine print of massive budget documents." Ryan's budget was never going to be adopted, but its release was widely covered across the corporate media. He was given credit for presenting a plan to reduce government deficits, even though his plan [...]
By the tone of some of the media coverage, you might have thought Defense Secretary Leon Panetta announced a plan to slash military spending yesterday. On the front page of USA Today (1/27/12), under the headline "Panetta Backs Far Leaner Military," readers learn in the first paragraph: The Pentagon's new plan to cut Defense spending means a reduction of 100,000 troops, the retiring of ships and planes and closing of bases–moves that the Defense secretary said would not compromise security. The piece quotes critics of the cuts like Sen. Joe Lieberman and an analyst at the right-wing American Enterprise Institute. [...]
The fact that Time magazine named "The Protester" its Person of the Year was maybe a little surprising. Totally unsurprising, though, was the choice of a runners-up: Republican Rep. Paul Ryan, a hero to many in the corporate media for his bold calls to slash government spending on the poor. It's hard to know where to start with reporter David Von Drehle's tribute. But let's try here: Through a combination of hard work, good timing and possibly suicidal guts, the Wisconsin Republican managed to harness his party to a dramatic plan for dealing with America's rapidly rising public debt. Dealing [...]
Dean Baker (12/9/11) flagged this NPR Morning Edition report today (12/9/11), and it's well worth a positivity. In the debate over the payroll tax cut, Democrats want to pay for extending the tax break with a surtax on the wealthy. Republicans claim–usually without being challenged by reporters–that a surtax on millionaires would be an attack on job-creating small-business owners. So NPR decided to go to GOP officials and ask to speak with these small-business-owning, millionaire job-creators. Turned out there was trouble finding any: We wanted to talk to business owners who would be affected. So NPR requested help from numerous [...]