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Home Publications Blogs Beat the Press Politico Has Not Heard About the Collapse of the Housing Bubble and Economic Crisis

Politico Has Not Heard About the Collapse of the Housing Bubble and Economic Crisis

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Friday, 20 May 2011 11:01

That is the conclusion that readers of a Politico article headlined, "budget surplus to deficit: how we got here," must conclude. This article attributes the increase in the deficit in the Obama years to increased spending coupled with tax cuts, only mentioning in passing at the end of the article that the single biggest factor in the rise of the deficit was the economic collapse. It fails to point out that virtually all of the additional spending and tax cuts by President Obama was carried through for the explicit purpose of counteracting the loss of private sector demand due to the collapse of the bubble.

It is absolutely inexcusable for a serious news organization to run a piece like this. The collapse of the housing bubble was by far the biggest economic disaster since the Great Depression. Complaining about the size of the deficit under President Obama, while only mentioning in passing the reason for the deficit, is like complaining about a city's use of water without mentioning that it had been trying to extinguish a massive fire.

If reporters and editors were held accountable for the quality of their work in the same way as dishwashers and schoolteachers, people would be fired for this piece.

Comments (6)Add Comment
I haz serious news organization
written by Downpuppy, May 20, 2011 1:41
Politico is Very Serious.

anyhow, whats $1.4 billion in mandatory spending? Nothing. or just another innumerate reporter missing by 10^3.
Fired or promoted
written by american victim, May 20, 2011 2:17
Sadly, this was likely as intended, the typical state of the fourth estate in this 'free' country.

Anyone who tried to instill truth into the story would have been told to stand down. Actually, anyone who would dare to is the one who is likely to get fired in our modern fourth reich (formerly fourth estate).

In fact, I'll bet the liar, er, journalist [sic] is on track for that promotion and the corner office.

What a great country!

...
written by Moopheus, May 20, 2011 3:41
"It is absolutely inexcusable for a serious news organization to run a piece like this."

That's true. When you find one, let us know, okay?
...
written by liberal, May 20, 2011 7:21
It is absolutely inexcusable for a serious news organization to run a piece like this.


So? It's well known that The Politico is not a serious news organization.
What's Really Scary?
written by Union Member, May 20, 2011 8:06
Wanna get really scared? Think about who it is that reads the inexcusable Politico. Can't u just hear the tires squealing on the get-a-way car?
Best commentary.
written by Bob From District 9, May 22, 2011 2:56
"Complaining about the size of the deficit under President Obama, while only mentioning in passing the reason for the deficit, is like complaining about a city's use of water without mentioning that it had been trying to extinguish a massive fire.

If reporters and editors were held accountable for the quality of their work in the same way as dishwashers and schoolteachers, people would be fired for this piece."

These two paragraphs add up to the best responses to right wing talking heads I have seen yet.

Use them over and over, we can change the national dialog.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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