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Home Publications Blogs Beat the Press Washington Post Reports that Spain Claims World Cup Victory, but Netherlands' Fans Contend Their Team Won

Washington Post Reports that Spain Claims World Cup Victory, but Netherlands' Fans Contend Their Team Won

Wednesday, 01 September 2010 04:52

This would no doubt be how the Washington Post's economic reporters would have covered the World Cup final. They would not have bothered to tell readers that Spain in fact did win the World Cup, regardless of what the Netherlands' fans claim.

This comes up in the context of the impact of the stimulus where the Post treats us to a he said/ she said. The Post has a quote from an economist at the Center on Budget and Policy Priorities who says the stimulus was a good idea and helped the economy. It also features a quote from an economist at the CATO Institute who says that it didn't help the economy and just added to the debt.

Maybe we could check with the ref. The Congressional Budget Office says it increased GDP by between 1.7 percent and 4.5 percent. They also calculate that it reduced the unemployment rate by between 0.7 and 1.8 percentage points. Private forecasters, such as McCain economic adviser mark Zandi, come up with similar estimates. This would have been useful information to include in this article.

Comments (3)Add Comment
written by izzatzo, September 01, 2010 7:43
The economist from CATO is correct that the stimulus just adds to the debt with no additional employment, because the real winners in a winner-take-all economy are the Koch brothers and others who fund CATO.

Ricardian Equivalence is real. Because taxes = deficits at all times, every time deficit spending increases to add something, expectation of future taxes acts to offset it with reductions somewhere else in private spending.

Support the Koch brothers. Don't crowd out capitalism with communism. Fight white victimization and join the National Association for the Advancement of White People now, NAAWP.
inception on a macro level
written by frankenduf, September 01, 2010 8:20
isthatso is correct- the koch brothers have fostered a propaganda infrastructure, now culminating in the tea party- ironically, they know that Marx was right when he said "an idea only becomes powerful when taken hold of by the masses"- and, as cobb knew in the movie, inception only works when the idea is implanted without the citizen being able to trace the (intentional) origin of the idea- hence you get cato and 'americans for prosperity' churning out pro industrial propaganda that, as Dean points out, when reported on neutrally increases the process of inception to the reader who thinks it's legit and hence 'organically' rational to make it their belief as well (this is notwithstanding the bs ending of the movie?!)
written by Eric, September 01, 2010 3:04
Is that the same Congressional Budget Office that in 2008 gave us the wonderful news that bailing out the GSEs would probably cost around net nothing, but $25B on the top side? Those guys?

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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.