Monday, December 12, 2011

The top 10 economic myths of 2011

Every year the Business & Media Institute takes a look at the year's news and determines the top 10 worst economic myths.

Here is their 2011 list:

10. Congress took a "machete" to the budget in August.
9. In order to win, the GOP wants to sabotage the economy.
8. Who cares about a Soros' sponsored effort to remake global economy?
7. With 7 billion on the planet, it's time to panic.
6. Apocalypse Al is a "genius," and climate change is a real threat.
5. The jobs are right around the corner.
4. Occupy Wall Street is the new Tea Party.
3. Green jobs are the future.
2. $52 million from Soros doesn't mean we're biased.
1. "We are the 99 percent."

They give a complete explanation for each one, but some of the best lines are below:

From #10 "Congress took a "machete" to the budget in August." Media Myth: Spending cuts actually cut spending.:

"...95 percent of stories ignored the fact that the federal debt would still rise by $12 trillion (from $14.29 trillion to $28.8 trillion).

"...remember that real spending cuts by the government are nearly as fantastical as finding a leprechaun and his pot of gold at the end of a rainbow."

From #5 "The jobs are right around the corner." Media Myth: Obama is creating jobs and more are on the way:

"President Obama's record on jobs is that his promises have fallen flat. His economic policies were supposed to create 4 million jobs by the end of 2010. The results have been dismal with a net loss of 1,623,00 jobs lost since Feb. 2009. But the news media have continued to look for "silver linings" and "bright spots," only to be disappointed by "unexpected" jobs data."

From #4 "Occupy Wall Street is the New Tea Party." Media Myth: "Occupy Wall Street: A Tea Party for the Left?"
In reality, the two couldn't be more different. The Tea Party protesters were peaceful, promoted small government and worked to elect candidates with their values, all while the media did its best to portray them as "terrorists" and "racists." On the other hand, OWS lacked a unified message - but the protesters' big government, anti-free market and at times anti-American and anti-Semitic sentiments have been on display. The volume and tone of news coverage was also dramatically different.

Violence (including rape and sexual assault), crime and disrespect of authority has also been evident at many of the OWS rallies. The twitter feed @OccupyArrests claimed 5,248 arrests as of the morning of Dec. 7. According to The New York Times, OWS troublemakers are merely a fringe minority of the protesters. Yet, the Tea Party was '"responsible for the behavior of people" at its rallies. The broadcast networks chose to ignore violence at the "peaceful" rallies such as Occupy L.A.

From #2 "Millions from Soros doesn't mean we're biased." Media Myth: George Soros is just another left-wing philanthropist:

Since 2003, Soros has donated more than $52 million to all kinds of media outlets - liberal news organizations, investigative reporting and even smaller blogs. He has also been involved in funding the infrastructure of supposedly "neutral" news, from education to even the industry ombudsman association. Many other operations Soros supports also have a media component to what they do.

All that money has created a liberal "echo chamber," that in the words of one group he backs, "in which a message pushes the larger public or the mainstream media to acknowledge, respond, and give airtime to progressive ideas because it is repeated many times."

Of course Soros has denied his influence, blaming Fox News: "Another trick is to accuse your opponent of the behavior of which you are guilty, like Fox News accusing me of being the puppet master of a media empire." But as BMI exposed in multiple reports, Soros' dollars reach far and wide into the media industry.

That echo chamber is often used to further Soros' view, including his view that the "capitalist threat" is a bigger problem than communism these days.
(emphasis added by me)

And from #1 1. "We are the 99." Media Myth: Occupy Wall Street claims to be the "99 percent," pushes class warfare rhetoric that captures attention and favorable coverage from media.

But the extreme anti-capitalists, anarchists, communists and socialists protesting in NYC and other cities across the country did not speak for 99 percent of people. In fact according to the Seattle P-I, as of Nov. 13, only 33 percent of people supported OWS based on a poll from the left-leaning Public Policy Polling firm. This despite overwhelmingly positive media coverage.

The media's promotion of OWS did not come as a surprise because it was the natural outcome of the mainstream media's reporting on wealth and inequality and the liberal economists they interview. The phrase "We are the 99 percent" shouted by protesters in Zuccotti Park and Occupy Wall Street encampments may be new, but the class warfare foundation for it has "roots in a decade's worth of reporting," The New York Times admitted in a front page homage to OWS on Dec. 1.

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