In interview, CNBC anchor fact-checks Obama’s claim about whether Americans really are better off..

posted at 8:41 pm on July 24, 2014 by Noah Rothman

President Barack Obama appeared on CNBC on Thursday afternoon to tout his new “economic patriotism” message, which centers primarily on ginning up populist outrage while shaming companies that relocate offshore or acquire assets abroad in order to avoid America’s high corporate tax rate.

In that interview, Obama teased his CNBC interlocutor, economics reporter Steve Liesman, with the prospect of tax code reform – the great white whale of economists since the last reform effort in 1986. That successful bipartisan tax reform initiative was one of Ronald Reagan’s primary second term goals and the process of negotiating reform began shortly after his second inauguration. There is virtually no chance that a major tax code overhaul will pass Congress after the midterms when Obama is a full-fledged lame duck and less than zero chance of such a measure passing in an election year.

But the proposal piqued Liesman’s interest, so Obama’s mission was accomplished. The president was really just riffing anyway.

The true reason for Obama’s appearance on CNBC was to tout his administration’s own successes and to shift the conversation away from a rapidly imploding international environment. In that effort, though, Obama encountered a journalistic roadblock.

When confronted about the fact that Obama’s own former economic advisors have warned that America is in for a sustained period of slower growth, the president deftly avoided answering the question. Instead, he pivoted to a patriotic “bullish” message about the capacity of America to endure any hardship and emerge stronger from it.

He was also quick to note, oddly, that his administration should enjoy some credit for the slowest post-recession recovery period in American history.

“If you think of where we were when I came into office and where we are now, it’s pretty hard to find an economic measure where we’re not significantly better off,” Obama said.

The president was in luck. Liesman had one.

“Mr. President, I can confirm most of your data as the economics reporter for CNBC, but median family incomes – that’s one that is not doing better,” Liesman said.

Obama insisted that, contrary to Liesman’s point, “these are 20, 30-year trends that we’ve been seeing,” but he did accept the fact that he had been fact-checked. The president’s solution to these 20, 30-year trends was, of course, raising the federal minimum wage. Oh, and roads and bridges.

Moving on, Liesman asked the president if he was concerned about the fact that the stock market continues to rise in spite of a lack of fundamental strength in the overall economy. “Are you concerned there is a bubble out there like we had in ’01 and ’08?” Liesman asked.

“I try to avoid commenting on the day-to-day trends in the stock market,” Obama replied. This response came approximately two minutes after Obama cited the stock market in particular as one metric which indicates the strength of America’s recovery from the 2008 recession.

Other than that, it was a stellar showing.


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Presidents Barack Obama appeared on CNBC

Please Noah. One is more than sufficient!

Judge_Dredd on July 24, 2014 at 8:46 PM

Stellar is in the eye of the beholder.

formwiz on July 24, 2014 at 8:47 PM

Steve Liesman to be filing for unemployment in 3…2…1…

oscarwilde on July 24, 2014 at 8:47 PM

The true reason for Obama’s appearance on CNBC was to tout his administration’s own successes

I don’t think that word means what normal Americans think it means in this context.

Judge_Dredd on July 24, 2014 at 8:48 PM

well, gas, food prices, health ins premiums, etc–yeah, those metrics have no value, right Prezzy?

hillsoftx on July 24, 2014 at 8:49 PM

Steve Liesman to be filing for unemployment in 3…2…1…

oscarwilde on July 24, 2014 at 8:47 PM

Steve Liesman to be audited by the IRS in 3…2…1…

(next)

hawkdriver on July 24, 2014 at 8:50 PM

Sólo en caso de que necesite más pruebas de la dirigencia traidora nuestra nación tiene a cargo. Hay más pruebas de esta noche.

“El patriotismo económico” – La última eufemismo de la clase dirigente progresista diseñada para vaciar nuestros bolsillos y hacer crecer su poder.

http://www.lasvegassun.com/news/2014/jul/24/obama-calls-economic-patriotism-companies-dodging-/

Entonces últimos planes de la Administración para la realidad por lo que es más fácil para nuestros nuevos esclavos hondureños para entrar en el país para que puedan cortar el césped de los miembros de la clase política Zuckerberg propiedad en DC

http://www.nytimes.com/2014/07/25/world/americas/administration-weighs-plan-to-move-processing-of-youths-seeking-entry-to-honduras-.html?_r=0

VIVA the Socialist States of MEXIMERICA. Where they come after Companies now…..and PRIVATE PROPERTY of those that should pay their “fair share” tomorrow….

“Economic Patriotism”–The latest euphemism of the Progressive Ruling Class designed to empty our wallets and grow their power.

http://www.lasvegassun.com/news/2014/jul/24/obama-calls-economic-patriotism-companies-dodging-/

And now, let’s ship in thousands more HONDURAN SLAVES FOR Zuckerberg.

Then the Administration’s latest plans for actually making it EASIER for our new Honduran slaves to get into the country so they can mow the lawns of the members of the Zuckerberg owned Political class in D.C.

http://www.nytimes.com/2014/07/25/world/americas/administration-weighs-plan-to-move-processing-of-youths-seeking-entry-to-honduras-.html?_r=0

PappyD61 on July 24, 2014 at 8:51 PM

So, hatred of both prosperity and your country = “economic patriotism” now?

Good to know …

ShainS on July 24, 2014 at 8:53 PM

Federal and state bureaucracies to come down hard on Steve.

rbj on July 24, 2014 at 8:54 PM

So, hatred of both prosperity and your country = “economic patriotism” now?

Good to know …

ShainS on July 24, 2014 at 8:53 PM

I can’t keep up. I remember when patriotism was having such love for your country you’d sacrifice for it.

hawkdriver on July 24, 2014 at 8:55 PM

OT: Thank you Senators Sessions and Cruz.

d1carter on July 24, 2014 at 8:56 PM

Steve Liesman to be filing for unemployment in 3…2…1…

oscarwilde on July 24, 2014 at 8:47 PM

Steve Liesman to be audited by the IRS in 3…2…1…

(next)

hawkdriver on July 24, 2014 at 8:50 PM

The EPA to declare his home a wetland in 3…2…1…

oscarwilde on July 24, 2014 at 8:57 PM

Out his depth on every issue. A national embarrassment. Nice write up Noah!

FireBlogger on July 24, 2014 at 8:58 PM

“If you think of where we were when I came into office and where we are now, it’s pretty hard to find an economic measure where we’re not significantly better off,” Obama said.

LOL.

National debt of more than 100% of GDP.

Federal deficits exceeding GDP “growth” every single year since Barky slimed into office, with a contraction in GDP for Quarter 1, 2014.

Employment participation at all-time low.

BS job numbers (as bad as they are, even) with new definitions of full-time and new measures for “employed”.

The Fed’s balance sheet is bloated over $3.5 trillion. Yeah, that’s a real beauty. I can’t wait to feel the pain when the Fed finally has to unwind that puppy.

Debt service (when interest rates eventually have to return to normal) will eat up every single dollar collected in income taxes … and then some. That’s pretty cool.

The dollar about to go under, for good.

And no one has yet to understand what Barky thinks he’s talking about with “profit AND earnings ratios”. In fact, 8th graders can’t even understand how anyone can use “AND” to translate division or a ratio.

ThePrimordialOrderedPair on July 24, 2014 at 8:59 PM

Steve Liesman to be prosecuted by DOJ for hate crime in 3…2…1…

ShainS on July 24, 2014 at 8:59 PM

After WW2, England was in such tatters economically that people were convinced to turn to a socialist government (“everybody shares the pain, everybody pitches in”). Worked fabulously in keeping poverty levels up and exporting entrepreneurship to the rest of the Commonwealth.

I’m sure that when we (and WE means you and I, not us and the elites) start rationing food, gasoline and clothing, that will be considered economic patriotism, too.

Dolce Far Niente on July 24, 2014 at 9:01 PM

I can’t keep up. I remember when patriotism was having such love for your country you’d sacrifice for it.

hawkdriver on July 24, 2014 at 8:55 PM

Yep.

There’s nothing more Orwellian (or stomach-turning) than hate-America-first Leftists using the term patriotism …

ShainS on July 24, 2014 at 9:01 PM

The EPA to declare his home a wetland in 3…2…1…

oscarwilde on July 24, 2014 at 8:57 PM

OSHA to declare CNBC studios unsafe in 3…2…1….

Steve Eggleston on July 24, 2014 at 9:03 PM

Instead, he pivoted to a patriotic “bullish” message about the capacity of America to endure any hardship and emerge stronger from it.

Yeah, you moron. That’s when this country embraced capitalism and personal responsibility. Socialist idiots like Bark aren’t intelligent enough to understand that they rode the wave and are now bleeding the productive population to death.

Thatcher was right.

What a disgusting, ignorant fool this man is.

Bust another move, pivot boy.

Cody1991 on July 24, 2014 at 9:07 PM

FEC examining campaign contributions of Liesman’s entire extended family.

forest on July 24, 2014 at 9:08 PM

The EPA to declare his home a wetland in 3…2…1…

oscarwilde on July 24, 2014 at 8:57 PM

OSHA to declare CNBC studios unsafe in 3…2…1….

Steve Eggleston on July 24, 2014 at 9:03 PM

Department of Education SWAT Team to do a no knock raid on Steve Liesman’s house for a overdue library book in 3…2…1

oscarwilde on July 24, 2014 at 9:09 PM

Oh, and roads and bridges.

When is an interviewer going to call him out on this R&B nonsense?

HellCat on July 24, 2014 at 9:15 PM

Is anyone else wondering how much crazier this man will be during the next two years? I’ve always known he is unstable, but it seems that even ValJar can’t control him now.

Cody1991 on July 24, 2014 at 9:19 PM

Didn’t watch. Did anyone possibly suggest, oh, I don’t know, maybe cutting spending instead of increasing the already historically high tax revenue receipts?

LoganSix on July 24, 2014 at 9:23 PM

Is anyone else wondering how much crazier this man will be during the next two years? I’ve always known he is unstable, but it seems that even ValJar can’t control him now.

Cody1991 on July 24, 2014 at 9:19 PM

If the R’s take the Senate, expect him to go into full two-year-old-frustrated-narcissist-temper-tantrum mode that will make the past five-plus years look like Reagan’s heyday …

ShainS on July 24, 2014 at 9:23 PM

The EPA to declare his home a wetland in 3…2…1…
 
oscarwilde on July 24, 2014 at 8:57 PM

 
OSHA to declare CNBC studios unsafe in 3…2…1….
 
Steve Eggleston on July 24, 2014 at 9:03 PM

 
Department of Education SWAT Team to do a no knock raid on Steve Liesman’s house for a overdue library book in 3…2…1
 
oscarwilde on July 24, 2014 at 9:09 PM

 
It turns out all of that happened years ago and they just need to fix the silly little drafting error in the morning.

rogerb on July 24, 2014 at 9:26 PM

Didn’t watch. Did anyone possibly suggest, oh, I don’t know, maybe cutting spending instead of increasing the already historically high tax revenue receipts?

LoganSix on July 24, 2014 at 9:23 PM

Yeah, what a concept, eh? [We live in a post-rational world now.]

The fact that even the supposed opposition party is now too terrified to even propose cutting actual spending, anywhere, is all you need to know about how this is all going to end …

ShainS on July 24, 2014 at 9:27 PM

If the R’s take the Senate, expect him to go into full two-year-old-frustrated-narcissist-temper-tantrum mode that will make the past five-plus years look like Reagan’s heyday …

ShainS on July 24, 2014 at 9:23 PM

While this a$$wipe is playing around, spending our money and trashing the country so many of us are trying to hang on for two more years.

Yes, it can turn around. I want this idiot locked in a closet, pi$$ing on himself and refusing to come out.

He is insane.

Cody1991 on July 24, 2014 at 9:29 PM

Guess he forgot to mention that Obama’s on track to double the national debt.

crrr6 on July 24, 2014 at 9:30 PM

FUBAR

crosshugger on July 24, 2014 at 9:31 PM

Heartbreaking for Liesman after carrying the water for Obama the last 5 1/2 years. Another one with tingles up his leg.

RdLake on July 24, 2014 at 9:32 PM

Never mind that Liesman has been carrying Team SCOAMT’s water for as long as he’s been a part of the Presstorian Guard – Business Division. He will be persecuted by his fellow Presstitutes for daring to expose Teh SCOAMT.

As for that “20-to-30 year trend”, that’s a flat-out lie, at least when inflation is introduced (which is what I presume Liesman did introduce by saying it hasn’t recovered from the Great Recession). In 2012 dollars, here’s what median income has been since 1987, the first time it topped $50,000 (going back to 1975, at least):

1987 – $50,389
1988 – $50,776
1989 – $51,681
1990 – $50,994
1991 – $49,529
1992 – $49,122
1993 – $48,884
1994 – $49,429
1995 – $50,978
1996 – $51,720
1997 – $52,784
1998 – $54,702
1999 – $56,080
2000 – $55,987
2001 – $54,766
2002 – $54,127
2003 – $54,079
2004 – $53,891
2005 – $54,486
2006 – $54,892
2007 – $55,627
2008 – $53,644
2009 – $49,777
2010 – $49,276
2011 – $51,100
2012 – $51,017

Steve Eggleston on July 24, 2014 at 9:32 PM

In that effort, though, Obama encountered a journalistic roadblock.

Other than that, it was a stellar showing.

.
Happy to hear how much YOU appreciate a narcissitic liar, Noah.

Remind us again, why aren’t you over at HuffPo?

PolAgnostic on July 24, 2014 at 9:34 PM

Nope, not going to watch it. It’s bad enough that I have to read about his lies without having them ringing in my ears for hours on end.

HiJack on July 24, 2014 at 9:35 PM

The only thing Obama knows less about than foreign policy is economics. He is an embarrassment.

Ellis on July 24, 2014 at 9:37 PM

Happy to hear how much YOU appreciate a narcissitic liar, Noah.

Remind us again, why aren’t you over at HuffPo?

PolAgnostic on July 24, 2014 at 9:34 PM

You’ve never heard of the phrase, “Other than that, Mrs. Lincoln, how was the play?”

Steve Eggleston on July 24, 2014 at 9:38 PM

Nope, not going to watch it. It’s bad enough that I have to read about his lies without having them ringing in my ears for hours on end.

HiJack on July 24, 2014 at 9:35 PM

And that’s just Liesman’s questions.

Steve Eggleston on July 24, 2014 at 9:39 PM

Never mind that Liesman has been carrying Team SCOAMT’s water for as long as he’s been a part of the Presstorian Guard – Business Division. He will be persecuted by his fellow Presstitutes for daring to expose Teh SCOAMT.

As for that “20-to-30 year trend”, that’s a flat-out lie, at least when inflation is introduced (which is what I presume Liesman did introduce by saying it hasn’t recovered from the Great Recession). In 2012 dollars, here’s what median income has been since 1987, the first time it topped $50,000 (going back to 1975, at least):

Steve Eggleston on July 24, 2014 at 9:32 PM

.
You know as well as I do, Steve, that LIES’man did not do any research or have detailed numbers to hand.

He’s just had Rick Santelli yell the truth at him enough times he thought it was an easy set up for the SCOAMF to answer,

“Well, that trend started under mmmBOOOOSHhhhh!”

PolAgnostic on July 24, 2014 at 9:40 PM

“Other than that, Mrs. Lincoln, how was the play?”

Steve Eggleston on July 24, 2014 at 9:38 PM


There you go again!

Noah’s “extreme conservatism” maxes out at the GOPe talking points … which he gets an email copy of daily.

He’s like Jennifer Rubin – covering/commenting on the “right” from a position just outside of the DNC comfort zone.

PolAgnostic on July 24, 2014 at 9:44 PM

Guess he forgot to mention that Obama’s on track to double the national debt.

crrr6 on July 24, 2014 at 9:30 PM

In terms of publicly-held debt, that should happen before the end of August – the Treasury is only $42.3 billion away from doubling the $6,307.3 billion in publicly-held debt as of 1/19/2009.

Toss in intragovernmental debt, and they’re still $3,654.5 billion away from doubling the $10,626.9 billion in total debt as of 1/19/2009. They’ll probably just miss that, but it won’t be for the lack of trying.

Steve Eggleston on July 24, 2014 at 9:47 PM

No problem with companies such as GE that pay ZERO tax…

JoeHanson on July 24, 2014 at 9:48 PM

Instead, he pivoted to a patriotic “bullish” message about the capacity of America to endure any hardship and emerge stronger from it.

Well, that’s good news. We should be herculean after this putz is out of office.

justltl on July 24, 2014 at 9:51 PM

I can’t keep up. I remember when patriotism was having such love for your country you’d sacrifice for it.

hawkdriver on July 24, 2014 at 8:55 PM

The truth is that 10% do 90% of the work. Been that way since the bite of the apple got involved. Good to see you Hawk.

HonestLib on July 24, 2014 at 9:52 PM

Where’s our resident bong hitter Ned to spin this into a win?

itsspideyman on July 24, 2014 at 9:55 PM

He’s just had Rick Santelli yell the truth at him enough times he thought it was an easy set up for the SCOAMF to answer,

“Well, that trend started under mmmBOOOOSHhhhh!”

PolAgnostic on July 24, 2014 at 9:40 PM

And Teh SCOAMT whiffed on that softball (not that it would have been any more truthful than his “20-30 year trend” lie).

Even if Obama had gone for the fences by noting that, in current dollars, 2012 had the highest median income, the knockdown would be the only 2 periods it declined were between 2008 and 2009 and between 2009 and 2010. OOPS!

Steve Eggleston on July 24, 2014 at 9:55 PM

In interview, CNBC anchor fact-checks Obama’s claim about whether Americans really are better off..

Thank God for CNBC…otherwise, how on earth could Americans tell if they’re unemployed, lost their home, are on the dole and barely have enough to make ends meet?

Dr. ZhivBlago on July 24, 2014 at 10:23 PM

“If you think of where we were when I came into office and where we are now, it’s pretty hard to find an economic measure where we’re not significantly better off,” Obama said.

The date on which Barack Obama became part of the majority party in Washington, D.C., and George W. Bush ceased to be part of the majority party in Washington, D.C., was NOT 1/20/2009!

It was 1/3/2007, when (then-Senators) Barack Obama, Joe Biden, Hillary Clinton, John Kerry, etc. took control of the Senate (making Harry Reid the Senate Majority Leader) and Nancy Pelosi took control of the House of Representatives (making her Speaker of the House).

On 1/3/2007, the balance of power shifted from Republican to Democrat. George W. Bush became part of the minority party, and Barack Obama became part of the majority party.

If you think of where we were when Obama became part of the majority party in Washington, D.C. (on 1/3/2007), and where we are now, it’s pretty hard to find an economic measure where we’re not significantly worse off.

Compare the December 2006 numbers to June 2014 numbers for any of the following:

December 2006 Employment-Population ratio: 63.4%

December 2006 Labor Force Participation Rate: 66.4%

FY 2007 budget deficit: less than $161 Billion

ITguy on July 24, 2014 at 10:30 PM

Sounds like The King is babbling BULLSHIT.

Again.

GarandFan on July 24, 2014 at 10:38 PM

Guess he forgot to mention that Obama’s on track to double the national debt.

crrr6 on July 24, 2014 at 9:30 PM

In terms of publicly-held debt, that should happen before the end of August – the Treasury is only $42.3 billion away from doubling the $6,307.3 billion in publicly-held debt as of 1/19/2009.

Toss in intragovernmental debt, and they’re still $3,654.5 billion away from doubling the $10,626.9 billion in total debt as of 1/19/2009. They’ll probably just miss that, but it won’t be for the lack of trying.

Steve Eggleston on July 24, 2014 at 9:47 PM

The last budget passed by a Republican House, Republican Senate and Republican President was passed in 2006 for FY 2007 (10/1/2006 – 9/30/2007).

All spending for FY 2008 – present has been passed by Democrat majorities.

Compare the FY-end 2007 debt to now…

http://www.treasurydirect.gov/NP/debt/search?startMonth=09&startDay=30&startYear=2007&endMonth=07&endDay=24&endYear=2014

Debt Held by the Public at FY-end 2007: $5.0 Trillion
Debt Held by the Public now: $12.6 Trillion

Total Public Debt Outstanding at FY-end 2007: $9.0 Trillion
Total Public Debt Outstanding now: $17.6 Trillion

ITguy on July 24, 2014 at 10:51 PM

“If you think of where we were when I came into office and where we are now, it’s pretty hard to find an economic measure where we’re not significantly better off,” Obama said.

The president was in luck. Liesman had one.

“Mr. President, I can confirm most of your data as the economics reporter for CNBC, but median family incomes – that’s one that is not doing better,” Liesman said.

Liesman is obviously a racist!!! Or something. To. be. investigated.

bobthm3 on July 24, 2014 at 11:44 PM

The stock market isn’t “recovered,” it’s in a huge bubble created by a few factors, most of which have been influenced by Obama policies.

First of all, as recessions always do, the last enabled companies to shed the least productive divisions and workers and become more efficient and profitable. But instead of the normal result, taking the increased productivity forward into more profits, and then investing the profits into expansion in the ensuing recovery, most publicly traded companies have retained their earnings, refusing to invest because of economic stagnation and uncertainty introduced by the incoherent Obama policies.

~~

Many are just buying back their own stock, which serve to increase their earnings-per-share ratio (less shares out), which looks good to institutional investors. And helps the stock keep rising in a low-volume market driven by the institutions getting all the newly-printed money from the Fed.

`

The FRB’s low interest rates pressure the bond market, typically more than four times as large as the stock markets, forcing managers to put far more into equities in search of enough returns to justify their investors staying with them.

Once interest rates rise, as they must before we can really recover because it is always private capital, not the Dow or S&P500, that drives domestic recovery. And that still hasn’t returned to even 2007 levels due to low interest policies.

Adjoran on July 25, 2014 at 12:49 AM

Economic patriotism is the last refuge of an economic scoundrel.

“Patriotism” coming from ANY politician’s mouth is a dirty word.

jbspry on July 25, 2014 at 1:54 AM

The true reason for Obama’s appearance on CNBC was to tout his administration’s own successes…

For some reason that made me think of those old ’50s subliminal sales messages at drive-in theaters when they would splice a single frame of a tub of popcorn into a movie…

jbspry on July 25, 2014 at 1:58 AM

He’s just had Rick Santelli yell the truth at him enough times he thought it was an easy set up for the SCOAMF to answer,

“Well, that trend started under mmmBOOOOSHhhhh!”

PolAgnostic on July 24, 2014 at 9:40 PM

It would be very entertaining fun to watch Santelli interview BHO.

Deafdog on July 25, 2014 at 8:37 AM

Wow, a bravura performance of stuttering, spluttering, incoherent word vomit that vaguely had something to do with economic things. It was painfully obvious that Preznit “profits to earnings ratio” had memorized some misleading (and incorrect) presumed factoids to burp up in front of an nbc lackey.

But to the stats- Question 1…21 uhs, ums, splutters and stutters. Question 2, 16. Question 3, a rocket up to 30 when he started gabbling about monetary policy and it was horrendously apparent this imbecile didn’t know what he was talking about.

As for lies/half truths/delusional jibber jabber events- clocked out at 21 that I saw.

Man, without his telewubbies this mincing dolt is just a useless dumpster fire.

Thanks fah nuttin’, 52.

GrassMudHorsey on July 25, 2014 at 8:37 AM

It must be difficult for dear leader to remember all that garbage he’s been fed and must use at some point in an interview, but then, they know the questions in advance and no deviations are allowed.

Kissmygrits on July 25, 2014 at 8:42 AM

I know Steve Liesman. He’s pretty liberal. Glad to see a little push-back on jug-ears.

Nomennovum on July 25, 2014 at 12:30 PM

4 minutes, 26 seconds, of Obama? No thank you.

Carnac on July 25, 2014 at 2:59 PM