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Fox News + MSN vs. Basic Economics

Posted by David A. Peterson on 20. November 2016 in Economics, Jobs, Opinion |

Sometimes It’s Hard Not to Blurt Out:

HEY DUMBASS!

I was scrolling through my Fox News app yesterday morning and ran across Fox News Shepard Smith interviewing John Busse associate editor for the Wall Street Journal.

The discussion (can’t really call it an interview) centered around the now infamous Pres-Elect Trump’s Ford Lincoln MKX Tweet.

Both Smith & Busse came to the conclusion that no jobs were being  saved by Ford moving the MKX vehicle assembly to Mexico. Their reasoning was the Ford Escape  will amp up production thus there would be no net loss of jobs.

Media Matters and MSN have jumped in and agreed that Trump lied. I didn’t have  to search hard  to find the video. Media Matters posted it for all to absorb.


Media Matters quoting Smith & Busse goes on to say:

“And you’re right, the number of jobs that that plant employs before this announcement, and after this announcement are unchanged. As you point out, all they were going to do is that they had already announced to the UAW they were going to move production of that Lincoln Crossover SUV to — to Mexico…”

Evidentially MSN didn’t run the story past anyone with 1/2 a brain as well. Here’s MSN’s article explaining the “real story behind the exaggerated tweet…” (Note: MSN must be one of those “fake news sites” it didn’t actually write the article, Jim Tankersley wrote it for The Washington Post )

Unfortunately for these five Dumbass organizations (Fox, MSN, Media Matters, The Washington Post, and the Wall Street Journal) I had economics on my mind yesterday. I had just read Bloomberg’s article on Paul Romer. Bloomberg’s piece didn’t have anything to do with Ford in general but the most profound thing I read in the article was according to Romer the current economic thinking is that:

“Assume A, assume B, … blah blah blah … and so we have proven that P is true.”

Now Smith, Besse, Tankersley, the people who work for that fake news site MSN, and The Washington Post all work for real businesses that may not have a single economist on site, but there should be a few business graduates around. They are probably the folks in neck ties. Had any one of them just leaned over the cubicle wall and said:

“Hey Bill the Businessman what do you think? The Lincoln MKX is not going to be made in KY anymore and it’s not going to be moved to Mexico. So there is no net loss of jobs or job gains in the US right?”

Without any other explanation Bill would have said something like this:

“WELL THEN WHICH PLANT IN THE US WILL BE HIRING THE EXTRA WORKERS TO MAKE THESE 30,000 VEHICLES? THIS IS EITHER SAVING JOBS AT ANOTHER US PLANT THAT WOULD HAVE BEEN LOSS OR IT’S A NET GAIN FOR JOBS SOMEWHERE IN THE US.”

I don’t believe these 5 media companies are trying to mislead the public. I don’t believe that they aren’t smart enough to grasp that if you don’t make the car here, it still has to be made somewhere. I don’t believe there is an agenda. I just think that all 5 companies had a brain-fart at the same time which caused me to scream at the TV…

Hey Dumbass who do you think is going to build those extra 30,000 vehicles?

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