{"id":10591,"date":"2013-09-21T10:58:41","date_gmt":"2013-09-21T17:58:41","guid":{"rendered":"http:\/\/www.newscorpse.com\/ncWP\/?p=10591"},"modified":"2013-09-21T10:58:41","modified_gmt":"2013-09-21T17:58:41","slug":"dumbass-doocy-fox-news-still-doesnt-understand-what-the-debt-ceiling-is","status":"publish","type":"post","link":"https:\/\/www.newscorpse.com\/ncWP\/?p=10591","title":{"rendered":"Dumbass Doocy: Fox News Still Doesn’t Understand What The Debt Ceiling Is"},"content":{"rendered":"

As the nation approaches another showdown over the raising of the debt ceiling, Fox News continues to prove that either they don’t understand economics or they are dedicated to misinforming their gullible viewers – or more likely, both.<\/p>\n

On Friday’s episode of Fox & Friends, Steve Doocy and his couch potato pals reacted with surprise to President Obama’s remarks about raising the debt ceiling. The President correctly described the function of this routine economic procedure by telling the Business Roundtable what it actually entails.<\/p>\n

“Obama:<\/strong> Raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you’ve got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.<\/p><\/blockquote>\n

Concerned that a succinct and coherent explanation might make Fox viewers aware of a small bit of reality (something Fox works diligently against<\/a>), Doocy stepped up to make sure that his audience remained blissfully ignorant. He played two videos of Obama, one talking about the risks of high debt and the other advocating raising the debt ceiling. Doocy then said that Obama was talking about the same thing and had flipped his position. However, the debt is not the same thing as the debt ceiling. But this is a subject that is apparently way over Doocy’s head.<\/p>\n

Doocy:<\/strong> So the first sound bite was from the president a couple of days ago at the Business Roundtable where he really got people thinking, “Did he just misspeak?” because he said essentially that raising the debt ceiling does not increase our debt. I know he studied law, and not economics, but increasing the debt ceiling indeed raises the debt.<\/p><\/blockquote>\n

Well, I know Doocy studied journalism at the University of Kansas and not economics, while Obama got a B.A. in political science from Columbia University and graduated Magna Cum Laude from Harvard Law School, but Doocy clearly knows nothing about either economics or journalism. Raising the debt ceiling does not raise the debt one penny. Just as the President said, it merely authorizes the government to pay bills that Congress has already incurred.<\/p>\n

Allow me to spell it out. Let’s say the national debt is $10 trillion and the debt ceiling is $9 trillion. If the ceiling is raised to $11 trillion so that it can accommodate the outstanding obligations, the debt is still $10 trillion. There is no change except for the fact that bills can now be paid which, ironically, would have the effect of lowering<\/em> the debt. Failing to raise the debt ceiling would result in default which would cause the ratings services to lower the nation’s credit worthiness. That would increase the interest that we pay on the debt which, of course, increases the debt. Which is exactly what happened last year<\/a>.<\/p>\n

So Doocy, and most of the Tea Party right, have everything exactly backwards – as usual. There is only one real reason that Fox and the GOP are obstructing the debt ceiling increase, and that is to harm Obama by attempting to blame him for the economic debacle that would ensue following a default. And they regard the devastation that the American people would suffer as merely collateral damage. As evidence, take a look at this chart that I created a couple of years ago illustrating the Republican support for raising the debt ceiling until a certain event occurred:<\/p>\n

\"Debt<\/center>
\n<\/p>\n

And the same dishonest, partisan, hackery is in full effect today.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the nation approaches another showdown over the raising of the debt ceiling, Fox News continues to prove that either they don’t understand economics or they are dedicated to misinforming their gullible viewers – or more likely, both. On Friday’s episode of Fox & Friends, Steve Doocy and his couch potato pals reacted with surprise […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Dumbass Doocy: #FoxNews Still Doesn't Understand What The Debt Ceiling Is","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[219,1],"tags":[183,1141,879,134],"class_list":["post-10591","post","type-post","status-publish","format-standard","hentry","category-economy","category-general","tag-barack-obama","tag-economy","tag-fox-friends","tag-steve-doocy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4Ijg-2KP","jetpack-related-posts":[{"id":5419,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=5419","url_meta":{"origin":10591,"position":0},"title":"Fox Nation vs. Reality: On Abolishing The Debt Ceiling","author":"Mark NC","date":"9\/17\/2011","format":false,"excerpt":"Anyone with a functioning brain stem already knows that Fox News will distort issues to advance their rightist agenda. But the worst part of their activist pseudo-journalism is when they deliberately present material that is so obviously false that it is an insult to their audience. Lucky for them their\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10710,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=10710","url_meta":{"origin":10591,"position":1},"title":"Oh The Stupidity: Sarah Palin Wants Obama Impeached For Both Solving\/Not Solving The Debt Crisis","author":"Mark NC","date":"10\/15\/2013","format":false,"excerpt":"America's own rogue GOPachyderm, Sarah Palin, is such a consistent source of hilarity it seems impossible that she could keep up the pace any longer. But just when you think she's exhausted her supply of inanity, she posts another Facebook column and reestablishes her crackpot bona fides: \"Apparently the president\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56099,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=56099","url_meta":{"origin":10591,"position":2},"title":"Sean Hannity and Marjorie Taylor Greene Conspire to Blackmail America with Debt Ceiling Default","author":"Mark NC","date":"1\/19\/2023","format":false,"excerpt":"On January 19, 2023, the United States officially hit the debt ceiling established in the previous session of Congress. As a result, the Treasury Department must now start taking extraordinary measures to continue to meet the nation's prior obligations and avoid a catastrophic default. It is estimated that those measures\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"Fox News, Sean Hannity","src":"https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/foxnews-hannity-scared.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/foxnews-hannity-scared.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/foxnews-hannity-scared.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":10670,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=10670","url_meta":{"origin":10591,"position":3},"title":"Does Fox News Think That Ronald Reagan Tried To Panic The Markets?","author":"Mark NC","date":"10\/7\/2013","format":false,"excerpt":"This weekend's edition of Fox News Sunday had a segment wherein the host, Chris Wallace, interviewed Treasury Secretary Jack Lew. In the course of the interview Wallace addressed the government shutdown and the approaching debt ceiling crisis with this phony premise: \"This week both you and the president seemed to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50824,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=50824","url_meta":{"origin":10591,"position":4},"title":"Debt Ceiling Dumbass Sean Hannity is Right, Except for Being Wrong About Almost Everything","author":"Mark NC","date":"9\/29\/2021","format":false,"excerpt":"Fox News is taking a rare break from trying to kill off their audience with COVID vaccine disinformation. But that doesn't mean they aren't still spreading lies intended to harm their viewers and the nation. The current battle in Congress to pass legislation for infrastructure development and economic renewal is\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"Fox News, Sean Hannity","src":"https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/foxnews-hannity-drain.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/foxnews-hannity-drain.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/foxnews-hannity-drain.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":51497,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=51497","url_meta":{"origin":10591,"position":5},"title":"HOLY CRAP: Trump\u2019s Debt Ceiling Dumbassery Threatens Global Economic Catastrophe to Own the Libs","author":"Mark NC","date":"12\/11\/2021","format":false,"excerpt":"In November of 2020, Donald Trump was evicted from the White House by a substantial majority of the American people. But for nearly a year now he has been a private citizen with big friggin' mouth. No former president has ever been so infatuated with his own voice that he\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"Donald Trump, Pennywise","src":"https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/trump-pennywise.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/trump-pennywise.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.newscorpse.com\/ncWP\/..\/Pix\/Trump\/trump-pennywise.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/10591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10591"}],"version-history":[{"count":2,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/10591\/revisions"}],"predecessor-version":[{"id":10593,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/10591\/revisions\/10593"}],"wp:attachment":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}