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Thursday, February 19, 2009
Jerome Corsi, Badly Trained Economist
Topic: WorldNetDaily

Joseph Farah touts Jerome Corsi as a "trained economist" -- never mind that it's not true, like a lot of things one reads at WorldNetDaily. Let's take a look at one example why.

A Feb. 13 WND article by Corsi states:

The Obama administration economic stimulus package is going to force the Treasury to borrow approximately $2.5 trillion in 2009 and another $4 trillion in 2010, with the result of increasing the current $10 trillion national debt by 65 percent in just two years.

If the Obama administration increases the national debt by 65 percent every two years, the debt will be $16.5 trillion in 2010 and $27.225 trillion by 2012, the year of the next presidential election. 

According to who? Corsi doesn't say.

If Corsi derived these numbers on his own, how did come to this conclusion? Corsi doesn't show his work.

For all we know, Corsi pulled them out of a certain bodily orifice.

But who cares about facts and documentation when Corsi's actual purpose in writing this article is to throw out bizarre, scary analogies:

Earth's home galaxy, the Milky Way, is estimated to contain about 200 billion stars. So, if each star cost one dollar, one trillion dollars would buy five Milky Way galaxies full of stars.

One trillion seconds of ordinary clock time equals 31,546 years. So, spending money at the rate of one dollar every second, or $86,400 every day, would still take nearly 32,000 years to spend $1 trillion.

If someone were to build city blocks that contained 10 homes valued at $100,000 per home, you would end up with ten houses to a block, ten blocks to a mile and a hundred blocks per square mile. It would take 10,000 square miles to reach $1 trillion in value.

Why would a "trained economist" indulge himself in peddling such trivial crap? Again, no answer is forthcoming beyond Corsi's own amply demonstrated Obama Derangement Syndrome.

Yet, WND treats Corsi's article as "news," not the unsubstantiated opinion it is. And Farah apparently defers to Corsi on all things economic -- which tells you much of what you need to know about WND.

This is not the first time Corsi has told lies about the stimulus -- he's already on record as making the false claim that Obama wants "cut the Pentagon budget for fiscal year 2010 by $55 billion, more than 10 percent of last year's $512 billion defense budget." In fact, Obama wants to increase the Pentagon's budget by $14 billion; the reported cut is from a budget proposal.

Further, Corsi's Feb. 13 article references "Craig Smith, founder and CEO of Swiss America" without disclosing that Smith is a WND columnist and that Swiss America is a longtime WND advertiser -- a disclosure problem WND has long had.

If Corsi is a "trained economist" -- and as we've noted, the evidence is that he's not -- you wouldn't know it from reading this. A trained right-wing smear artist, perhaps.

Posted by Terry K. at 12:38 AM EST

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