Topic: Media Research Center
Media Research Center intern James Powers complains in a Feb. 8 post:
CNN Money tried to have it both ways on “Trumponomics,” blaming bad currency news on the new president the same day it refused to credit him for any positive impact on the jobs report.
On Feb. 3, CNN Money blamed President Donald Trump’s rhetoric for a weaker dollar, but ignored the possibility his rhetoric positively impacted jobs in January. Maybe, that’s why Trump and others have dubbed CNN “fake news.” Both stories were labeled “Trumponomics.”
Staff writer Matt Egan argued that Trump’s talk was causing the dollar’s recent downturn. However, CNN reporter Matt Gillespie’s story about the January jobs report ignored that Trump’s rhetoric on job creation, lower taxes, and stimulus could have helped boost the better than expected job numbers.
Gillespie said that the U.S. added 227,000 jobs which was well above expectations of 157,000. On Feb. 3, American Enterprise Institute’s Director of Research for Domestic Policy Kevin Hassett appeared on CNBC’s Squawk Box and touted Trump’s effect on the jobs numbers.
“We got a friendly business climate. People want to come back and start operating their businesses here, and you're starting to see that in the data,” Hassett said.
But Gillespie’s article excluded the theory that Trump’s economic rhetoric had helped job creation. That perspective was nowhere in his article.
Actually, it seems Powers is the one trying to have it both ways. CNN Money's Egan gave concrete examples of how Trump's rhetoric is driving down the dollar's value and that devaluing the dollar is a key part of Trump's economic policy:
So what's going on? One factor is that Trump and his team have talked the U.S. dollar down. Clearly, they realize a super-strong greenback makes it harder to deliver on promises to boost American exports and create manufacturing jobs. The Trump team has been accusing several countries of manipulating their currencies.
For instance, the U.S. dollar tumbled on Tuesday after a Trump adviser accused Germany of using a "grossly undervalued" euro to hurt the American economy.
Germany "continues to exploit other countries in the EU as well as the U.S. with an 'implicit Deutsche Mark' that is grossly undervalued," Peter Navarro, who heads Trump's National Trade Council, told the Financial Times.
Trump himself weighed in on the same day. During a meeting with pharma CEOs, Trump said other countries' strategy of devaluing their currencies have caused drug companies to ship jobs overseas.
And just before taking office, Trump told The Wall Street Journal that U.S. companies can't compete with China because "our currency is too strong."
"It's killing us," Trump said.
By contrast, Powers cited only generalities and a conservative-leaning think tank that has a vested interest in making Trump look good to back up his claim that Trump's rhetoric helped job numbers. He cited no actual example of any business owner choosing to hire anyone specifically because Trump was elected.
Further, it seems Powers is so biased that he will not give former President Obama any credit at all for the positive employment numbers even though he was president through two-thirds of January (and the previous eight years). He mentions Obama nowhere in his post.
Powers also complains that CNN's story on the weaker dollar "employed a picture of Trump with a negative red background and downsloping arrows." Given that the story substantiated its claim that Trump wants a weaker dollar, that seems appropriate.