The main stream media sure is doing a great job. Okay, well not really, unless you’re talking about making President Obama and his crony capitalist friends look good. Then, by all means, they’re doing a bang up job!
AP actually fell for a fake GE press release promising to return over $3 billion in tax refunds to the Treasury, you know, because it’s the socially responsible thing to do. The phony press release also promised to create one American job for every job created overseas, urge Congress to close tax loopholes used by companies like GE and shut down overseas tax havens. It looks like the folks at AP were looking at it through rose colored glasses.
Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the US Treasury on April 18.
GE uses a series of foreign tax havens that the company says are legal and that led to an enormous refund for the 2010 tax year.
The company earned $11 billion in 2010 on revenue of $150 billion.
The company, based in Fairfield, Conn., plans to phase out tax havens over 5 years and said it will create one job in the US for each new job it creates overseas.
Here’s the full press release, which OBVIOUSLY reads like a hoax. Note comments in there about new policies about creating one American job for every one created abroad.
Be sure to read the whole thing.
The New York Times story is even worse. Their Economix blog yesterday posted an article that opened with a slightly scathing criticism of President Obama’s economic policies.
At a time when the economy should be rebounding the latest GDP number for the first quarter of 2010 shows that the Obama economic policies have failed.
When 2011 began, Macroeconomic Advisers, a forecasting company, expected that America’s economic output would shape up to rise at a 4.1 percent annual rate in the first quarter, the highest pace in over a year.
But economic reports coming in over the last few months have been increasingly disappointing.
But an update to the blog post later in the afternoon scrubbed the first paragraph and replaced it with “And the year started out so very hopeful.” I guess the new mission statement of the NYT is “Thou shalt not criticize Dear Leader.” (Gateway Pundit has a screen shot of the updated post.)
Update: Memeorandum has a thread and linked.
Update 2: That Mr G Guy linked – thanks!