Takes one to know one.

The blogosphere is all agog at present over the John Stewart take-down of Jim Kramer and CNBC, but the truth is that the entire media behaves exactly as Kramer and the others at CNBC do in terms of entirely misleading financial reporting:

Case in point, as noted by Gene Lyons:

ABC News produced a heartbreaking tale of woe about harried professionals scheming to reduce their incomes to avoid higher tax brackets. A dentist told the reporter she was contemplating cutting her income from her current $320,000 to under $250,000 by having her dental hygienist work fewer days and by treating fewer patients.

Neither she nor the reporter appeared to have any idea how marginal tax rates work. To wit, she’d pay the higher 36 percent rate only on income above $250,000. The current rate is 33 percent. Hence, Dr. Happy-Tooth’s brilliant plan would save her exactly $2,100 in taxes at a cost of $67,900 in forgone income. No wonder people like her vote Republican.

ABC subsequently filed an amended version of the story making itself look a bit less foolish.

Good luck with that “less foolish” thing.


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