• Crying wolf over military spending "cuts"

      The Deficit Supercommittee will probably not reach an agreement by its Wednesday deadline - and the result might be 1.2 trillion in "automatic cuts" over the next 10 years. $600 billion of that would come out of the defense budget.

      Politicians howl about that.

      "We cannot put America's safety in jeopardy by virtue of the failure of this committee," Romney said.

      "We can't do that to our brave men and women who are on the ground fighting for us," Bachmann noted.

      Defense Secretary Leon Panetta recently said that the cuts would be "devastating."

      This is all ridiculous. Because as Senator Rand Paul told CNN yesterday, these are not real cuts. They are cuts in planned increases in spending.

      Paul: "This may surprise some people, but there will be no cuts in military spending because we're only cutting proposed increases. If we do nothing, military spending goes up 23% over 10 years. If we [make this cut], it will still go up 16%."

      Only in Washington is a 16% increase considered a "devastating" cut.

      Unfortunately, this is how politicians always talk about spending. It's why the entire deficit reduction compromise (including military "cuts") that Republicans and Democrats reached after months of name-calling this summer ultimately boils down to this:

      Projected government spending over the next 10 years

      Government Spending
  • This Week's Show -- July 10, 2014

    MEDIA BIAS: When I began my career as a consumer reporter, I had an obvious agenda: Businesses cheat consumers! Government must regulate them! But when I wised up about the problems with government, my bosses resisted, and I stopped receiving Emmy Awards. Emmys reward liberal reporting.

    CENSORSHIP AT CBS: Investigative reporter Sharyl Attkisson has a similar story. She explains why she left CBS after it became "harder and harder to get stories on television" that criticized this government and "any powers that be."

    IS STOSSEL BIASED?: Years ago, journalist Howard Kurtz criticized me for not being objective. I said it's impossible for any journalist to be completely objective. Now that Howard Kurtz is on Fox, we debate again.

    THE OBJECTIVITY MYTH: Andrew Kirell of Mediaite.com says, "every journalist has a point of view and they don't just magically check it the minute they walk in the newsroom door."

    NEW MEDIA: Reason TV's Remy Munasifi uses music videos and parodies to complain about things like politicians' spending. One of his latest parodies highlights the scandal surrounding the VA hospitals. Munasifi discusses his videos, which have gone viral on YouTube.

    RETRO REPORT: It's great there's a new media organization called Retro Report, which reveals media hype of the past ("crack babies," America's landfill "crisis," the "superpredator," etc.) and corrects stories everyone in the media got wrong. I discuss the new show with its executive producer, Kyra Darnton.

    REAL OR FAKE?: Sometimes people in the media say things that are so bizarre, you'd think they were made up. Kennedy of The Independents quizzes FoxBusiness.com's Kate Rogers, Fox Business host Charles Payne and me to see if any of us can tell which quotes are real, and which were made up by my staff.

    MY TAKE: I used to report on lots of scares. CBS even ran an ad for me where someone called me a "guardian angel."

    That's bunk. The only guardian angel is a free and open society. That's what allows innovation, gives people longer lives, and lifts billions out of poverty. But these gradual improvements aren't newsworthy. Scares and disaster make the news.

    News is broken not just because we're biased but because most good and important news happens slowly.

    9PM ET on Fox Business Network