At the New York Times on Saturday (in Sunday’s print edition), reporters Charles Duhigg and David Kocienewski, in a report riddled with conceptual flaws and misleading statistics, bemoaned “how technology giants have taken advantage of tax codes written for an industrial age and ill suited to today’s digital economy.” They focused their attention almost entirely on Apple, seemingly in simultaneous awe and disgust at how “Apple’s accountants have found legal ways to allocate about 70 percent of its profits overseas, where tax rates are often much lower, according to corporate filings.”
Well guys, a look at Apple’s latest 10-K annual report to the Securities and Exchange Commission on Page 73 reveals that Apple’s net sales in “The Americas” geographic segment — from the northernmost portion of Canada to the southernmost tip of Chile — in the year ended September 24, 2011 were $38 billion out of a companywide total of $108 billion. Apple doesn’t segregate U.S. sales, but it would seem that they probably aren’t any more than $30 billion of that $38 billion. So the vast majority of Apple’s sales are “overseas.” An even larger majority is outside of the U.S. Even after allowing for aggressive tax-avoidance maneuvers, why should it surprise anyone that the large majority of profits are also earned overseas?
On Friday evening, it was Christopher Rugaber and Paul Wiseman. Today it’s Martin Crutsinger. Together with Derek Kravitz (who isn’t in on the latest offense — yet), perhaps the just-named quartet of alleged journalists should be named “The Four Distortsmen.”
Today, it was Crutsinger who, in the wake of a mediocre report on consumer spending, again invoked “government budget-cutting as the primary culprit explaining why the economy only grew by an estimated annualized 2.2% during the first quarter:
The government reported Friday that the overall economy grew at an annual rate of 2.2 percent in the January-March quarter. That’s down from 3 percent annual growth in the October-December period. The weakness mainly reflected government budget-cutting and weaker business investment.
Since they’re not letting go of their false meme, I’m not about to stop debunking it, this time with the help of the Wall Street Journal’s editorial board.
From Toby Harnden at the UK Daily Mail:
(J. Breandan) Doherty, who has compiled statistics about presidential travel and fundraising going back to President Jimmy Carter in 1977, found that Obama had held 104 fundraisers by March 6th this year, compared to 94 held by Presidents Carter, Ronald Reagan, George Bush Snr, Bill Clinton and George W. Bush combined.
Since then, Obama has held another 20 fundraisers, bringing his total to 124. Carter held four re-election fundraisers in the 1980 campaign, Reagan zero in 1984, Bush Snr 19 in 1992, Clinton 14 in 1996 and Bush Jnr 57 in 2004.
And six months remain in the campaign. To the extent the establishment press has noticed, its coverage has been largely favorable and only occasionally neutral, with no previous administration comparables ever brought to light.
Rules are here. Possible comment fodder may follow later. Other topics are also fair game.
From New York City:
April 21, 2012 at 4:55 PM
A New York woman says two telephone pollsters saved her life after her she grew confused and began breathing heavily while being questioned for a poll.
“I owe these two my life,” Bobby Berlin, a 79-year-old diabetic, told the New York Post Friday.
During a telephone call for a poll on New York Mayor Michael Bloomberg Monday, Berlin became confused and started breathing heavily, said Jason Sokolowski, a poll-taker for the Marist Institute for Public Opinion at Marist College in Poughkeepsie, N.Y.
Sokolowski, a 20-year-old college junior who is a communications major, said he became alarmed and alerted his supervisor, Daniela Charter, 37.
“From the instant I said hello and the woman said hello back to me, it was evident that something was wrong,” Charter said.
Charter called 911, and the dispatcher took Berlin’s phone number and called emergency workers.
Authorities later informed Charter Berlin was going to live.
On Wednesday, Berlin, a former New York City elementary school teacher and stockbroker, met Sokolowski and Charter.
Go here for the rest of the story.
A week ago, National Journal’s Michael Hirsh quoted an unnamed State Department official who claimed that “The war on terror is over. Now that we have killed most of al Qaida, now that people have come to see legitimate means of expression, people who once might have gone into al Qaida see an opportunity for a legitimate Islamism.” If it’s so over, then why were government officials referenced in Kimberly Dozier’s Associated Press report this evening about the state of Al Qaida a year after Osama Bin Laden’s death “on condition of anonymity because they say publicly identifying themselves could make them a target of the terrorist group”?
Dozier is a noteworthy exception to the usually dreadful reporting at the wire service, and has a personal reason for having her eyes open. While she was with CBS News in May 2006, she was critically injured by an IED in Iraq. After nine months, she returned to work. According to Wikipedia she joined the AP in the spring of 2010.