A sign of these sorry times for professional journalism: Time magazine runs a dishonest smear against Charles Koch, completely twisting the billionaire’s remarks at a recent meeting of major donors in Orange County, California.
“Charles Koch Says US Can Bomb Its Way to $100,000 Salaries,” screamed the headline. The sub-heading added, “Building bombs and using them is one way to growth, the billionaire suggests to allies.”
What did Mr. Koch actually tell the assembled crowd of major donors?
“I think we can have growth rates in excess of 4 percent. When I’m talking about growth rates,” explained Koch, “I’m not talking about that GDP, which counts poison gas the same as it counts penicillin. What a monstrous measure this is. If we make more bombs, the GDP goes up — particularly if we explode them.”
In other words, while Time’s headline portrayed Koch as a warmonger, the billionaire businessman wasn’t suggesting this country “Bomb Its Way” anywhere. Certainly not “to growth.” In fact, Koch was making the opposite point: true economic growth can’t come from producing or using “poison gas” or other munitions.
Apparently, I wasn’t the only one who had found this article’s headline to be a flat-out concocted falsehood; Time soon changed the headline.
Yet, even the re-written headline was sort of a slap: “Charles Koch Mocks Common Measure of Prosperity.” Only after reading the sub-head — “Calls ‘monstrous’ the notion that GDP values bombs as much as medicine” — was it clear that Koch was making a very common sense point.
This is Common Sense. I’m Paul Jacob.