Via Steve Benen, Barney Frank's interrogation of John Snow was a work of art. Remember here that Snow is nothing less than the administration's Treasury Secretary, and he was at a prescheduled Hill briefing meant to tout the administration's 12 best economic months yet:
"Mr. Secretary," Frank said, "I agree with much of your statement, but I confess to some trouble with your citation of the rise in hourly wages. What's the CPI increase over the past 12 months? Do you know?" Replied Snow: "Well, about 5, I think, 5.1."
To which Frank said: "OK, because you've got hourly earnings going up 3.8%, and I believe…that's not adjusted for inflation. So my understanding is that even in the past 12 months, which are your best 12 months, hourly wages have barely kept up with inflation…. But you would acknowledge that 3.8% increase in wages you're talking about is nominal, not adjusted for inflation, correct?
Snow, who has a Ph.D. in economics, was a bit flummoxed at first. "I'll have to go back, Congressman, and check these numbers," he said.
"That's not a trick question," Frank insisted.
"I know it's not," replied the Treasury secretary. He then confirmed that the 3.8% was nominal, that is unadjusted for inflation.
Steve, always the gentlemen, excuses Snow. "[He] receives a lot of criticism for his inability to sell Bush's economic agenda, but at a certain level, it's unwarranted. Some facts just can't be spun, especially by a powerless Treasury Secretary." True dat. These days, reality itself has a demonstrable liberal bias.
