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 believeā¦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 inflationā¦. 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.