On Thursday the Bureau of Economic Analysis (BEA) reported that the United States’ Gross Domestic Product contracted 1.4 percent in the first quarter of 2022, a full 2.4 percent off from economists’ expectations.
After ignoring the latest round of bad economic news for the Biden administration, ABC’s World News Tonight and CBS Evening News attempted to bury the disastrous numbers by briefly reporting on the GDP report in the latter half of their broadcasts.
The news was only covered for twenty-two minutes and 18 seconds, respectively. NBC Nightly News performed slightly better, spending only two minutes twenty seconds and giving their report early in the broadcast.
World News Tonight fill-in anchor Whit J. Johnson reported on his short report between segments about the FDA’s ban on menthol cigarettes as well as the arrests of three Florida prison guards.
This is the reversal of the pandemic recovery. After a year with rapid growth, the economy fell in the first quarter 2022. In the first quarter of 2022, the country’s production of goods and services (the GDP) dropped 1.4 percentage points, which is the worst performance since COVID’s early days. The report raises fears about a recession but consumer spending remains high and investment in businesses is still strong.
Things weren’t much better over on CBS with anchor Norah O’Donnell taking a break from covering the news of the menthol cigarette ban, and the lack of diversity among public school teachers to report the economic news that affects every single American:
Today’s news regarding the U.S. economy was disappointing. G.D.P. of the United States unexpectedly fell at an alarming rate. Surprisingly, the country’s GDP grew at an unexpected 1.4 percent pace. It’s the worst three month stretch in two decades. However, economists predict a recovery as more people get hired and wages rise.
NBC Nightly News was able to devote more time to the GDP report, and didn’t push it to the end, but anchor Lester Holt, and correspondent Tom Costello, made excuses for the horrible numbers and joined their CNN friends by giving bad economic takeaways.
Costello tried convincing viewers that the economy was mixed with good and bad news, and that the GDP numbers were more encouraging. “evidence of the economic paradox Americans are living with every day.”
Pretending that the government didn’t just pump trillions of dollars into the economy, Costello claimed inflation is skyrocketing because of “strong consumer demand.”
Only after repeating President Biden’s excuses that the Omicron wave was to blame for the struggling economy, did Costello claim that the economy shrunk because “the government cut back on pandemic-related spending” It’s as though everything were perfect if the government spent recklessly.
Progressive on ABC, Liberty Mutual and Ford on NBC made it possible to cover the latest instance of leftist news networks that were covering the Biden administration. You can find their information linked.
To read the transcripts of each segment click “expand”:
ABC’s World News Tonight
Eastern, 6:46 p.m.
WHIT JOHNSON – And the reversal of the pandemic recovery. After a year with rapid growth, the economy fell in the first quarter 2022. In the first quarter of 2022, the country’s production of goods and services (GDP) dropped 1.4 percentage points, which is the worst performance since COVID’s early days. The report is fueling concerns about possible recession. However, consumer spending and business investments remain high.
CBS Evening News
NORAH O’DONNELL: There was some disappointing news today on the U.S. Economy. G.D.P. in the country fell unexpectedly at a pace of 1.4 percent. Surprisingly, the country’s GDP grew at an unexpected 1.4 percent pace. It’s the worst three month stretch in two years. However, economists predict a recovery as more people get hired and wages rise.
NBC Nightly News
LESTER HOLTS: Wall Street rally. The Dow, S&P, and NASDAQ all up. It comes after some unexpected economic news. After strong growth in the second quarter, the U.S. economy slowed down in the first quarter. It is the lowest performance since the beginning of the pandemic. Tom Costello discusses the reasons behind this.
TOM COSTELLO: This is yet another example of the economic paradox Americans live with each day. Prices for groceries, gas and cars are soaring due to strong consumer demand. With plenty of work, unemployment is now at its lowest point in fifty years. The economy shrank by 1.4 percent over the first three months. He insists that the Omicron surge in January played an important role.
JOE BIDDEN, PRESIDENT: You’re witnessing tremendous growth in a country that has been affected by COVID as well as the COVID blockages we have incurred.
COSTELLO, Analysts claim that the sudden contraction in the economy is due to the fact that the U.S. cut back on spending related to pandemics and imported more goods than exported. America is buying more goods than it exports. Global supply chains are becoming more difficult due to the ongoing war in Ukraine, and China’s recent COVID lockdowns. Nephron Pharmaceuticals in South Carolina is building its own plants to meet the demands of its overseas suppliers. There are hundreds of jobs available, but the company must have high salaries and flexible working hours in order to draw workers.
LOU KENNEDY (CEO NEPHRON PHARMACEUTICALS),: You can come anytime you wish, you can stay for as little or as much as you need, and we will pay you even after the shift ends.
COSTELLO: With higher prices and higher housing costs as well as the Fed’s willingness to increase rates once again, there is a chance that the country will be plunged into recession.
DIANE SWONK (CHIEF ECONOMIST – GRANT TORNTON): Workers are finally getting out of the cold, into the warmth and comfort of rising wages. But now, they’re feeling the effects of inflation. To make ends meet, they will need to work an additional job.
HOLT – So Tom, do you think that today’s economic data will change your expectations about the Fed raising interest rates next Wednesday?
COSTELLO. Analysts believe that the Fed will continue to raise rates next week by half a percentage point and then again this year, as it has to keep inflation in check. Higher rates will also mean that new loans, mortgages and rents as well as credit cards, will be more costly, Lester said.