Friday’s Good Morning America had full reports commiserating over the fact that the stock market had its “worst first half of the year” in over 50 years and the cost of a Fourth of July cookout have gone through the roof, but not surprisingly, the always superficial (and factually challenged) network refused to assign blame for either and thus absolved the Biden administration of any culpability.
Opening teases were held by the stock market with Gio Benitez as fill-in. “Rough ride. This is the stock market that had its worst start to the year for five decades. What experts say it will take to turn around and what your investments are worth right now.”
Weekend co-host Eva Pilgrim reiterated that atrocious stat tossing to chief economics correspondent Rebecca Jarvis to explain “what this means for your bottom line.” Spoiler alert: not great.
Jarvis stated that the stock exchange had a poor start in 1970. “more than 20 percent, wiping out more than $8 trillion in value since January and it’s largely because of inflation.”
Once she pointed out the obvious, Jarvis tried to put a positive spin on things, noting that even though one’s investments since the start of year would be in negative territory, those invested pre-COVID would still be in the black.
Asked by Pilgrim when things will “get any better,” Jarvis went about her way as she did in the first part of her segment by leading off with the bad news that “analysts do predict more volatility ahead until investors start to see inflation’s under control.”
Jarvis switched gears and argued for the positive, noting that history has shown the stock markets will rise again with 1970 being an example. This was followed by a 26.5 per cent rally in the second half.
The cookout section was teased in three classics. GMAMode with lots of fluff and very little meat, like this Benitez model: “And, of course, Becky [Worley]’s coming back with more holiday savings, showing us simple swaps to avoid sticker shock on your July 4th barbecue.”
Weekend co-host Whit Johnson would add in another that the show would have “expert advice to help plan your cookout with prices sky high and the simple swaps that can save you big.”
Consumer reporter Becky Worley began with a note of fleeting resignation about inflation as something that just happened to have occurred before breaking down three examples of the “sticker shock”:
Are you safe from the rising cost of inflation? We are finding new ways of saving because the cost for a simple July Fourth cookout is so high. Americans are preparing to host Lady Liberty’s birthday bash, but there is sticker shock at the barbecue prices. Ground beef prices are on the rise by 36% according to new data. Prices for beans and pork have risen 33 percent, and homemade potato salad has risen 19 percent.
Not surprisingly, Worley had some ways to help soften the blow, such as buying bone-in meats, picking sausage over steak, and grilling vegetables (click “expand”):
THE JOY of $AVINGJEANETTE PAVINI AUTHOR
(….)
WORLEY – Experts believe that meat is the most expensive item.
PAVINI – Plan your meal around the sale items at your grocery store for the week. You’ll want to begin with meat because it is always the most expensive on your grocery shopping list.
WORLEY – Boneless meats cook better and are more affordable. In three parts of the nation, grocery chains found drumsticks up to 70% cheaper than boneless breasts when we compared them. Whoo. Gas is what we are using now. That’s fire. You should also consider sausages instead of steak. Steak is at least 50% more expensive due to the cost difference between stores across the country. And just because it’s a BBQ doesn’t mean you have to overdo it on meat. These zucchini ribbons are my favorite. You can take almost any vegetable chunky and just throw it on the grill with a bit of olive oil and some salt. It’s that simple. A tip from savings experts: Consider adding sides for the potluck idea.
Worley suggests that we go the potluck route to get sides, before turning our attention to the hosts for the day.
Again, there is nothing to be said about administration. now-infamous tweet about how 2021’s cookouts allegedly cost 16 cents less than it did in 2020 (which led to one of Peter Doocy’s best throwdowns Jen Psaki As Senator Ted Cruz’s (R-TX) team tweetedA Fourth of July BBQ is now $10.18 cheaper than in 2021.
Exit question
Advertising companies such as Capital One or CarFax helped make ABC’s bias-by-omission segment possible. Click the links below to view their contact information on the MRC’s Conservatives Fight Back Page.
To see the relevant ABC transcripts from July 1, click “expand.”
ABC’s Good Morning America
July 1, 2022
Eastern at 7:01 [TEASE][ON-SCREEN HEADLINE: Rough Ride; Stock Market Takes a Turn]
GIO BENITEZ: A rough ride. This is the stock market that had its worst start to the year for five decades. Experts say what it takes to make the stock market turn around. What your current investments can be worth.
(….)
Eastern, 7:11
[ON-SCREEN HEADLINE: New This Morning; Wall Street Wipeout; Stocks Have Worst Start to Year Since 1970]
EVA Pilgrim: The first half of this year was a disaster for the stock exchange, with the worst performance in over a quarter century. Rebecca Jarvis is chief economist and joins us with some thoughts on what it means for your bottom line. Good morning, Rebecca.
REBECA JARVIS, Good morning Eva. It is the worst start to the year since 1970. Stock market fell more than 20%, wiping away more than $8 billion in value over the past year. It’s all due to inflation. Inflation is a major factor in the rise of prices that affect consumers across all sectors of the economy, from housing and food to oil and even property. This is a real-world example of a sell-off. This would make $10,000 today, if it were invested at the beginning of this year. Here is some context. If you look at the larger picture, you will see that the market has not fallen to pre-pandemic levels. Therefore, if you invest $10,000 in February 2020, it would still be worth approximately $11,760 Eva.
There is a silver lining in PILGRIM. Is this really going to improve? Do we expect a similar rough ride for the second half?
JARVIS: Anyone who says that you can’t be trusted should get out of your way. Analysts do predict more volatility ahead until investors start to see inflation’s under control. One sign of hope from the history books is that, back in 1970 when the S&P 500 plunged about 21 percent in the first half of the year, in the second half, it rallied 26.5 percent. Now, there are no guarantees we’re going to see that this time. However, we know that stocks tend to rise over time. Eva
PILGRIM – Focusing on the good this morning. Thank you Rebecca.
(….)
Eastern, 7:45 AM [TEASE]
[ON-SCREEN HEADLINE: Coming Up; 8:10; Fire Up the Savings]
GIO BENITEZ: And, of course, Becky’s coming back with more holiday savings, showing us simple swaps to avoid sticker shock on your July 4th barbecue.
(….)
Eastern Time: 8:01 AM [TEASE]
[ON-SCREEN HEADLINE: Fourth of July! Fireworks! BBQ! Savings! & [sic] Puppies!
WHIT JOHNSON: And we’re getting fired up for the holiday weekend with big fourth of July savings. How to prepare the perfect barbecue[.]
(….)
Eastern, 8:06 [TEASE]
[ON-SCREEN HEADLINE: 8:10; Fire Up the Savings!]
JOHNSON: [E]Get expert advice from Xpert to plan your next cookout. Learn how you can cut costs and make simple changes that will save you money.
(….)
Eastern, 8:11
[ON-SCREEN HEADLINE: GMA Cover Story; Fire Up the Savings! Best Ways to Save at the Supermarket for Your BBQ]
JOHNSON – Getting straight to our GMACover story. The best way to save money while you grill up for the Fourth of July weekend. Becky Worley returns with new ideas for saving on your BBQ feast. Good morning Becky.
BECKY WORLEY (Whit, good morning) Are you able to withstand the rising cost of living? It is not easy to afford a July 4th barbecue. This has led us to find creative ways of saving. Americans are preparing to host Lady Liberty’s birthday bash, but there is sticker shock at the barbecue prices. Ground beef prices are on the rise by 36% according to new data. Prices for beans and pork have risen 33 percent, and homemade potato salad has risen 19 percent.
THE JOY OF $AVINGAUTHOR JEANETTE PAVINI – Even though grocery store prices are on the rise, it doesn’t mean you have to go overboard.
WORLEY. But it doesn’t stop sisters Anitra and Raquel from being a little bit more determined. [sp?]People who are not from Pittsburgh. Their big Fourth of July party is what they consider the best.
LOWE SISTER NO. 1: My head count is 45. It’s quite large this year.
LOWE SISTER 2: Today, we know the value of chicken.
WORLEY – Experts believe that meat is the most expensive item.
PAVINI – Plan your meal around the sale items at your grocery store for the week. You’ll want to begin with meat because it is always the most expensive on your grocery shopping list.
WORLEY – Bones in meats cook better than those without. We found that drumsticks were as cheap as boneless breasts in grocery stores across three regions of the United States. Whoo. Gas is what we are using now. That’s fire. You should also consider sausages instead of steak. Steak is at least 50% more expensive due to the cost difference between stores across the country. And just because it’s a BBQ doesn’t mean you have to overdo it on meat. These zucchini ribbons are my favorite. You can take almost any vegetable chunk, and just throw it on the grill with a bit of olive oil and some salt. It’s that simple. A tip from savings experts: Consider adding sides for the potluck idea.
PAVINI – Sharing the grocery list is one of the most cost-effective ways to shop at the supermarket. They want to be of service. They are eager to give back.
WORLEY: Potluck to win. There are fewer dishes to prepare, which means less cost. Plan around fireworks. It’s important to play good music and keep it simple. Whit says it’s all about Whit.
JOHNSON: Exactly, our mouths were drooling, talking — going down the list. Then we said, “Yep! Oh yeah, some more of that, some more of that.” We did it all.
LARA SPENCER. All about the potluck.
PILGRIM – Everyone can then bring the good food they have made.
WORLEY: Yes.
PILGRIM: Everybody has a favorite dish.
JOHNSON, Becky: I’m so glad you love it.
SPENCER: Whit’s on the potato salad.
PILGRIM – We have the recipe.
JOHNSON: Yep.
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