On Friday, NBC’s Today show joined the morning broadcast chorus of ABC and CBS in claiming a .6 percent drop in inflation heralded the end to America’s economic woes. And despite admitting food prices are still “soaring” and the price of crude oil was creeping up again, correspondent Sam Brock tried to paint a rosy picture of the economy.
“Also this morning, there are fresh signs the U.S. economy jolted by record inflation may finally be starting to pump the brakes on the runaway prices,” co-anchor Savannah Guthrie boasted. “And today the House is set to vote on that landmark economic and climate package passed along party lines in the Senate earlier this week.”
Brock initially agreed, noting that “gas prices falling is certainly a great first step because fuel affects the cost of just about everything else.” But he then informed Guthrie that “family and business owners” would tell her “food costs right now are soaring. Menus, in many cases, are double what they were a year ago and rents are relentless.”
But that didn’t stop him from adding: “Still, there’s optimism right now we’re headed in a better direction.”
Going into the video portion of the segment, Brock touted how gas prices were down (though they’re still high) and a .5 percent drop in costs for producers:
For an American economy that’s been beaten up by soaring inflation, there are critical clues this morning things may be slowly improving. The average gas price dropped to $4, the lowest level since March.
(…)
The Producer Price Index, which is what they pay to buy their products, dropped half a percentage last month. This was its first decline since 2020. Some argue that the true benchmark of progress is still clear.
Brock covered the outrageous food prices after highlighting one family that could afford to take a Florida vacation. He spoke with a crab restaurant owner who told him, “Labor costs are still very high. They are now much more expensive than ever before for packaging materials. It is very expensive to eat. Even though we are starting to see a little relief in that area.”
Brock eventually got around to propping up the so-called “Inflation Reduction” Act and lauded it for “provid[ing] tax credits for cleaner homes and cars, and ultimately cap Medicare drug costs.” Although he did admit the negotiation for drug costs won’t kick in for four years, he omitted the fact that economists have said the bill would not reduce inflation but make it worse.
Brock suggests that we return to the live shot. “another reason to be bullish”That was it “the inflation rate has remained the same month over month after massive increases, Savannah and Craig, perhaps indicative of the fact that rising costs may have finally peaked.”
But he warned “the cost of crude oil per barrel is up $6 in the last few days. It could be signs that our progress on the gas front could be short-lived.” “Ugh. Hope not,” Guthrie groaned.
NBC’s gaslighting about the economy was made possible because of lucrative sponsorships from Hyundai and Comcast. You can find their contact information here.
Below is the transcript. Click “expand to read:
NBC’s Today
August 12, 2022
Eastern at 7:13 amSAVANNAH GUTRIE: There are new signs that the U.S. may be putting a halt to record-breaking inflation. The House today will be voting on the historic economic and climate package, which was approved by the Senate in a party-line vote. So, what does it all add up to you – for you? NBC’s Sam Brock joins us with more on that. Sam, it’s good to be here.
SAM BROCK: Savannah, good morning. Gaze prices falling is definitely a positive first step. Fuel costs can affect the price of almost all other items. But you talk, Savannah, to family and business owners, they’ll tell you food costs right now are soaring. Many menus now cost twice what they did a year ago, and rental rates are rising at an unprecedented rate.
Still, there’s optimism right now we’re headed in a better direction.
[Cuts to video]
For an American economy that’s been beaten up by soaring inflation, there are critical clues this morning things may be slowly improving. The average gas price dropped to $4, the lowest level since March.
UNIDENTIFIED MALE 1: I did indeed see a significant difference.
BROCK – The PPI (the price that producers are charged for their products) fell by half a point last month. It was the first drop since 2020. Some argue that the true benchmark of progress is still clear.
UNIDENTIFIED WOMAN 2, Prices will drop. This is very simple.
BROCK – The Polinskys in Connecticut have taken their first holiday to Florida this year.
MR. POLINSKY – I believe we feel a lot more relaxed about the state of the economy.
BROACK: Businesses are fighting inflation with hope.
How has inflation affected your food?
BRIAN HERSHEY (Yes, prices have risen for all items on the menu).
BROCK. Brian Hershey, owner of Billy’s Stone Crab Inc. is located in Hollywood Florida. He’s cautiously optimistic inflation will turn a corner and he can drop prices, like the signature stone crab now at $51 a pound.
They were what a year ago.
HERSHEY: About a year ago, they cost $28 per pound.
BROCK: Lower fuel costs helped tremendously, he said. It’s only one part of the larger picture.
HERSHEY – Labor costs remain very high. Supplies for packaging are now much more expensive than ever before. It is very expensive to eat. We are beginning to notice some relief in this area.
BROCK – The House will be voting on today’s Inflation Reduction Act. It has passed the Senate and will, among other things provide tax credits for cleaner houses and better cars and cap Medicare drug cost, but not anytime soon.
BRIAN SULLIVAN (senior national correspondent, CNBC): Let’s be clear, the Medicare pricing provision negotiating prices for 10 drugs doesn’t kick in until the year 2026 and then expand to 15 drugs in 2027.
BROCK – But Americans need help immediately.
This felt like a tidal surge.
UNIDENTIFIED WOMAN 2: A tidal wave. A huge tidal wave. It must stop.
[Cuts back to live]
BROCK : This is another reason to remain bullish. After massive rises, Savannah and Craig noticed that the inflation rate has not changed month to month. This could be a sign of rising prices having finally reached their peak. Be aware that crude oil prices per barrel have risen by $6 over the last few days. These could signal that we are not making progress on the gasoline front. You guys, it’s back to work.
GUTHRIE: Ugh. I hope not. Sam, I am very thankful.
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