CBS Celebrates Inflation Still High, Declares NO RECESSION in Sight

The July inflation rate was just.6 percentage CBS MorningThe news was treated as if it were the final days of the Great Depression. With gas prices still way above where they were last year and people still paying through the nose for basic necessities, on Wednesday, CBS business analyst Jill Schlesinger joyously proclaimed that inflation had “peaked” and spewed the Big Lie that America was not experiencing a textbook recession.

Nancy Cordes, the fill-in host for this show, announced it early in the program “the once-soaring gas prices that are falling fast” with “the average nationwide cost for a gallon of regular is about $1 cheaper than it was just in mid-June.” She also asserted that “it’s a sign that overall inflation may have peaked.”

Correspondent Erroll Barnett was standing outside a gas station in Alexandria, Virginia, and remarked “that this is typically a place of stress and anxiety for most Americans, right? The vibe these days is much calmer[.]” But he did admit it was “relative” since “a regular gallon of gas is $1 more expensive than a year ago but $1 less expensive than two months ago.”

At no point did they mention that it was President Biden’s energy policy that had caused gas prices to rise since he took office.

But during their “Money Watch” segment, Cordes and Schlesinger teamed up to treat the .6 percent drop in inflation as liberation from financial hardship:

 

 

CORDES – The Consumer Price Index showed that prices rose by 8.5% in July, compared with a year earlier. The increase in inflation was 9.1 percent for June, the highest rate since more than 40 year. (…) Jill, good morning. 8.5 percent. This is a substantial reduction.

SCHLESINGER: Yeah. This could be because inflation has peakedBecause these July numbers are slightly higher than we expected, June will see a decrease in sales. Although not great news, we thought 8.7 percent annually, which is 8.5.

Schlesinger said that, in spite of the recent runaway spending spree by Democrats and Bidens, things could remain stable. “we could believe that over the next few months we have seen the peak [on inflation], the end of the year we should come down toward seven, maybe six percent.”

“But just remember, gang, before we started this inflationary period, the inflation rate in the United States was just under two percent. So these are big changes,” she inexplicably boasted without an explanation as to what or who was to blame for the inflation to begin with.

Anchor Tony Dokoupil followed up with the important question: “What does it mean for a potential recession?” Schlesinger responded by spewing the Big Lie and pretending we currently weren’t in one and one wasn’t even on its way:

Look, when inflation is very high and the federal reserve actively combats it by increasing its interest rates, then those conditions will often lead to the broad slowdown known as a recession. We don’t seem to be in recession at the moment.We had half a billion jobs created within the past month. A country that creates half a billion jobs per month does not typically fall into a recession.

“So I think that maybe for another month we’re going to sort of put that recession talk off to the table,” She told them to get off the ground.

Schlesinger was a clownish spokesman for people who were trying to save money in the face of the pandemic. She forgot to mention the CBS reports showing unimaginable lines at food pantries, with people trying to survive. Many were using the network for the first-time, the network stated.

These ridiculous claims about an economy in crisis were made possible by the lucrative sponsorships of Comcast and Toyota. You can find their contact information here.

You can find the transcript below. To read it, please click on “expand”.

CBS Mornings
August 10, 2022
Eastern at 7:11 a.m.

NANCY CORRDES: Here’s the latest news on once-soaring gas costs that are rapidly falling. Today’s national average cost of a gallon regular gas is $1 less than in June, when prices were at their peak. The trend is also a sign of overall inflation. Erroll Barnett was at the Alexandria station, Virginia. He is just outside Washington. Erroll, good Morning. Is there anything you hear from other drivers?

ERROLL BENETT: Nancy, it’s good to see you. We are glad to have you here. This is a common place for stress and anxiety in America, as I know. The vibe these days is calmer, but this is also relative. One gallon of regular gasoline is now $1 cheaper than it was a year ago, but only $1 more than what it was two months ago. This has many people wondering if summer is over and that they should go on a road trip.

(…)

8:34:23 a.m.

CORDES: Moving on. In this morning’s Money Watch we have the latest inflation numbers. These numbers are beginning to reflect the effect of rising gas prices. According to the Consumer Price Index, prices increased by 8.5 percent between July and a year earlier. This comes after June’s 8.9 percent inflation rate which was unprecedented in over 40 years.

Over the past month, the national average for gas prices has decreased by almost 70 cents. Jill Schlesinger from CBS is here to break it down. Jill, good morning. 8.5 percent. This is a substantial reduction.

JILL SCHLESINGER: Yeah. These July numbers may suggest that inflation hit its highest in June. This is not great news but, on an annualized basis 8.7 percent was good.

You also mentioned the second part of this Report, which is gas and energy costs. That pushes these numbers down quite dramatically.

(…)

Eastern 8:35:52

CORDES: How do we determine that the prices have reached their peak? CORDES: How do we know that the prices have peaked?

SCHLESINGER This was the reason oil prices rose to $120 per barrel. We’re now at $90. The bread basket in Europe, which includes a large portion of Ukraine’s products, has also seen food prices rise.

If the war doesn’t create another shortage, I believe we can be convinced that the peak will occur over the next few month. At the end of this year, we would see a drop to seven percent, or maybe six percent. Remember, though, that the U.S. inflation rate was only a little over two percent before this period began. These are significant changes.

TONY DOKOUPIL – What is it for potential recessions?

SCHLESINGER : I don’t think so. When we experience high levels of inflation and the Federal Reserve is active in fighting that inflation with raising interest rates, these are conditions that can lead to a broad slowdown, which we call a recession. The recession is not apparent at this time. We had half a billion jobs created within the past month. A country that creates half a billion jobs per month does not typically fall into a recession.

So, I believe that we can put off the recession talk for a month.

(…)

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