The Los Angeles Times singlehandedly proved that the liberal media will go to asinine lengths to protect President Joe Biden’s political image even if the economy tumbles into a recession.
The Times Released a story with a tone deaf headline that smelled of economic illiteracy. The story was headlined: “Yes, a recession looks inevitable. It may not seem so bad. Here’s why.” Times staff writer Don Lee trivialized the 40-year high inflation crisis that could legitimately plunge the nation into recession: “Whether it’s President Biden insisting a recession is avoidable or his critics arguing that the wolf is at the door, Both sides act as though the country is in a new catastrophe.” Perhaps Lee missed this June 17 headline from the liberal The New York TimesAlerting Americans on the seriousness of the inflation situation: “This Is Going to Hurt.” [Emphasis added.]
But Lee, illustrating a new talking point for some media leftists, attempted to make it seem like a recession typified by skyrocketing prices and supply shortages isn’t that big of a deal:
Recessions are part of American economic history, despite the rhetoric. The U.S. has had one, on average, every 6½ years since 1945.
But Lee wasn’t finished with hot takes. He lectured readers how “[m]Any household can afford to spend a lot of money, but there are plenty of jobs available and a strong demand for workers.. Banks are well capitalized, which gives them a solid buffer against a business contraction.” He continued his misdirection: “The rebound since [the pandemic]Because of the unprecedented amount of government aid for households and businesses, this has resulted in a strong economy that is fast and efficient. Lee’s argument doesn’t even come close to passing the smell test.
Bloomberg News checked the claims that Pandemic-era savings had financially supported households. Bloomberg reporter Saleha Mohsin analyzed, “the money is rapidly evaporating for 26 million low-income families.” Lee ignored this glaring caveat and bloviated: “Those extra savings, along with historically low household debt and loan-servicing burden — many homeowners locked in low mortgage rates before the recent increases — suggest that most people are better positioned financially and could help make the next recession milder.” But a “savings erosion” wiped out pandemic gains for about 26 million households making the least money, Mohsin noted. This “may undercut recent comments from Biden administration officials.” Mohsin’s reporting just happened to undercut Lee’s gaslighting, too.
Larry Summers, former director of National Economic Council was reported to have recently described what it would take for the government and the private sector to curb out-of control inflation.
“‘We need five years of unemployment above 5% to contain inflation – in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment,’” Bloomberg News quoted Summers as saying during a London speech. [Emphasis added.]
Lee even mentioned Summers ironically in his propaganda article. But Lee didn’t mention Summers’s recent comments about the need for unemployment to take a hit to deal with inflation.
Conservatives under attack Contact Los Angeles Times Executive Editor Kevin Meridaat Kevin.Merida@latimes.com and hold the publication to account for downplaying America’s inflation crisis.
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