Two times per day, a broken clock will be right. CBS is Thursday. The Late Show Stephen Colbert hosted the show. Colbert was able to recognize spins from MSNBC and CNN when it came down to these networks trying to deny that the economy is in recession following two quarters with negative GDP growth.
Colbert was sarcastically grateful that CNN was there to help viewers cut through the White House’s own spin on the matter, “So, we’re in a recession. But are we in a recession? According to the White House, two consecutive quarters of economic contraction does not, in and of itself, constitute a recession. Thankfully, we have cable news to cut through all the spin and give us some straight answers. CNN, we’ve had back-to-back quarters of negative growth. What does that mean historically?”
Video of Matt Egan, CNN Business Reporter Here’s What We Do was then showed with Egan explaining, “Every single time since 1948 that you’ve had back-to-back quarters of negative growth, you’ve had a recession, every time.”
That led Colbert to ask, “So, that’s the case this time?” In response, Egan was shown claiming, “That may not necessarily be the case this time.”
Turning to MSNBC, Colbert asked, “Okay. Still, recession-wise, we should be able to use history as a guide, right, MSNBC?”
Gillian Tett is the U.S. editor at-large Financial TimesThen, he was shown on Andrea Mitchell Reports, asserting that, “We really don’t know how far we can or cannot use history as a guide.”
Sticking with GDP, Colbert wondered, “Sure. But at the bare minimum, on the GDP next quarter, up or down?”
Christine Romans is CNN’s Chief Business Correspondent. Neue Day was the next target singled out for ridicule as she proclaimed, “This is a number that could turn positive, it could turn more negative.”
Concluding, Colbert asked, “Okay. Last question: do you need any qualifications at all to go on TV and talk about the economy?”
Insider columnist Linette Lopez’s MSNBC Reports segment on predicting the economic future of the country was basis for the final clip, where she claimed “It’s really impossible to tell.”
The media’s spin on behalf of the Biden economy has been so transparent even liberal comedians cannot avoid it. Both can learn from this lesson.
This segment was sponsored and produced by Progressive.
The transcript of the show on July 28th is available here:
CBS The Late Show With Stephen Colbert
7/28/2022
11.42 pm ET
STEPHEN COLBERT: So, we’re in a recession. Is that true? According to the White House, two consecutive quarters of economic contraction does not, in and of itself, constitute a recession. Thankfully, we have cable news to cut through all the spin and give us some straight answers. CNN, we’ve had back-to-back quarters of negative growth. What does that mean historically?
MATT EGAN: Every single time since 1948 that you’ve had back-to-back quarters of negative growth, you’ve had a recession, every time.
COLBERT: So, that’s the case this time?
EGAN: That may not necessarily be the case this time.
COLBERT: Okay. Still, recession-wise, we should be able to use history as a guide, right, MSNBC?
GILLIAN TETT: We really don’t know how far we can or cannot use history as a guide.
COLBERT: Sure. But at the bare minimum, on the GDP next quarter, up or down?
CHRISTNE ROMANS: This is a number that could turn positive, it could turn more negative.
COLBERT: Okay. Last question: do you need any qualifications at all to go on TV and talk about the economy?
LINETTE LOPEZ: It’s really impossible to tell.
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