Bloomberg News published an article about the economy today that will make professional propagandists blush.
Bloomberg News put out an asinine Feb. 27 story headlined: “Inflation Pain Means Biden Gets No Credit for Roaring Economy.” The outlet hailed the “hot” job market, a “powerful jobs recovery” and an economic “rebound that’s handily outpaced that of other major developed nations.” But here was the kicker: Bloomberg News hedged that voters were still anxious because “inflation is drowning out the broader picture of an economy returning to health.” Bloomberg News also claimed that the higher demand apparently driving inflation has been “fueled by a powerful jobs recovery under Biden.” The outlet cited the unemployment rate dropping to 4 percent and “[w]age increases.”
This narrative had two issues: Inflation rose to an all-time high of 40 percent and Bloomberg News was misleadingly citing every indicator that indicated a strong Biden economic recovery. As Macro Trends Advisors founder Mitch Roschelle tweeted rebuking Bloomberg News: “Attention
@businessA hot, expanding economy driven by #inflation is nothing to take credit for – time for the WH to admit it’s a problem and take ownership #WIN.”
— Mitch Roschelle (@Mitch_Roschelle) February 27, 2022
The “powerful jobs recovery” line was another strike for Bloomberg News’s credibility. Even ADP Chief Economist Nela Richardson said in January that “[t]he economy — and this is an important point — hasn’t added one single job from the 2019 high watermark. None. All the jobs that we have seen gained are recovered jobs that were lost.”
Similar attempts were made by the liberal media to portray reports on GDP growth as good news for Biden’s administration. The Washington PostRecently, I supported the Bureau of Economic Analysis’s report that showed a 5.7% increase in gross domestic products (GDP) over last year. Andy Puzder, former CEO of CKE Restaurants and senior fellow at the Pepperdine University School of Public Policy, explained that government lockdowns caused GDP to decline by a “significant 3.4%, the largest drop since at least 1948. So, with the bar set at an historic low of -3.4% in 2020, GDP naturally rebounded in 2021.”
Finally, Bloomberg News buried a mention of “wage increases” and a “5.1% annual pace of gains, the best since before the global financial crisis,” according to the Federal Reserve Bank of Atlanta. Surprisingly, Bloomberg News gave the best rebuttal to itself right in the next sentence: “Trouble is, inflation is running even faster.”
Bloomberg News ended by releasing the White House from any responsibility for fighting inflation. Instead, it urged Americans to turn to the U.S. Federal Reserve. “While Fed policy makers are set to start raising interest rates next month, their efforts are likely to take months, if not years, to bring price increases back toward their 2% target,” Bloomberg News reported.
Conservatives under attackBloomberg News Contact Us firstname.lastname@example.orgAnd demand that it refuses to accept the false narrative that the economy can be strong despite the fact regular Americans face high inflation.