INFLATION STILL WAY UP: CNN’s Jim Sciutto Rushes to Defend Biden

CNN Newsroom anchor Jim Sciutto spins himself into circles trying to make the poor news seem like a win for President Joe Biden. Whatever happened to “build back better”?

According to the Bureau of Labor Statistics’ March 11 report, annual inflation reached 8.3 percent in a year. The March report of 8.5% inflation showed a slightly smaller increase. But that didn’t stop Sciutto from fixating on the apparent drop to avoid reality: Inflation was still red-hot in April at over 8 percent. CNN’s resident talking head portrayed the news as positive on Twitter and in the press — “New: US inflationLast month, for the first time since August: I took a rest.,” Sciutto tweeted. “Prices still increased, but at a slower pace than in previous months.” [Emphasis added]. 

Earth to Sciutto. Oil prices rose 44 percent, airline costs increased 33 percent, eggs and used cars rose 23 percent, all relative to last year. Also, the food index soared by 9.4 percent in 12 months. This is the highest increase since 1981. Does that sound like inflation “took a breather”?

The US inflation experienced a pause last month, for the first time since August. The pace of price increases was slower than the previous month, although they continued to rise. CPI rose 8.3% over the 12 months ending April, a decline from March’s 8.5%.

— Jim Sciutto (@jimsciutto) May 11, 2022

Other people had a more realistic perspective on the implications of inflation for Americans. Even leftist MSNBC host Joe Scarborough cast doubtThe idea that a minor fall in inflation is good news for Americans was shared by Twitter. “When inflation ‘drops’ to 8.3%, working Americans are hurting big time.”

Liberal Harvard economics professor Jason Furman explainedThe inflation figure that liberal media focuses on is not the most significant. “Core inflation (excluding food and energy) ran very hot in April, above it’s [sic] pace over the last year,” Furman tweeted. “That’s the big news in the new CPI release–even as the headline CPI fell.” 

Furman was a finalist in an alternative tweet: “Yes, the 12-month change in inflation peaked. Core inflation in April at 7.0% was higher than 6.5% in the twelve previous months. This number doesn’t offer much comfort..”[Emphasis added]. 

Inflation (food and energy excluded) was very high in April. It’s higher than the pace it has been over the past year. The headline CPI declined, but this is what the CPI report reveals.

Core +0.57% (that is a 7.0% annual interest rate).
Headline: (+0.33%) (that’s an annual rate of 4.1%).

— Jason Furman (@jasonfurman) May 11, 2022

Sciutto wasn’t the only journalist who tried to paint over the horrible inflation figures with sunshine and rainbows.

The New York Times claimed that inflation “moderated slightly” on Twitter and said that inflation “cooled” because of a “statistical quirk” in a story headlined: “Consumer prices are still climbing rapidly.” Yes, The Times tried to explain away a slight drop in inflation as the result of a “statistical quirk.” But even The Times conceded: “The pressures that have kept inflation elevated for months remain strong, fresh data released Wednesday showed, a challenge for households that are trying to shoulder rising expenses and for the White House and Federal Reserve as they try to put the economy on a steadier path.”

Economist Peter Schiff tweeted, “April #CPIThe core rose by.6%, and the increase was more than anticipated. As investors realise the importance of stocks and bonds, they are selling off. #FedYou must be more determined to win #inflation. What they don’t realize is that inflation has already won and the Fed will soon stop pretending to fight it.”

Conservatives are being attacked.Call ABC News (818) 460-7777, CBS News (212 975-3247), and NBC News (212 664 64192 to demand that they publish the horrendous inflation report and end putting a misleading spin on it to defend bad Biden administration policies.