NBC: Recession? ‘Depends on Who You Ask’ (They Asked the Biden White House)

Parroting the new Biden talking points that a recession isn’t a recession, NBC on Wednesday said the whole thing is hard to figure out. According to reporter Tom Costello, “it depends on who you ask.” So who did he ask? It was, naturally, the Biden White House. Over on ABC, journalist Rebecca Jarvis said that there might not be a recession “technically.” 

It was only on CBS that reporter Kris Van Cleave offered the truth: “Tomorrow, we get GDP numbers that are widely expected to show a second consecutive quarter of negative growth, and that is a key indicator traditionally that the U.S. has slipped into recession.” In the past few days, the White House has attempted to claim that two quarters of negative growth It isn’t a recession. 

Restart the TodayCostello also noted that the Federal Reserve might raise interest rates once again. He wondered, “However, is the economy currently on a course to a recession? The answer depends on whom you ask.” Apparently the person to answer that question is Brian Deese, the National Economics Council Director. 

Deese, who was appointed by Joe Biden in December of 2020, redefined the question: “The most important question economically is whether working people and middle-class families have more breathing room and they are able to afford the important things in their lives.” 

Costello found the whole situation to be a “head scratcher.” 

That is right, the Federal Reserve is so worried about this economy. Most people don’t think we are in recession. Deemed to be a reminder, we are also monitoring corporate earnings.

In fairness, the NBC journalists weren’t pretending the economy is in great shape. But they definitely don’t like the word recession. A few minutes later, Today co-host Hoda Kotb suggested labeling a recession a recession didn’t really matter: 

HODA KOTB:  I keep hearing this debate, are we in a recession? Is it not a recession? Every day we see it. It doesn’t matter what your children call it if Mary Smith walks down the street, with Mary Smith and her kids. Is it affecting them? 

MELISSA LEE (NBC/CNBC journalist): No.It doesn’t matter if you pay 12 percent more per pound for food than you did a year ago. Many Americans pay more for certain items. An average 13-ounce bag of Regular Lays potato chips costs 38 percent more than last year. Mary Smith is walking down the street feeling the effects more strongly than the headline statistics the government gives. 

However, it is important. Biden White House wants to keep it quiet about the recession. 

There are more Good Morning America, economy correspondent Rebecca Jarvis played it both ways: She admitted things are bad, but, regarding tomorrow’s report on whether we have a second quarter of negative growth, preemptively called the situation not, “technically,” a recession: 

Food prices are rising by double-digits for consumers. Their rents are rising. They see prices rise in almost all areas. That has caused consumer confidence in falling for the third month straight and raised concerns over the R-word, the slowdown in economic growth. Robin, it doesn’t necessarily mean that there will be a recession. However, consumers can feel terrible. 

Kudos journalistsCBS Mornings for being much blunter. Co-host Nate Burleson explained, “Today the Federal Reserve is expected to raise interest rates for the fourth time this year to help curb inflation amid fears of a potential recession.” 

Reporter Kris Van Cleave added, “[The Fed rate hike is ] necessary, the Fed says, to counter skyrocketing inflation, up 9.1 percent in June. But comes as the economy flirts with recession.” Avoiding the happy talk of his competitors at NBC and ABC, he concluded: 

The Biden administration now points out that unemployment levels are at their lowest level in 50 years as an indicator of a healthy economic environment. Today’s GDP numbers are expected to reveal a 2nd consecutive quarter of decline.That is traditionally a sign that the U.S. is in recession.

Biden tried to define a recession on Monday but was let down by the networks. The New York TimesThe whole rule of two quarters was to be ignored. 

Verizon sponsored ABC’s spin, Xfinity sponsored NBC. To let Biden know your opinion on such outrageous spin, click the links. 

Below are partial transcripts. Click “expand” to read more. 

CBS Mornings
7/27/2022
Tease

NATE BOULESON: In the midst of recession fears, the Fed has announced another increase in interest rates. This is to quell inflation fears. 

7:10 AM 

BURLESON: The Federal Reserve expects to increase interest rates this week for the fourth straight year, in order to reduce inflation. This is amid concerns of possible recession. Yesterday’s markets closed lower due to concerns over rate hikes and some poor earnings reports. Kris Van Cleave will be in Beloit (Wisconsin) to provide more information on the impact of this rate increase on everyday expenses. 

…

VAN CLEAVE [The Fed rate hike is ]According to the Fed, this is essential in order to stop skyrocketing prices, which rose 9.1% in June. However, this comes just as the economy seems to be heading for recession. 

…

VAN CLEAR: The Biden Administration now points out that the country’s unemployment rates are at their 50-plus year lows, which is a sign of a healthy economic system. Today’s GDP numbers are likely to reveal a second quarter of declining growth. That is historically a signal that the U.S. economy has entered recession. Vlad? 

Good Morning America 
7/27/2022
7:09

ROBIN ROBERTS : George, let’s get to the economy. In an effort to curb inflation, the Federal Reserve plans to increase interest rates. Rebecca Jarvis, our chief economist correspondent is in New York Stock Exchange to discuss more. Good morning, Rebecca. 

…

REBECCA JAVIS: The inflation in food prices is double-digit for the consumer. Their rents are rising. They see prices rise in almost all areas. That has caused consumer confidence in falling for the third month straight and raised concerns over the R-word. Robin, even though there’s no recession technically, consumers can still feel miserable. 

Today
7/27/2022
7:02

HODA KOTB: Our big story, our top story, it’s a big, big day for the economy. We expect the Fed to announce the next major interest rate increase in just hours. The Fed has not raised rates as quickly in almost 30 years. 

TOM LLAMAS: Yes, it could increase the price of buying a house, paying off credit card debt, and leasing a vehicle. It is hoped that it will eventually help to control these prices. 

…

TOM COSTELLO – We expect the Fed today to increase interest rates to control the economy, but are we in recession yet? The Fed could push the economy deeper into recession if it does raise rates even by three-quarters. What the Federal Reserve does this morning will affect your credit card rates as well, bank loans and new cars, and even mortgage rates. The Federal Reserve is expected to increase rates by at least three quarters of an inch. It has been the fastest and most aggressive rate rises since 1994. 

…

COSTELLO: Is the economy on a collision course to a recession yet? It really depends on whom you ask. 

BRIAN DEESE, Director of the National Economics Council: Economically it is important to know if middle-class and working families have more money and can afford the most important things in life. 

COSTELLO – For JoeAnn English, a Sacramento resident it is more like depression. After losing her six-figure career and savings, she also lost her home and house. She now lives paycheck to paycheck. 

 JOE ANN ENGLISH: I don’t see that there’s a light at the end of the tunnel yet. It’s just that I struggle to make it through. It is difficult to remain positive. 

COSTELLO: The National Bureau of Economic Research defines a recession as “a significant decline in economic activity spread across the economy lasting more than a few months.” And while overall prices are high, experts say the job market is actually a bright spot with unemployment sitting near 50-year lows. Do you actually think the economy is strong or relatively healthy right now? 

NELA RICHARDSON (Chief economist at ADP): Yes. Because I look at the labor market, I don’t see any signs of recession. Anyone who needs a job is able to find one in this market. That’s not something you typically see during a recession. 

COSTELLO : This is the reason why this economy has been so troublesome for the Federal Reserve. Most people don’t feel that we are in recession. You can also watch corporate earnings.

…

KOTB:  I keep hearing this debate, are we in a recession? Is it not a recession? It’s something we see every day. If Mary Smith walks down the street, with her children going to work every day, what does it really matter? Is it affecting them? 

MELISSA LEE – No. It doesn’t matter if you pay 12 percent more per pound for food than you did a year ago. That 12 percent figure is just an average number. Many Americans pay more for certain items. The price of a 13-ounce bag regular lays potato chips has increased 38 percent over the previous year. Mary Smith is walking down the street feeling the effects more strongly than the headline statistics the government gives.