Nets Refuse to Admit U.S. in Recession, Just ‘Losing Momentum’

The Commerce Department published 2nd Quarter GDP figures on Thursday morning. They showed that the economy experienced negative growth for the second consecutive quarter. This means that the United States officially is in recession for anyone with an understanding of economics. According to broadcast news networks this does not mean that we are actually in a recession.

ABC’s World News TonightDavid Muir, an anchor on CNN claimed that Thursday’s GDP Report is “raising concerns of recession” and not marking the end of one. Muir said that America had suffered “the second quarter in a row of decline,” which has traditionally been the sign of recession. Instead of complaining about how Biden lies about the economy’s state, he recited Biden’s remarks from earlier that day: “President Biden.” [is]Other key indicators, such as the employment numbers, are also being pointed out, indicating that this economy isn’t easy to categorize right now. 

Rebecca Jarvis, correspondent, dismissed it as if there were no definitions of recession. This was just another political discussion: “Whether you call it recession or not the U.S. is losing momentum while American families face the highest level inflation in a generation.”

Jarvis said that, despite us being in a recession because of the policies of Joe Biden (Democrats in Congress), “many economics tonight now project a recession to begin towards the middle of this year or the early part of next year.” 

You can also find other great resources at CBS Evening NewsAnchor Norah O’Donnell showed how out-of-touch she was with her correspondents when she claimed that President Biden “is going on the offensive against growing concerns that the country may be heading into a depression” and that this “follows today’s report showing that the country’s economy fell for the second consecutive quarter.” 

Before tossing to correspondent Caitlin Huey-Burns, O’Donnell hyped the fact that Biden “is instead focused on what could be a major legislative victory.”

Finally, NBC Nightly NewsAnchor Lester Holt declared that “new data” has been released to support this assertion [the economy]For the second consecutive quarter, it fell. The Biden Administration is denying that the economy is in recession. 

Ikeda attempted to justify the horrible GDP figures by saying that “slowdowns both in the housing market as well as consumer spending caused the decline, but were part of the goal of the federal reserve to reduce demand through interest rates.” Inflation must be brought down to 40 year lows, in order for complex economies to remain stable.

Chewy, Allstate, and Progressive made this economic gaslighting possible on the ABC, CBS, and NBC. The information they share is linked. 

For the appropriate transcripts click on “expand”. 

ABC’s World News Tonight
August 28, 2022
Eastern at 6:37:24

DAVIDMUIR: The other big news of the night is the report released this evening that raises concerns about the possibility of a U.S. recession. According to the report, GDP fell 0.9% in the three previous months. That is the second quarter in a row of declining output. This usually defines recession. However, tonight President Biden highlighted other factors as well, including the job numbers. This economy is not easy to define right now. 

However, it doesn’t matter if this is a recession officially or not. Rebecca Jarvis with families from across the nation tonight who said they feel this way about everything they pay for. 

REBECCA JARVIS: The U.S. is in recession tonight, regardless of whether it’s called that. Meanwhile, American families face the most severe inflation for a generation. 

[…]

JARVIS: Today’s Commerce Department report shows that consumer spending, investment, and stock replenishment by stores have all declined over the period April through June. Biden takes a positive tone in the wake of these developments. 

JOE BODEN, THE PRESIDENT: Looking at the state of our economy, including consumer spending, job growth, and business investment, you will see that there has been some economic improvement in the second half. 

JARVIS – David, The National Bureau of Economic Research (nonpartisan and nonpartisan) is responsible for officially determining when a recession begins or ends in the United States. It uses metrics such as GDP and also includes unemployment, which has held steady despite the record level of inflation. Today, many economists predict that a recession will start towards the end or early next year.

CBS Evening News
August 28, 2022
Eastern at 6:35 p.m. 

NORAH O’DONNELL: Let’s turn to the White House where President Biden is going on the offensive against growing fears that the country is heading into a recession, this follows today’s report that the country’s GDP fell for a second straight quarter. Instead, the President’s attention is on what could prove to be a significant legislative win. Here’s CBS’s Caitlin Huey-Burns.

CAITLIN HUY-BURNS : After the news that America’s economy contracted again in quarter last year, President Biden dismissed fears of a recession. 

JOE BIDDEN, PRESIDENT: Wall Street will be buzzing today with speculation about the state of our economy and whether it is in recession. We see evidence of economic growth in the second-quarter if we look at consumer spending, job market and investment. 

[…]

HUEYBURNS: Two quarters of contraction have now occurred. The most reliable indicator of recession. From April to June, business investment declined and consumer spending fell. CBS News business analyst Jill Schlesinger says whether it’s technically a recession or not doesn’t matter. 

JILL SCHLESINGER – People worry about the high prices. People who earn less than 60 percent of the household median income or $70,000 are most affected. And frankly, it’s hurting everyone. 

NBC Nightly News
August 28, 2022
Eastern: 7:06 p.m. 

LESTER HOLTS: Now let’s talk about the economy and the data that shows it contracted for the second consecutive quarter. However, the Biden administration insists that we are not in recession. EmilieIkeda has more. 

EMILIE IKEDA : The U.S. economy slows according to today’s figures. 

[…]

IKEDA – The Gross Domestic Product fell by 0.9%. Fears of recession were fueled by the U.S. economic shrinkage in the second quarter. President Biden attempted to calm these fears. 

[…]

IKEDA: The decline was caused by slowdowns in the housing market as well as consumer spending. However, these are all part of the goal of the federal reserve to reduce demand through interest rates. To bring down inflation from highs of 40 years ago in complex economies.