They do all they can to shield the failing Joe Biden government from the fury of an angry public. Even NBC and CBS seem to recognize the terrible economic reality that is sweeping America. As inflation hit its highest levels in 40 years, the networks on Tuesday voiced a skeptical tone to the idea this is all be cause of “Putin’s price hike.”
ABC and NBC discussed even the dreaded R word: Recession. Good Morning America co-host Robin Roberts wondered, “There are many people who worry about the possibility of a recession. What do you think??” On Today, senior economics reporter Steve Liesman warned, “There’s definitely the elevated probability of a recession right now.”
Looking at the numbers in a preview GMA, chief economics advisor Rebecca Jarvis scoffed at the Biden talking points: “That is the highest increase since 1981 and The White House wants to avoid this by calling it Putin’s price rise. It is difficult to argue this case considering the fact that prices are on the rise since last spring..”
Jarvis didn’t hide the economic nightmare: “Domestic travel up 20 percent from pre-pandemic levels and Moody’s estimating that American households are now paying $1300 more than they were a year ago on their energy costs.”
CBS Mornings played a clip of White House Press Secretary Jen Psaki insisting, “Extraordinarily elevated due to Putin’s price hike.” Reporter Ed O’Keefe debunked:
According to the White House, prices have risen due to the conflict and Putin’s rise in price. However, prices were already rising long before the War in Ukraine.CBS News polls reveal that 70% of Americans are dissatisfied with Biden’s inflation management. Sixty six percent feel that the increased prices were difficult or prohibitive.
CBS, however, is still playing the talk points game in some way. The morning show began with a direct parroting of the excuse-making: “Startling new inflation numbers out today. Why the White House says world events are the culprit.”
On NBC’s Today, Tom Costello explained, “The White House blaming much of this on Vladimir Putin’s war on Ukraine. However, inflation has been running high since months. The Russian invasion has had some impact on food and oil prices, but also the global supply chain crisis is still ongoing, with parts of China back, of course, in COVID lockdown.”
Journalists always come back to the main topic of protecting Democrats. You can read the The 3rd hour of the Today, Tom Llamas wondered if anything can be done in “six months.”
TOM LLAMAS: Tom, that’s a good point. I mean, we’ve gotten a little bit of relief when it comes to gas, I’d argue minimal. In the next six-months, will we see any improvement in inflation?
TOM COSTELLO: It’s all going to be – at the moment, it’s going to be about the Fed and whether their efforts to slow the economy help. You are now paying more to borrow money. Credit cards are used by companies to obtain money for expansion. It is hoped that the economy will slow down if this slows.
We are now six months away from the midterm elections in 2022. As O’Keefe on CBS put it: “We should point out election day just 209 days away.” Clearly, panic is setting in.
(In March, both the evening and morning shows on the networks pinned almost all the blame for high energy costs on Putin. You can find my study here.
Below are transcripts. Click “expand” to read more:
CBS Mornings
4/12/2022TONY DOKOUPIL – Startlingly new inflation numbers released today. What the White House believes is the cause of world events.
JEN PSAKI: Extraordinarily elevated due to Putin’s price hike.
…
7:08 AM ET
DOKOUPIL: Back in this country the Labor Department is expected to release new inflation numbers this morning ,but don’t count on any good news. It is expected that the Consumer Price Index report will show that inflation has continued at its highest point in over 40 years, going back to 1981. Ed O’Keefe offers more information this morning. Economists shake their heads. This morning, some very high numbers are predicted.
ED O’KEEFE: That’s right. Here at the White House, aides are warning they’re going to be, quote, “extraordinarily elevated.” Remember, these numbers are going to count for March, the first full month since the war in Ukraine began and prices started spiking. The White House claims that prices are rising due to Putin’s rise in price. However, prices were already rising long before the outbreak of war in Ukraine. CBS News polls reveal that 70% of Americans are dissatisfied with Biden’s inflation management. Sixty six percent feel that the increased prices were difficult or prohibitive.
The White House expects to announce new efforts to reduce gas prices as President Obama travels to Iowa. The EPA is going to allow the sale of a special gas blend, that is fuel mixed with 15% of ethanol. It’s known as E-15 and isn’t normally sold during warmer months because of concerns of high gas emissions. But it will be a really big deal in Iowa, of course the nation’s largest ethanol producing state. This year, the President will be visiting a district in which they have one of their most competitive congressional elections. Cindy Axne, Democrat, in a difficult fight. It is only 209 days until election day. Tony?
Good Morning America
4/12/2022
7:07 AM ETROBIN ROBERTS: We’re going to turn now to the new inflation numbers. Americans are feeling the pinch on food, rent, and flight prices. Rebecca Jarvis is our chief economic correspondent and we break it all down. We also discuss when relief might be possible. Good morning, Rebecca.
REBECCA JARVIS – Good morning Robin. The prices are rising quickly. We are anticipating a record-setting report that will show that March saw prices rise eight and a quarter percent from last year. This is the largest increase in prices since 1981. The White House is trying hard to avoid this by calling it Putin’s price rise. This is an extremely difficult argument to make, considering the fact that prices are on the rise since last spring. This is a broad statement. Adobe Analytics released new research that shows food prices have increased nine percent compared to a year ago. Domestic travel is up 20% from pre-pandemic levels, and Moody’s has estimated that American households pay $1300 more on energy than they did last year. This is where the light is shining. The number of economists that believe this is the peak of inflation and that it is now the peak of inflation. UBS, Wells Fargo and Robin suggest that prices will remain stable or decline gradually from this point on.
ROBERTS – But Rebecca, there are many people who worry about a potential recession. What do you think?
JARVIS: This is an entirely new concern, based upon what we have seen. We have a strong job market here. 3.6 percent unemployment. These are historic lows and many job opportunities remain for job hunters. Robin says that prices have risen and are eating into pay packets. Robin believes that this is possible.
Today
04/12/22
8:02 AM(…)
TOM COSTELLO (So, yeah, it’s preparing for worse news from the White House with today’s Consumer Price Index data. This reading is expected to indicate that goods and services are costing us more. We’re already seeing inflation at 40-years highs. Analysts expect this morning’s numbers will show it’s gotten even worse, maybe running at 8.4% on the inflation rate.
The White House blaming much of this on Vladimir Putin’s war on Ukraine. However, inflation has been running high for several months. Although the Russian invasion did have some effect on food and oil price, it is not the only problem. The global supply chain crisis continues, with China still in COVID lockdown.
The 3rd hour of the Today
04/12/22
9:00 AM(…)
TOM LLAMAS: Tom, that’s a good point. I mean, we’ve gotten a little bit of relief when it comes to gas, I’d argue minimal. We will get some help with inflation over the next six month, say.
TOM COSTELLO: It’s all going to be – at the moment, it’s going to be about the Fed and whether their efforts to slow the economy help. You are now paying more to borrow money. Credit cards are used by companies to obtain money for expansion. It is hoped that the economy will slow down if this slows.
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