Four liberal outlets peered into their crystal balls and declared that the economy would show signs of growth, not shrinkage, just days and weeks ahead of the government’s second-quarter GDP report.
One problem was with this shambolic attempt to make it in front of the cameras: the economy contracted for the second quarter in succession, which met the long-held and practical definition of recession.
Bloomberg News, CNN and Reuters all predicted that the economy would grow in the second quarter. Not contract. The federal government’s GDP statistics released this morning proved every single one of these outlets completely wrong.
The Bureau of Economic Analysis (BEA) shattered those publications’ divinations with its report of a 0.9-percent drop in GDP, which followed a 1.6-percent GDP contraction in the first quarter. The BEA reported that the major factors responsible for the decline in GDP included falling sales, investments in businesses, and closing car dealerships.
Bloomberg News on July 27 claimed that the economy was showing signs of having “eked out modest growth in the second quarter, skirting back-to-back quarterly contractions, but rising at a tepid enough pace to feed concerns of an eventual downturn.” The story was headlined, “US Economy Seen Narrowly Averting Back-to-Back Contractions.”
CNN didn’t hold back either. Roughly three weeks ago, CNN referenced “monthly data” pointing to “Solid growth was recorded in the second quarter.” The headline this morning was markedly different in tone: “US economy contracts again, fueling recession fears.” The tone-deaf second part of the headline indicated that CNN is still busy at its spin game. Oops.
Reuters joined the party with this July 28 article released slightly more than eight hours before the BEA release: “Moderate rebound in U.S. economic growth seen in second quarter as inflation bites.”
MarketWatch backed up its fake news compatriots in a story first published on July 27: “GDP likely grew at a meager 0.3% annual pace in the three months running from April to June, a Wall Street Journal poll of economists estimates.”
This story was one of a series of articles by the liberal pravda to try and shield President Joe Biden’s responsibility for the recession. The Associated Press Business Insider NewsweeSome out-of-touch columnists and k The Washington PostThe New York Times and The New York Times are a few of the most popular publications. regurgitatedWhite House Talk Points, asserting that we aren’t in a recession until the The National Bureau of Economic Research confirms this.
What a convenience.
Conservatives under attack. Are you interested in helping expose the biases of liberal media outlets? Reach out to Bloomberg News letters@bloomberg.net, CNN can be reached at 404-827-1500, Reuters 646-540-3000 or MarketWatch at mwfeedback@marketwatch.com and demand these outlets report honestly on the Biden administration’s responsibility for the economic downturn.
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