The ABC, CBS and NBC evening news networks completely ignored new damning data that bookended Bidenomics as arguably the dumbest set of economic policies the U.S. experienced in its history.
So much for all the media kerfuffle about how President Donald Trump was inheriting a Biden economy in tip-top shape.
The Wall Street Journal reported January 16 that “Mortgage rates rose above 7% for the first time since mid-2024, an early setback for a housing market that is coming off two consecutive years of poor sales.” The data on the average 30-year fixed mortgage, which was released January 16 by Freddie Mac, “marked the first time since May that it rose above 7%, an important psychological threshold for buyers and sellers,” according to The Journal.
The higher rates were “dimming hopes for a recovery in the sluggish housing market,” The Journal noted, before calling out housing executives and economists who “have incorrectly predicted in recent years that mortgage rates would come down.” The leftist media also sold the public this bill of goods too.
But the viewers of ABC World News Tonight, CBS Evening News and NBC Nightly News wouldn’t have known any of this since all three evening networks decided to treat one of the last set of Bidenomics-wrecking data points released before Biden left office like it didn’t exist during their January 16, January 17, January 20, January 21 and January 22 broadcasts. Freddie Mac wouldn’t release another reading until January 23, during Trump’s first days in office, showing a minute dip to 6.96 percent on the 30-year fixed mortgage.
It wasn’t as if the networks were completely unaware of the report. In fact, both The Daily Report on the CBS News streaming channel and ABC's flagship morning news show, Good Morning America, both reported on the disturbing data during their January 16 and January 17 broadcasts respectively, making their flagship evening news show counterparts’ blackout on the news even more ridiculous.
If the mortgage rate situation wasn’t bad enough. Investopedia also reported January 23 that home sellers’ profit margins fell in 2024 despite the median sales price increasing 4.9 percent to hit a record $350,000. But it wasn’t enough to “enough to outweigh the elevated costs homeowners paid for their homes originally.”
Thus ends the long, sad history of the Big Three’s pathetic endeavor to shield Biden’s economic record from being tainted by bad news as the bona fide disaster that it truly was.
Good riddance.
