On Friday, NBC’s Today show joined the morning broadcast chorus of ABC and CBS in claiming a .6 percent drop in inflation heralded the end to America’s economic woes. And despite admitting food prices are still “soaring” and the price of crude oil was creeping up again, correspondent Sam Brock tried to paint a rosy picture of the economy.
“Also this morning, there are fresh signs the U.S. economy jolted by record inflation may finally be starting to pump the brakes on the runaway prices,” co-anchor Savannah Guthrie boasted. “And today the House is set to vote on that landmark economic and climate package passed along party lines in the Senate earlier this week.”
Brock initially agreed, noting that “gas prices falling is certainly a great first step because fuel affects the cost of just about everything else.” But he then informed Guthrie that “family and business owners” would tell her “food costs right now are soaring. Menus, in many cases, are double what they were a year ago and rents are relentless.”
But that didn’t stop him from adding: “Still, there’s optimism right now we’re headed in a better direction.”
Going into the video portion of the segment, Brock touted how gas prices were down (though they’re still high) and a .5 percent drop in costs for producers:
For an American economy that’s been beaten up by soaring inflation, there are critical clues this morning things may be slowly improving. Average gas prices dropped below $4 for the first time since March.
(…)
And the PPI, what producers pay for their goods, fell half a percent last month, its first dip since 2020. Still, some say the real benchmark for progress is clear.
After highlighting a family who could afford a vacation in Florida, Brock went back to covering the runaway prices of food. He spoke with a crab restaurant owner who told him, “Labor costs are still very high. Packaging supplies are much higher than they were. Food cost is still very high. Even though we are starting to see a little relief in that area.”
Brock eventually got around to propping up the so-called “Inflation Reduction” Act and lauded it for “provid[ing] tax credits for cleaner homes and cars, and ultimately cap Medicare drug costs.” Although he did admit the negotiation for drug costs won’t kick in for four years, he omitted the fact that economists have said the bill would not reduce inflation but make it worse.
Coming back to the live shot, Brock suggested that “another reason to be bullish” was that “the inflation rate has remained the same month over month after massive increases, Savannah and Craig, perhaps indicative of the fact that rising costs may have finally peaked.”
But he warned “the cost of crude oil per barrel is up $6 in the last few days. It could be signs that our progress on the gas front could be short-lived.” “Ugh. Hope not,” Guthrie groaned.
NBC’s gaslighting about the economy was made possible because of lucrative sponsorships from Hyundai and Comcast. Their contact information is linked.
The transcript is below, click "expand" to read:
NBC’s Today
August 12, 2022
7:13:13 a.m. EasternSAVANNAH GUTHRIE: Also this morning, there are fresh signs the U.S. economy jolted by record inflation may finally be starting to pump the brakes on the runaway prices. And today the House is set to vote on that landmark economic and climate package passed along party lines in the Senate earlier this week. So, what does it all add up to you – for you? NBC’s Sam Brock joins us with more on that. Sam, good morning.
SAM BROCK: Savannah, good morning. Look, gas prices falling is certainly a great first step because fuel affects the cost of just about everything else. But you talk, Savannah, to family and business owners, they’ll tell you food costs right now are soaring. Menus, in many cases, are double what they were a year ago and rents are relentless.
Still, there’s optimism right now we’re headed in a better direction.
[Cuts to video]
For an American economy that’s been beaten up by soaring inflation, there are critical clues this morning things may be slowly improving. Average gas prices dropped below $4 for the first time since March.
UNIDENTIFIED WOMAN 1: Yes, I really did see a big difference.
BROCK: And the PPI, what producers pay for their goods, fell half a percent last month, its first dip since 2020. Still, some say the real benchmark for progress is clear.
UNIDENTIFIED WOMAN 2: Prices will drop. It's real simple.
BROCK: The Polinskys of Connecticut are taking their first vacation this year to Florida.
MR. POLINSKY: I think we both feel a little more comfortable with the way the economy is going.
BROACK: And hope is on the horizon for businesses battling inflation.
What has this wave of inflation done to your menu?
BRIAN HERSHEY: Well, all of the prices on our menu have gone up.
BROCK: Brian Hershey is owner of Billy's Stone Crab Inc. in Hollywood, Florida. He’s cautiously optimistic inflation will turn a corner and he can drop prices, like the signature stone crab now at $51 a pound.
What were they a year ago?
HERSHEY: They were about a year and a half ago they were $28 a pound.
BROCK: He said lower fuel bills helped immensely. But it's part of a larger picture.
HERSHEY: Labor costs are still very high. Packaging supplies are much higher than they were. Food cost is still very high. Even though we are starting to see a little relief in that area.
BROCK: Later today, the House will vote on the Inflation Reduction Act that already has cleared the Senate which, among other things, will provide tax credits for cleaner homes and cars, and ultimately cap Medicare drug costs, although not any time soon.
BRIAN SULLIVAN (senior national correspondent, CNBC): Let’s be clear, the Medicare pricing provision negotiating prices for 10 drugs doesn't kick in until the year 2026 and then expand to 15 drugs in 2027.
BROCK: But many Americans are looking for help now.
This has felt like a tidal wave.
UNIDENTIFIED WOMAN 2: A tidal wave. A huge tidal wave. And it needs to stop.
[Cuts back to live]
BROCK: And another reason to be bullish. The inflation rate has remained the same month over month after massive increases, Savannah and Craig, perhaps indicative of the fact that rising costs may have finally peaked. However, beware, the cost of crude oil per barrel is up $6 in the last few days. It could be signs that our progress on the gas front could be short-lived. Guys, back to you.
GUTHRIE: Ugh. Hope not. Sam, thank you very much.
