The three networks do everything they can to protect the crumbling Joe Biden administration from the wrath of an unhappy public. But even ABC, CBS and NBC seem to be slightly acknowledging the disastrous economic reality engulfing the United States.
As inflation hit its highest levels in 40 years, the networks on Tuesday voiced a skeptical tone to the idea this is all because of “Putin’s price hike.” ABC and NBC even discussed the dreaded R-word: Recession.
Good Morning America co-host Robin Roberts wondered, “Many are worried about a possible recession. Is that in our future?” On Today, CNBC senior economics reporter Steve Liesman warned, “There’s definitely the elevated probability of a recession right now.”
Previewing the numbers on GMA, chief economics advisor Rebecca Jarvis scoffed at the Biden talking points: “That is the highest increase since 1981 and the White House is trying to get ahead of this, calling this Putin's price hike. But it is a difficult case to make considering that prices have now been climbing 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:
The White House says the prices are jumping because of the war and Putin's price hike. But remember prices started spiking well before the war in Ukraine began. CBS News polls show 70 percent of Americans disapprove of Biden's handling of inflation. Sixty Six percent say the higher prices have been difficult or a hardship.
However CBS is still in the talking points game to some degree. Morning co-host Tony Dokoupil 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 leveled with viewers: “The White House blaming much of this on Vladimir Putin’s war on Ukraine. But inflation, of course, has been running hot for months already. 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.”
But journalists always return to the most important topic: Protecting Democrats. In the 3rd Hour Today, Tom Llamas wondered if anything can be done in “six months.”
TOM LLAMAS: So, Tom, on that point though. I mean, we’ve gotten a little bit of relief when it comes to gas, I’d argue minimal. Will we get any help when it comes to inflation in the next six months, 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. They are making it more expensive to borrow money. For your credit cards, for companies to borrow money to expand. The hope is that by slowing that down, the economy slows.
Six months, not-so-coincidentally, takes us right to the 2022 midterm election. As O’Keefe on CBS put it: “We should point out election day just 209 days away.”
Clearly, panic is setting in.
(In March, the network morning and evening shows put the blame for the high energy prices almost entirely on Putin. I explained, “From February 24 to March 21, the networks put the culpability squarely on Russia by a 11-to-1 margin. ABC, CBS and NBC blamed Russia a whopping 33 times and the Democratic president just 3 times.” See my study here.)
Transcripts are below. Click “expand” to read more:
CBS Mornings
4/12/2022TONY DOKOUPIL: Startling new inflation numbers out today. Why the White House says world events are the culprit.
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. The Consumer Price Index report is likely to report that inflation is continuing at its highest levels in nearly forty years all the way back to 1981. Ed O'Keefe has more this morning. Economists are shaking their heads. Predicting some pretty high numbers this morning.
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 says the prices are jumping because of the war and Putin's price hike. But remember prices started spiking well before the war in Ukraine began. CBS News polls show 70 percent of Americans disapprove of Biden's handling of inflation. Sixty Six percent say the higher prices have been difficult or a hardship.
So as the President heads to Iowa today, the White House is expected to unveil a new attempt at trying to drive down gas prices. 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. The President is set to visit a congressional district where they are going to have one of the most competitive congressional races this year. Democrat Cindy Axne in a tough fight. We should point out election day just 209 days away. Tony?
Good Morning America
4/12/2022
7:07 AM ETROBIN ROBERTS: We’re going to turn now to the new inflation numbers. Americans have been feeling the crush on everything from food to rent and flights. Our chief economics correspondent Rebecca Jarvis breaking it all down and when we can expect relief. Good morning, Rebecca.
REBECCA JARVIS: Good morning, Robin. Prices are climbing broadly and quickly and we are expecting a record report this morning showing that prices rose eight and a half percent in March from a year ago. That is the highest increase since 1981 and the White House is trying to get ahead of this, calling this Putin's price hike. But it is a difficult case to make considering that prices have now been climbing since last spring. And it's broad. It's everything from your groceries to your rent, Adobe Analytics out with new research today showing food costs are up nine percent from a year ago. 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. Now, the bright spot in all of this are the number of economists who believe this is the peak, that this is the height of inflation, UBS and Wells Fargo suggesting, Robin, that we will continue to see prices from here on out stabilize and even decline slowly.
ROBERTS: But, Rebecca, many are worried about a possible recession. Is that in our future?
JARVIS: Well, this is a new concern based on what we've been seeing. On the one hand, we have an incredibly strong jobs market in this country. 3.6 percent unemployment. That is historic lows, lots of job openings for job seekers. On the other hand, you have these prices climbing and eating into paychecks and that is why you do have some economists who believe that is a possibility, Robin.
Today
04/12/22
8:02 AM(...)
TOM COSTELLO: So, yeah, the White House bracing for bad news with the latest Consumer Price Index numbers out this morning. The reading expected to show that we are paying even more for goods and services. 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. But inflation of course has been running hot for months already. 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.
3rd Hour Today
04/12/22
9:06 AM(...)
TOM LLAMAS: So, Tom, on that point though. I mean, we’ve gotten a little bit of relief when it comes to gas, I’d argue minimal. Will we get any help when it comes to inflation in the next six months, 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. They are making it more expensive to borrow money. For your credit cards, for companies to borrow money to expand. The hope is that by slowing that down, the economy slows.
