Good news! The Consumer Price Index shows the skyrocketing rate of inflation has ticked down from 8.5 to 8.3. Are you not excited? According to the hacks at NBC and CBS, this means party time! In reality, the numbers are bad all around as anyone other than a Joe Biden spinner would admit.
On CBS Mornings, co-host Nate Burleson conceded the bad news, but led with the tiny decrease in the rate of inflation: “There's a small glimmer of hope for Americans struggling with rising prices. The rate of increase in inflation slowed very slightly last month, though the annual figure was still close to 40-year highs.”
The CBS show allowed the President to shift the responsibility. Reporter Carter Evans parroted, “President Biden blamed the war in Ukraine for rising gas prices.” Evans also told viewers that “inflation is now driven by a number of global events.”
On NBC’s Today, co-host Hoda Kotb saw the tiny change as “a sign of hope” for the economy: “New numbers on inflation show it is slowing down slightly. We're live with that new sign of hope affecting your bottom line.”
Today reporter Tom Costello found the upside, noting a miniscule improvement on the cost of used cars: “However, used car prices did fall slightly. That may be some good news that inflation may have peaked last month.” That was enough for Kotb. She enthused, “A silver lining there, Tom.”
To be fair, the journalists at CBS and NBC acknowledged the bad news. Evans conceded:
In April, prices for food at home were up more than 10 percent from a year ago with bacon up almost 18 percent and eggs 22 percent. In addition to rising gasoline and energy prices, the latest numbers show the cost of shelter and housing was up more than five percent which may be a low estimate.
Costello admitted, “According to the April Consumer Price Index, the inflation rate rose 8.3 percent compared to a year ago. While that is an improvement, slightly, compared to March [8.5], inflation is still running at 40-year highs.”
But these concessions to reality make the framing of “sign of hope,” “good news” and “glimmer of hope” all the more pathetic, transparent attempts to save the Biden administration from disaster in November.
Surprisingly, Good Morning America on Thursday didn’t try to sugar coat the bad news. Co-host George Stephanopoulos opened the show bluntly: “Recession fears on the rise. After that new inflation report with key prices still rising, why it could be a sign of trouble ahead for the economy.”
And this exchange showed, it’s possible to try and not spin this for the Biden administration:
MICHAEL STRAHAN: And now to the fallout from the latest inflation report showing it is easing slightly, but prices for goods and services we use every day are still climbing. Trevor Ault is at a gas station here in New York. Trevor, how do prices look?
TREVOR AULT: Well, Michael, I suppose they could be worse but certainly not good.
Regarding the difference between an 8.5 and 8.3 percent inflation rate, Ault schooled his colleagues on NBC and CBS: “This was the first inflation decline actually that we've seen in eight months, but this is still near a 40-year high we're talking about and less of a decrease than experts expected.”
The journalists at CBS and NBC are always looking on the bright side, so long as it comes to helping Democrats.
The Biden propaganda on CBS was sponsored by Progressive insurance. On NBC, it was sponsored by Citi Bank. Click on the links to let them know what you think.
Partial transcripts are below. Click “expand” to read more.
CBS Mornings
05/12/2022
7:11 AM EasternNATE BURLESON: There's a small glimmer of hope for Americans struggling with rising prices. The rate of increase in inflation slowed very slightly last month, though the annual figure was still close to 40-year highs. The Consumer Price Index increased 8.3% from April, 2021. Food and gas prices are seeing some of the biggest hikes. The national average for regular gas hit another record high this morning at almost $4.42 a gallon. Carter Evans has more.
(....)
CARTER EVANS: In April, prices for food at home were up more than 10 percent from a year ago with bacon up almost 18 percent and eggs 22 percent. In addition to rising gasoline and energy prices, the latest numbers show the cost of shelter and housing was up more than five percent which may be a low estimate according to Bankrate.com Chief Financial Analyst Greg McBride.
GREG MCBRIDE (Bankrate.com): The reality of it is any tenant that has renewed a lease in recent months, they've likely seen a much bigger than 5% increase in rent.
(....)
EVANS: On Wednesday, President Biden blamed the war in Ukraine for rising grain prices.
JOE BIDEN: Ukraine was the world’s largest producer of wheat and corn.
EVANS: Inflation is now driven by a number of global events and McBride says the U.S. government can only do so much to stop it.
MCBRIDE: The Federal Reserve raising interest rates to slow the economy, that will address the demand side. But it won't fix the supply chain, it won't broker peace in eastern Europe and won't open the ports in China.
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NBC's Today
05/12/2022
7:02 a.m. EasternHODA KOTB: We have a lot to get to this morning, guys. Including another day another record high for gas prices climbing to $4.42 a gallon overnight. But new numbers on inflation show it is slowing down slightly. We're live with that new sign of hope affecting your bottom line.
(....)
KOTB: Also this morning, inflation remains the source of a lot of pain for millions of Americans. While the April Consumer Price Index shows the rate has slowed down, inflation does remain at its highest levels in 40 years and it's forcing a lot of people to make hard choices as they figure out how to pay their bills. Tom Costello is in Washington with more on this. Good morning.
TOM COSTELLO: Hi, Hoda. Good morning. Yeah, this report underscores how entrenched inflation has become in our lives. We see it at the gas station, the grocery store, buying airline tickets. But core inflation, which excludes food and energy, is still accelerating. That's putting pressure on the Biden administration and the Federal Reserve to get inflation under control without pushing the economy into recession. For millions of Americans struggling with the high cost of living there is still no relief in sight. According to the April Consumer Price Index, the inflation rate rose 8.3 percent compared to a year ago. While that is an improvement, slightly, compared to March, inflation is still running at 40-year highs. It means families are spending $450 more per month than a year ago, posing a serious political threat to President Biden and the Democrats in the midterm election. The President in Illinois announcing new assistance for farmers is linking the fight against inflation to the war in Ukraine.
JOE BIDEN: America is fighting on two fronts, at home, it's inflation and rising prices. Abroad it's helping Ukrainians defend their democracy.
(....)
COSTELLO: The supply chain crisis still not improving with Chinese cities still dealing with COVID outbreaks and lockdowns. However, used car prices did fall slightly. That may be some good news that inflation may have peaked last month.
KOTB: A silver lining there, Tom. Thank you so much.
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ABC's Good Morning America
05/12/2022
7:01 a.m. EasternGEORGE STEPHANOPOULOS: Recession fears on the rise. After that new inflation report with key prices still rising, why it could be a sign of trouble ahead for the economy.
(....)
MICHAEL STRAHAN: And now to the fallout from the latest inflation report showing it is easing slightly, but prices for goods and services we use every day are still climbing. Trevor Ault is at a gas station here in New York. Trevor, how do prices look?
TREVOR AULT: Well, Michael, I suppose they could be worse but certainly not good. At this Manhattan Mobil, $6.19 for a gallon of regular, the same as it was yesterday and nationally This morning the average has inched up just 1 1/2 cents, $4.41 on average across the country, which is maybe a slight increase. It is still a record high and looking at this big picture, gas prices have climbed an astronomical 46.9 percent since the pandemic prices last year. Now, this new inflation report showed in general prices are up 8.3 percent compared to a year ago. That is a slight slowdown from last month when prices were up 8.5 percent. This was the first inflation decline actually that we've seen in eight months but this is still near a 40-year high we're talking about and less of a decrease than experts expected. The biggest contributors in areas impacting a lot of us, shelter and rent price, food, airline fares and new vehicles too. Groceries specifically are up 10.8 percent in the past year. Everyone is noticing that. Eggs are up nearly 23%, chicken up more than 16%. Milk is up nearly 15%. Now, this report does signal we may have now hit the peak of inflation but there's still concerns to work through as prices, particularly with food and energy continue to climb. Robin.
