Friday’s Good Morning America had full reports commiserating over the fact that the stock market had its “worst first half of the year” in over 50 years and the cost of a Fourth of July cookout have gone through the roof, but not surprisingly, the always superficial (and factually challenged) network refused to assign blame for either and thus absolved the Biden administration of any culpability.
The stock market made the opening teases with fill-in co-host Gio Benitez: “Rough ride. The stock market with the worst first half of the year in five decades. What experts say it will take to turn around and what your investments are worth right now.”
Weekend co-host Eva Pilgrim reiterated that atrocious stat tossing to chief economics correspondent Rebecca Jarvis to explain “what this means for your bottom line.” Spoiler alert: not great.
Jarvis shared that 1970 was the last time the stock market had as poor of a start to the tune of “more than 20 percent, wiping out more than $8 trillion in value since January and it's largely because of inflation.”
Once she pointed out the obvious, Jarvis tried to put a positive spin on things, noting that even though one’s investments since the start of year would be in negative territory, those invested pre-COVID would still be in the black.
Asked by Pilgrim when things will “get any better,” Jarvis went about her way as she did in the first part of her segment by leading off with the bad news that “analysts do predict more volatility ahead until investors start to see inflation’s under control.”
Jarvis switched tunes to the positive front, arguing that history shows the stock market will eventually go back up with 1970 again being the example with the second half of 1970 resulting in a 26.5 percent rally.
As for the cookout segment, it was teased three times in classic GMA fashion with fluff and little meat on the bones (pun intended), such as this one from Benitez: “And, of course, Becky [Worley]’s coming back with more holiday savings, showing us simple swaps to avoid sticker shock on your July 4th barbecue.”
Weekend co-host Whit Johnson would add in another that the show would have “expert advice to help plan your cookout with prices sky high and the simple swaps that can save you big.”
Consumer reporter Becky Worley began with a note of fleeting resignation about inflation as something that just happened to have occurred before breaking down three examples of the “sticker shock”:
Is nothing safe from rising inflation on America's big day? The cost of the simple July 4th cookout has us getting creative on new ways to save. As Americans prep to throw Lady Liberty a birthday party, sticker shock on barbecue costs. New data shows ground beef prices soaring 36 percent. Pork and beans up 33 percent and even homemade potato salad up 19 percent.
Not surprisingly, Worley had some ways to help soften the blow, such as buying bone-in meats, picking sausage over steak, and grilling vegetables (click “expand”):
THE JOY OF $AVING AUTHOR JEANETTE PAVINI: Even though the grocery store prices have gone up and they really have, you don't have to pay the price.
(….)
WORLEY: Experts say meat is the biggest expense.
PAVINI: Plan your menu around what's on sale that week at your grocery store and you want to start with the meat first because that's always going to be the most expensive item on your grocery list.
WORLEY: Bone-in meats are cheaper and better on the grill than boneless. At grocery chains in three different parts of the country, we found drumsticks as much as 70 percent cheaper than boneless breasts. Whoo. We're cooking with gas now, people. That’s fire. Also, think sausages over steak. The cost differences in stores around the country have steak at least 50 percent more expensive. And just because it’s a BBQ doesn't mean you have to overdo it on meat. I'm obsessed with these zucchini ribbons. But you can really take any chunky vegetable, throw it directly on the grill, a little olive oil, a little salt on the grill. It’s that simple. Another tip, savings gurus say go for the potluck concept on sides.
Before tossing back to the co-hosts for the day, Worley suggested going the potluck route for sides.
So, again, nothing about the administration, including that now-infamous tweet about how 2021’s cookouts allegedly cost 16 cents less than it did in 2020 (which led to one of Peter Doocy’s best throwdowns with Jen Psaki). As Senator Ted Cruz’s (R-TX) team tweeted, a Fourth of July barbeque is $10.18 more expensive for 2022 than 2021.
Exit question: Do we blame this one on Vladimir Putin?
ABC's bias by omission segments were made possible thanks to advertisers such as Capital One and CarFax. Follow the links to see their contact information at the MRC's Conservatives Fight Back page.
To see the relevant ABC transcripts from July 1, click “expand.”
ABC’s Good Morning America
July 1, 2022
7:01 a.m. Eastern [TEASE][ON-SCREEN HEADLINE: Rough Ride; Stock Market Takes a Turn]
GIO BENITEZ: Rough ride. The stock market with the worst first half of the year in five decades. What experts say it will take to turn around and what your investments are worth right now.
(....)
7:11 a.m. Eastern
[ON-SCREEN HEADLINE: New This Morning; Wall Street Wipeout; Stocks Have Worst Start to Year Since 1970]
EVA PILGRIM: Well, now to a first half of the year to forget for the stock market, posting its worst showing in a half a century. Chief economics correspondent Rebecca Jarvis joins us now with what this means for your bottom line. Good morning, Rebecca.
REBECA JARVIS: Good morning to you, Eva, and it is the worst start of the year since 1970. The stock market down more than 20 percent, wiping out more than $8 trillion in value since January. And it's largely because of inflation. Those rising prices affecting consumers in nearly every part of the economy from food to housing to oil. Now, to put this in real terms, this sell-off. If you invested $10,000 at the start of the year it would be worth about $7,900 today. But here is valuable context. When you zoom out to the bigger picture, the market is still above where it was pre-pandemic, so if you invested that $10,000 in February of 2020, it would be worth about $11,760, Eva.
PILGRIM: A little silver lining there. The question though, is this going to get any better? Are we looking at an equally rough ride in the second half of the year?
JARVIS: Anybody who tells you that definitively, you should run away. Analysts do predict more volatility ahead until investors start to see inflation’s under control. One sign of hope from the history books is that, back in 1970 when the S&P 500 plunged about 21 percent in the first half of the year, in the second half, it rallied 26.5 percent. Now, there are no guarantees we’re going to see that this time. But what we do know from history is that stocks go up over the long term, Eva.
PILGRIM: Focusing on the positive this morning, thank you, Rebecca.
(….)
7:45 a.m. Eastern [TEASE]
[ON-SCREEN HEADLINE: Coming Up; 8:10; Fire Up the Savings]
GIO BENITEZ: And, of course, Becky’s coming back with more holiday savings, showing us simple swaps to avoid sticker shock on your July 4th barbecue.
(....)
8:01 a.m. Eastern [TEASE]
[ON-SCREEN HEADLINE: Fourth of July! Fireworks! BBQ! Savings! & [sic] Puppies!
WHIT JOHNSON: And we’re getting fired up for the holiday weekend with big fourth of July savings. How to plan the best barbecue[.]
(....)
8:06 a.m. Eastern [TEASE]
[ON-SCREEN HEADLINE: 8:10; Fire Up the Savings!]
JOHNSON: [E]xpert advice to help plan your cookout with prices sky high and the simple swaps that can save you big.
(....)
8:11 a.m. Eastern
[ON-SCREEN HEADLINE: GMA Cover Story; Fire Up the Savings! Best Ways to Save at the Supermarket for Your BBQ]
JOHNSON: Getting right to our GMA cover story. How to fire up the savings as you fire up the grill for the big Fourth of July weekend. Becky Worley is back with brand-new ways to save on your BBQ blow-out. Becky, good morning.
BECKY WORLEY: Whit, good morning. Is nothing safe from rising inflation on America's big day? The cost of the simple July 4th cookout has us getting creative on new ways to save. As Americans prep to throw Lady Liberty a birthday party, sticker shock on barbecue costs. New data shows ground beef prices soaring 36 percent. Pork and beans up 33 percent and even homemade potato salad up 19 percent.
THE JOY OF $AVING AUTHOR JEANETTE PAVINI: Even though the grocery store prices have gone up and they really have, you don't have to pay the price.
WORLEY: But that's not deterring sisters Anitra and Raquel Lowe [sp?] who live outside Pittsburgh. They say their big, Fourth of July bash is the party to be at.
LOWE SISTER #1: I have a head count of 45, so it's pretty big this year.
LOWE SISTER #2: We know how much chicken is nowadays.
WORLEY: Experts say meat is the biggest expense.
PAVINI: Plan your menu around what's on sale that week at your grocery store and you want to start with the meat first because that's always going to be the most expensive item on your grocery list.
WORLEY: Bone in meats are cheaper and better on the grill than boneless. At grocery chains in three different parts of the country, we found drumsticks as much as 70 percent cheaper than boneless breasts. Whoo. We're cooking with gas now, people. That’s fire. Also, think sausages over steak. The cost differences in stores around the country have steak at least 50 percent more expensive. And just because it’s a BBQ doesn't mean you have to overdo it on meat. I'm obsessed with these zucchini ribbons. But you can really take any chunky vegetable, throw it directly on the grill, a little olive oil, a little salt on the grill. It’s that simple. Another tip, savings gurus say go for the potluck concept on sides.
PAVINI: One of the best ways to save money at the grocery store is to share the grocery list with people. People want to help. They want to contribute.
WORLEY: Potluck for the win. Fewer cost, less prep, way fewer dishes. You know, the best thing to remember, plan around the fireworks. You got to have good music playing and just keep the menu simple. It's about the day, the company, and the big show once it gets dark, Whit.
JOHNSON: Exactly, our mouths were drooling, talking — going down the list. We were like, yep, oh yeah, some of that, some of that. All of it.
LARA SPENCER: All for the potluck situation.
PILGRIM: Then everyone can bring their good dish that they make.
WORLEY: Yes.
PILGRIM: Everyone has a dish.
JOHNSON: Love it, Becky.
SPENCER: Whit’s on the potato salad.
PILGRIM: We just got the recipe.
JOHNSON: Yep.
