Following CBS Mornings’ lead, ABC’s Good Morning America, on Thursday, used the .6 percent drop in inflation for July to declare firmly that “we’ve turned a corner on inflation” ahead of the midterms that are looking set to handily strip Democratic control of the House. They were also bold (or desperate) enough to suggest that paying over $4 a gallon for gas “feels like a bargain.”
Leading into the segment, fill-in host and White House correspondent Cecilia Vega projected her wash casting. “We’re going to turn now to these rising prices in the hope that just maybe, maybe we are turning a corner,” she hoped. “These new numbers show inflation jumped 8.5 percent from a year ago, but that was less than expected. A potential slowdown due in part perhaps to some falling gas prices.”
She looked for backup from correspondent Trevor Ault who was outside a gas station in Brooklyn, New York. Ault was spinning his tires trying to cloud out reality. “[A] gallon of regular will set you back $4.15, which for New York City compared to earlier this summer, I got to tell you, it feels like a bargain,” he boasted.
Ignoring how the policies of President Biden and Democrats caused prices to skyrocket since he took office, Ault tried to smooth things over by reminding viewers of how high prices used to be, before getting marginally better:
We all remember when the national average for gas went above $5 a gallon back in June. Well, this morning it's just dipped below $4 a gal long on average, $3.99. Gas prices actually fell 7.7 percent in July. They've gotten lower, 58 days in a row now and the cheapest price for a gallon of gas on average now is in Texas, $3.49.
But it’s not just gas prices getting cheaper. Airline fares, used cars and trucks, communications like computers, internet – they’ve all gotten cheaper too, along with apparel.
Ault was followed by chief business correspondent Rebecca Jarvis who was much more full-throated in her positive proclamations about inflation and the economy.
“[T]his report was a relief for Wall Street. Yesterday's report showing inflation up 8.5 percent versus a year ago (…) And the way Wall Street sees this is that we've turned a corner, that inflation has peaked. And as you just heard there from Trevor, a big reason for that is gas prices,” she touted.
And despite admitting “we’re not out of the woods yet” because the prices for “groceries and shelter” are still high, Jarvis insisted “we've turned a corner” on inflation.
This gaslighting about the state of the economy was made possible because of lucrative sponsorships Apple and Target. Their contact information is linked.
The transcript is below, click "expand" to read:
ABC’s Good Morning America
August 11, 2022
7:08:25 a.m. EasternCECILIA VEGA: We’re going to turn now to these rising prices in the hope that just maybe, maybe we are turning a corner. These new numbers show inflation jumped 8.5 percent from a year ago, but that was less than expected. A potential slowdown due in part perhaps to some falling gas prices. Trevor Ault is at a gas station here in New York with maybe some much-needed good news on this. Hey, Trevor.
TREVOR AULT: Hey, good morning, Cecilia. Yeah, this morning at this Brooklyn Shell station a gallon of regular will set you back $4.15, which for New York City compared to earlier this summer, I got to tell you, it feels like a bargain.
We all remember when the national average for gas went above $5 a gallon back in June. Well, this morning it's just dipped below $4 a gal long on average, $3.99. Gas prices actually fell 7.7 percent in July. They've gotten lower, 58 days in a row now and the cheapest price for a gallon of gas on average now is in Texas, $3.49.
But it’s not just gas prices getting cheaper. Airline fares, used cars and trucks, communications like computers, internet – they’ve all gotten cheaper too, along with apparel. But we have a long way to go to get back to where we were. Cecilia, on average, this time last year a gallon of gas would cost you $3.18. Cecilia.
VEGA: Yeah, you're exactly right. Thanks, Trevor, so much.
We’re going to turn now to Wall Street reacting positively to these new numbers and a potential inflation slowdown. So chief business correspondent Rebecca Jarvis is right there tracking it all from the stock exchange. Hey, Rebecca.
REBECCA JARVIS: Hey, Cecilia, good morning to you and in a word, this report was a relief for Wall Street. Yesterday's report showing inflation up 8.5 percent versus a year ago. That's still less than where we were just a month ago in June. And the way Wall Street sees this is that we've turned a corner, that inflation has peaked. And as you just heard there from Trevor, a big reason for that is gas prices.
There are still areas of the economy, however, that are much higher than they were a year ago, groceries and shelter, these are things you just can't get around and even though we've turned a corner on inflation, we're not out of the woods yet according to economists as far as the broader economy. It is likely according to economists, Cecilia and TJ, that we will still face a mild recession ahead.
