CNN: Americans Need to Realize the Economy Is ‘Too Good’ Right Now

News & Politics

Do you dread going to fill up your vehicle? Does your heart sink when you check out at the grocery store? Well, according to CNN’s propaganda on Friday’s editions of At This Hour and Inside Politics, the problem was you just don’t understand that the economy is just “too good” right now. And as a result, President Biden’s poll numbers are in the toilet.

What spurred this round of gaslighting on the state of the economy? Well, there were purportedly 390,000 news jobs added in May.

“[W]e heard the President say essentially the economy in this historical sense, the economy is very strong. We’ve heard over and over, I know you do all the time, the fundamentals of the economy are still there and they are still strong,” boasted At This Hour host Kate Bolduan.

With that narrative front and center, she then lamented to White House correspondent John Harwood that the American people weren’t rewarding Biden with positive poll numbers:

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But again, that message, if it’s getting out there, people aren’t believing it because look at the poll numbers. They really are historically bad with the President’s handling of the economy. Are you sensing the White House is aware of that? Is this their attempt to try to respond to that?

Harwood, who carries himself as though he’s a member of the White House communications team, placed the blame for Biden’s poor numbers on the war in Ukraine. “They had some hope earlier this year of getting out of it, and then you’ve got the war in Ukraine,” he huffed.

Blaming the war was him once again hinting at the long-debunked “Putin’s inflation” argument from the White House. Meanwhile, he tried to paint a positive economic prediction President Biden would be happy with (click “expand”):

Gas prices are a very strong driver of public sentiment about the economy, so as Matt indicated, strong reflections of job growth in the economy, the question is the inflation level is too high. On the other hand, if you can achieve or see the economy have inflation peak and begin to come down, that’s directionally where the White House wants to go.

We do have some signs that inflation pressures are moderating, so too high right now, people aren’t happy, but if it declines, and if it continues to decline through the course of the year, that will be a better place for the Biden White House than we’re in right now.

In the next hour’s Inside Politics, host John King was speaking to Kai Ryssdal, the host of Public Radio’s Marketplace, who sincerely thought the economy was “a little too good” right now. “You don’t want to see 390,000 new jobs. Because that increases wage pressure, wage pressure helps drive inflation, and that takes direct aim at [Fed chairman Jay] Powell and the Federal Reserve are trying to do which is cool this economy a just a little tiny bit.”

“So, sometimes good news can be too good, I guess is what you’re saying,” King quipped before claiming Biden was putting “American families, number one, and his own politics as we get closer to Election Day” second.

Drawing attention to the University of Michigan’s consumer sentiment index, King simply didn’t like how Americans weren’t giving Biden credit. “Consumer sentiment, even though the economy is adding robust jobs. Even though, as you said, if you have a job, you’re probably getting a raise. If you want to switch, you can,” he tried to explain.

King went on to describe Americans as “in a funk” and that “gas prices, food prices” were the “2×4” “hitting them in the head.”

Ryssdal did find the silver lining that despite inflation, Americans were still forced to spend money:

But when you look at consumers feeling bad, you have too – the flip side of that is the consumers are still spending. Because yes, wages are slowing down a little bit. But in the aggregate, right? Wages plus the number of hours worked plus the ability to get a job in this economy are staying just a little bit ahead of inflation, and that is why consumers are still spending.

Of course, people are “spending” money. Everything costs more.

This spin for President Biden’s struggling economy was made possible because of lucrative sponsorships from T-Mobile and 23andMe. Their contact information is linked.

The transcript is below, click “expand” to read:

CNN’s At This Hour
June 3, 2022
11:11:46 a.m. Eastern

(…)

KATE BOLDUAN: And again, John, we heard the President say essentially the economy in this historical sense, the economy is very strong. We’ve heard over and over, I know you do all the time, the fundamentals of the economy are still there and they are still strong.

But again, that message, if it’s getting out there, people aren’t believing it because look at the poll numbers. They really are historically bad with the President’s handling of the economy. Are you sensing the White House is aware of that? Is this their attempt to try to respond to that?

JOHN HARWOOD: Oh, they’re very well aware of it. The President has been stuck in the low 40s for quite a long time. They had some hope earlier this year of getting out of it, and then you’ve got the war in Ukraine.

Gas prices are a very strong driver of public sentiment about the economy, so as Matt indicated, strong reflections of job growth in the economy, the question is the inflation level is too high. On the other hand, if you can achieve or see the economy have inflation peak and begin to come down, that’s directionally where the White House wants to go.

We do have some signs that inflation pressures are moderating, so too high right now, people aren’t happy, but if it declines, and if it continues to decline through the course of the year, that will be a better place for the Biden White House than we’re in right now.

(…)

Inside Politics
12:34:52 p.m. Eastern

KAI RYSSDAL: If you’re Jay Powell trying to run the economy, this is a little too good for you. You don’t want to see 390,000 new jobs. Because that increases wage pressure, wage pressure helps drive inflation, and that takes direct aim at Powell and the Federal Reserve are trying to do which is cool this economy a just a little tiny bit.

JOHN KING: So, sometimes good news can be too good, I guess is what you’re saying.

RYSSDAL: Right.

KING: And you talk about Jerome Powell and the Fed. And the President, of course, is hoping the Fed can help him and bend the inflation arc for American families, number one, and his own politics as we get closer to Election Day.

You look at the University of Michigan consumer sentiment index, and you almost don’t need to look at the numbers. Just look at the right side of your screen. Consumer sentiment, even though the economy is adding robust jobs. Even though, as you said, if you have a job, you’re probably getting a raise. If you want to switch, you can.

The Americans are in a funk. Consumers said, that’s the two by four of inflation. Right? Gas prices, food prices hitting them in the head?

RYSSDAL: Right. That’s exactly right. The consumer sentiment is interesting because we feel terrible about this economy with some reason. I mean, I’m paying $6.39 a gallon at the gas station across the street from my house. Yes, it’s California, but on a national average, it’s $4.70. and that’s just not doable.

But when you look at consumers feeling bad, you have too – the flip side of that is the consumers are still spending. Because yes, wages are slowing down a little bit. But in the aggregate, right? Wages plus the number of hours worked plus the ability to get a job in this economy are staying just a little bit ahead of inflation, and that is why consumers are still spending.

And as we all know, consumer spending, or spending on behalf of consumers by the government is 70 percent of economic activity. And that’s what’s driving the growth in this economy that the Fed and others are seeing for this quarter and for the out quarters.

(…)

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