Just months after the U.S. entered a technical recession, CNN Business blamed the Federal Reserve for tightening interest rates despite sky-high inflation. The liberal outlet also argued that raising interest rates is economic sabotage.
Not once did the article mention President Joe Biden.
“The big question for many investors – and American consumers – is whether the Fed will send the economy into a recession with these massive rate increases,” CNN Business reporter Paul La Monica claimed. He framed a U.S. recession as the Federal Reserve’s fault – not Biden’s.
CNN advanced this pro-Biden economic propaganda disguised as a news story in an Oct. 30 article headlined, “The Fed may have to blow up the economy to get inflation under control.”
Despite CNN’s absurd claims to the contrary, the U.S. entered a recession roughly three months ago. A July Bureau of Economic Analysis (BEA) report revealed that GDP fell for a second quarter in a row, which meets the definition of a recession, according to American Institute for Economic Research economist Phillip Magness.
This is not the first time that CNN has pushed the narrative that the Federal Reserve is driving the U.S. off a recessionary cliff. In an October CNN Business op-ed, a liberal economist took potshots at the Federal Reserve, claiming that the institution “is likely to drive the economy into a recession” next year. CNN released another story in the same month that was headlined, “The Fed only cares about inflation.”
La Monica predicted that the Federal Reserve is going to raise interest rates, again pointing the finger at Federal Reserve economists, and not Biden. “So the Fed is going to keep raising rates to prove that it is taking inflation seriously, even if that leads to a bigger pullback in stocks … and tipping the economy into a recession.” [Emphasis added].
If caring about inflation is a crime, then the American public appears guilty as charged. A combined 50 percent of Americans said either the economy or inflation is the most important issue in the coming midterm elections, according to a recent ABC News/Ipsos poll. And a Gallup poll indicates that 56 percent of Americans say price increases are causing “financial hardship” in their household.
La Monica noted that inflation “may not have peaked yet,” but added his own spin, writing that “there is a growing sense that we’re pretty darn close” to peak inflation.
The Federal Reserve is expected to raise interest rates for the sixth time in a row this week, according to CNBC.
Conservatives are under attack. Contact CNN at 404-827-1500 and demand the outlet stop gaslighting the American people on inflation and the state of the economy before the midterm elections.