Look at the bright side! Sure, a recession could throw millions of Americans out of work, and shrink retirement portfolios. But an economic downturn would also hurt President Trump in 2020! That was CNN's theme this morning. The 6 am New Day hour led with co-host John Berman trumpeting yesterday's stock market drop. CNN economic analyst Rana Foroohar then said of a recession: "it's here."John Avlon weighed in to crow: "if the economy goes south, [Trump] is in a world of hurt."
With the so-called “inverted yield curve” for bonds creeping up on Wednesday, ABC and NBC sprinted to stoke fears that “a recession could be on the horizon”, as NBC White House correspondent Kristen Welker declared. But over on CBS Evening News, chief financial analyst Jill Schlesinger was telling viewers to “run your life as if this were just any old day.”
Even though some high-profile experts claim the U.S. is not headed for a recession right now, the liberal news media continued to promote economic pessimism during the summer of 2019.
Despite 3.7 percent (near record-low) unemployment, wage gains, confident consumers and growing economy, liberal journalists obsessed over recession every single day of June and July.
Some media outlets pounced on economic growth in the second quarter because it was slower than the first quarter, but a MarketWatch columnist called it a “head fake” and not an indication of a “slump.” Columnist Rex Nutting wrote, “Contrary to what you may read elsewhere, the U.S. economy did not slump in the second quarter of the year.” Growth was a “soft” 2.1 percent after a first quarter rate of 3.1 percent, but in his view not as bad as some represented it to be.
Liberal presidential candidate Sen. Elizabeth Warren (D-MA) envisioned an economic crash just around the corner, and the far-left hosts of The Young Turks could not contain their excitement. It seems Warren and The Young Turks share the same delusion about the state of the current economy being awful. Young Turks co-host Ana Kasparian began by applauding Warren for “finally sounding alarms on what the reality is of our economic situation.” She accused the media of regurgitating “talking points about how the economy is doing so well” and claimed with just “a little bit deeper dive you’ll find that the economy is not doing well.”
Democratic presidential candidate Sen. Elizabeth Warren (D-MA) offered a “dark prediction” of economic crisis and the liberal media immediately helped her sell those fears. Warren wrote of “The Coming Economic Crash and How to Stop It” on Medium on July 22. In it, she claimed “top economists” warned if the debt ceiling is breached there could be a “catastrophe” worse than 2008’s Lehman Brothers failure. That morning, CNN Newsroom With Poppy Harlow and Jim Sciutto discussed Warren’s prediction on her terms, rather than pushing back hard on such a dramatic claim.
White House Director of the National Economic Council Larry Kudlow called himself a “happy camper” about the state of the U.S. economy and criticized those making it sound like the country is in recession. “I do want to say and repeat that the U.S. economy is very strong and that’s what the jobs report [shows], and wages are rising,” he told anchor Stuart Varney on Fox Business’ Varney & Company July 15. Kudlow criticized those trying to gloss over the good economic news.
The current economic expansion could “make history” if it lasts through July, but Bloomberg BusinessWeek pooh-poohed its 10th anniversary saying “no one’s partying” in the June 10 issue.
In spite of the disappointing May jobs report showing only 75,000 new jobs, MarketWatch and CNBC reported signs of continued strength in the labor market that could help ease economic jitters. MarketWatch reporter Jeffry Bartash asked, “Has the U.S. labor market really taken a big turn for the worse?” and answered, “A new pair of employment reports suggest the answer is no.” He cited a private study of employment that indicated “a steady if more subdued pace of hiring during the summer” and “near-record high” job openings (7.4 million) in April, which was coupled with an “extremely low” number of layoffs.
The U.S. economy grew so much more than expected in the first quarter that CNBC’s Rick Santelli called it a “whopper” and “really powerful” news on April 26. A day later, the news made the front page of The Washington Post and The New York Times.
The broadcast networks were less enthusiastic. Two out of the three evening news programs skipped the story entirely that night.
Economic growth bested expectations by nearly a percentage point in the first quarter, and “pushes back” against recent recession fears, according to CNBC.
“First look at first quarter GDP and it is a whopper! 3.2 percent.” on-air editor Rick Santelli announced on April 26. “A 3 handle on first quarter. It’s supposed to be the dog of the year in terms of which quarters excel. This is really powerful.”
In spite of growing wages, extremely low unemployment and nearly 3 percent economic growth in 2018, the liberal media are becoming obsessed with recession. It didn’t matter that CFOs were confident the U.S. economy “will not experience a recession” in 2019. They were fixated by recession prospects in March anyway.
Every. Single. Day.