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A broken clock is still right twice a day. And even CNN stumbles onto an accurate interpretation of the news once in a while.
On New Day this morning, hosts John Berman and Christine Romans broke down the latest data showing spikes in consumer prices with a degree of clarity and economic comprehension not often found in the mainstream media.
“Consumer [price] inflation is the hottest it’s been in 13 years,” Berman said in introducing the segment. “These are the prices you pay. These prices really hit you in very specific ways; you feel it just going to the gas station.”
Inflation is taxation on working-class Americans.
“Consumer inflation is the hottest its been in 13 years. These are the prices you pay. At factories, prices for raw materials are also surging. That means higher prices for you down the road.”@CNN reports: pic.twitter.com/rjuKNsKfgM
— America Rising (@AmericaRising) July 15, 2021
“It’s sticker shock,” Romans agreed. “There are a lot of different reasons. There’s a quirk of the calendar and math — because remember last year the economy just fell apart — so we’re comparing falling down to this big rally. But look at gas prices, for example.”
“Last year, if you had a typical car with 12 gallons of gas, you paid $26 to fill it up,” she noted. “This year, you’re paying $37. That’s $11—say you fill up every week—that’s real money out of your pocket.”
“And look at other consumer prices. Say you have $100 in groceries. This year, you’re paying about $2.40 more. Maybe you can make some changes in what you’re buying, but those are real increases.”
She also pointed out the huge spike in used car prices, which came in at a whopping 45.2 percent. “$26,000 [on average] for a used car, we’ve never seen that before.”
“This is hitting people who have less money the hardest,” she explained. She pointed out that people lower on the income spectrum spend a higher percentage of their money on average and spend more of it on the kind of basic consumer essentials that are experiencing price inflation. So, Romans correctly concludes, the consumer price inflation we’re witnessing hurts working-class and poorer Americans hardest. Those who can least afford it.
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“Everyone is debating whether inflation is temporary,” she notes. “But for right now, it’s still really, really hurting low-income Americans.”
Here’s where CNN’s largely laudable report goes astray.
“All of this is because of COVID, and just the craziness that happened to the economy,” Romans concludes. While the coronavirus surely was a factor, this incomplete answer overlooks the enormous role that government policy, not the pandemic itself, has played in the current surge in prices.
It was heavy-handed government lockdowns, not the virus itself, that created the mismatch between demand and supply driving much of the rise in prices. And the Federal Reserve, the central bank that controls the supply of US dollars, created trillions of new dollars and injected them into the economy to “stimulate” the recovery. Those new dollars make all dollars less valuable and prices higher.
Together, these government actions likely played a much larger role than the virus itself. The otherwise informative CNN report on inflation fails viewers by leaving them out of their explanation.
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Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.
This article was originally published on FEE.org. Read the original article.
New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
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They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We just launched a GiveSendGo page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.
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