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.
“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.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Thank you and God Bless,
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our new GiveSendGo. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
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I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.
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JD Rucker – EIC