Last week, the Labor Department announced that inflation increased 0.6% from December to January and is now at 7.5%, the largest annual increase since February 1982.
But don’t fret! According to CNN, everything is fine, and you probably came out ahead economically despite inflation.
“Public discontent with America’s pandemic-battered economy obscures the good news: Even after inflation, most of the country has been coming out ahead,” claimed CNN’s John Harwood.
Is that so? Tell that to middle-class Americans and their bank accounts. “Record inflation is costing the average American household an additional $276 per month on expenses, with millennials, Latinos, and the middle class especially feeling the pinch,” the New York Post reported last week, citing a new Moody’s Analytics study.
CNBC already reported last week that despite the rapid increase in wages over the past year, the high rate of inflation actually means that real wages have declined by nearly two percent over the past year.
So, who does CNN think they’re fooling? Perhaps they’re not trying to fool anyone so much as they are hoping to please the Biden White House. In December, we learned that the Biden administration was meeting with journalists “behind the scenes” to “reshape coverage” of the economy “in its favor.”
It looks like CNN is still trying to curry favor with the Biden administration.
Source: PJ Media
