CNN Finally Admits What We All Knew About US Economy: Is Its Confession Way Too Late?
CNN has recently begun to warn its audience that the U.S. economy is not doing well at all — this despite more than a year of stating the opposite. This late admission seems to come far too late to do anything about it at the ballot box for many voters, but, still, it seems to be the most obvious conclusion.
Only a few days ago, for instance, CNN published a story wondering, “Is the US economy ‘unwell?’ We’re about to find out.”
As inflation continues to soar and after suffering under rising costs in food, gasoline, rent and high interest rates for new home buys, the American people are likely screaming in gales of laughter at CNN for only just now noticing Biden’s two years of disastrous economic decisions.
Naturally, CNN has to start its article out with a bald-faced lie, saying that there have been “months” of a strong labor market and economy. This is false. Jobs grew slightly under Biden only because so many were fired during the COVID pandemic and many took second jobs because costs have risen so badly. But even as jobs have not exactly bottomed out, the economy has not been at all “strong.”
Still, CNN does finally note that things are not going very well.
“The latest high-frequency data shows that the consumer could be running out of steam, hiring activity is moderating, business activity is softening, interest-rate sensitive sectors are pulling back and housing is suffering,” the article stated.
CNN goes on to warn that there appears to be a huge swath of job cuts coming in corporate America and that will have serious effects on the economy.
Costs have been soaring for Americans for the better part of two years. Gasoline soared and never really went down very much. And with the recent cuts in output by the Middle Eastern counties, the price per gallon is going up again. Food prices have also been soaring for well over a year. The price of used cars is also up and so are the cost of living expenses such as utilities and rent.
But CNN has refused to see the evidence before its very eyes. Indeed, last July, the left-wing “news” outlet insisted that the “US economy is not in recession.” And the next month, CNN was claiming that the talk of recession was false because the “US economy didn’t get the recession memo.” The Biden times were good, they exclaimed.
Granted, all this whistling-through-the-graveyard stuff wasn’t fooling Americans, who have been finding it harder to make ends meet as each month passes amid the policies of the Biden regime.
Today, though, things are on the verge of an even bigger downturn. Bloomberg Chief Economist Michael McDonough noted that major corporations are avoiding the term “recession,” but it is still a top worry.
Increasing discussions on S&P 500 earnings calls focus on a potential ‘Soft Landing,’ while chatter about an impending ‘Recession’ declines. However, in absolute terms, ‘Recession’ still dominates the conversation: {Data from TA<GO>} pic.twitter.com/3pzhYt0BBP
— Michael McDonough (@M_McDonough) April 3, 2023
And McDonough also notes that top companies are now turning to layoffs and job cuts to address the bottom line.
Conversations have shifted from ‘Labor Shortages’ to ‘Job Cuts’ during S&P 500 company earnings calls: {Data from TA<Go>} pic.twitter.com/OuKtWEhook
— Michael McDonough (@M_McDonough) March 28, 2023
With that in mind, we are already seeing one major corporation after another announcing job cuts. McDonald’s, Disney, Amazon, Facebook, Google, and Walmart are only the latest to announce serious job reductions.
Walmart, in particular, has announced that it will shed up to 2,000 employees and will look at replacing many of them with high-tech solutions, especially at the company’s distribution warehouses, CNN reported.
So, where was CNN when all this news was breaking for the last few years? Still clinging to the claim that Joe Biden was doing wonderfully, sadly.
In any case, CNN is finally being forced to report the obvious. A massive wave of job cuts is here and the U.S. economy is most assuredly “unwell.” Only it’s a bit too late for CNN to be seen as an honest player in the game.
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