CNN Business criticized the Federal Reserve for raising interest rates despite high inflation, just months after the U.S. entered technical recession. Liberal outlets also claimed that raising interest rates was economic sabotage.
The article did not mention President Joe Biden.
Paul La Monica, CNN Business reporter, stated that “the big question for many investors – and American consumers – is whether the Fed will send America into a recession through these massive rate rises.” He claimed that the Federal Reserve was responsible for the U.S. recession, not Biden.
CNN propagandized this pro-Biden economic propaganda disguised in a news story on Oct. 30, headlined “The Fed may need to blow up the economy for inflation control.”
CNN’s absurd claims that the U.S. was in recession three months ago are false, According to Phillip Magness, an economist at American Institute for Economic Research, a July Bureau of Economic Analysis report showed that GDP fell for the second quarter in succession. This is consistent with what constitutes a recession.
CNN has repeated the claim that the Federal Reserve is causing the U.S. to fall off the recessionary cliff. In an October CNN Business Op-Ed, a liberal economist attacked the Federal Reserve, claiming that it “is likely to drive America into a recession next year.” CNN also published a story in October that was headlined “The Fed only cares for inflation.”
La Monica predicted that Federal Reserve would raise interest rates. This time, La Monica pointed the finger at Federal Reserve economists and not Biden. “So the Fed will keep raising rates to show that it takes inflation seriously, even though that leads to bigger pullbacks in stocks… and tipping economy into recession.” [Emphasis on original].
The American public is guilty of inflicting inflationary problems if it is considered a crime. According to an ABC News/Ipsos poll, 50 percent of Americans believe that either the economy or inflation are the most important issues in the upcoming midterm elections. Gallup polls show that 56 percent of Americans believe price increases are causing financial hardship in their household.
La Monica acknowledged that inflation “may not be at its peak yet,” but added his spin by writing that “there’s a growing sense we’re pretty darn near” peak inflation.
According to CNBC, the Federal Reserve is expected raise interest rates for the sixth consecutive week this week.
Conservatives are being attacked. Contact CNN at (404-827-1500) to demand that the outlet stop blaming the American people for inflation and the state the economy before the midterm election.
