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Not An Inch for Trump: Nets Ignore Economic Revision Showing Stronger Q2 GDP Growth
The Trump economy just keeps defying all the media crystal ball predictions of economic catastrophe, but the evening networks revealed an old impulse to ignore good news that benefits the president. GDP grew at a higher rate than expected and the inflation rate was revised down, but none of that was apparently news for the media hacks at ABC World News Tonight, CBS Evening News and NBC Nightly News, who all ignored the story during their August 28 broadcasts.
The Bureau of Economic Analysis (BEA) released its second estimate for Q2 GDP growth, and the results were astonishing. It turns out that GDP had in fact grown at a significantly stronger rate of 3.3 percent, against the initial 3.0 percent estimation reported July 30. To put that into perspective, Dow Jones economists were only expecting 2.3 percent growth in Q2, which means that actual GDP eclipsed estimations by an entire percentage point. If that wasn’t telling enough, the personal consumption expenditures index (PCE) — the Federal Reserve’s preferred measure of inflation — was also revised down 0.1 percentage points to a 2.0 percent overall increase.
ABC was particularly a villain in this latest bias by omission case, as it was the only network out of the Big Three MRC Business found that ignored the initial BEA estimate on impressive Q2 GDP growth when it first came out about a month ago. It appeared the other two networks followed ABC’s example on the GDP revision story.
Investopedia noted that the news indicated that “[t]he U.S. economy is staying more resilient to tariffs and high interest rates than it seemed last month,” against all media doom mongering to the contrary.
NBC Nightly News anchor Tom Llamas did manage to find precious airtime to interview Puerto Rican rap icon Bad Bunny, as if that mattered more to Americans than the state of their economy. The only economic-ish news World News Tonight chose to broadcast to the world was that the Powerball Jackpot had hit $950 million. Step right up and get your lucky numbers!
If there’s something to take away from this attempt to bury good economic news was this: The media would never give Trump an inch, no matter how many times his economy blew up the imaginary genius of overconfident economists and media flunkies barking down their ridiculous cataclysmic predictions to the plebeians from their overpriced ergonomic chairs on the top floors of their ivory towers.