The leftist outlet CNBC just told its viewers that the U.S. economy is heading toward a recession, Breitbart News reports.
It’s a shocking admission from the mainstream media considering that the midterm elections are right around the corner and the country’s economic woes are expected to be the primary driving force of the outcome.
“Early or mid-2023”
The admission came from CNBC Economics Editor Jeff Cox during Thursday’s broadcast of NBC’s MTP Nows. There, Cox commented on a new report showing that the U.S. economy expanded by 2.6% in the third quarter.
“I think if you were looking at this report today for kind of the all clear on the economy, this wasn’t that,” Cox said. “I mean, there were still a lot of questions that this report raised today.”
One of the big things is that the headline number boosted almost completely because of a big rise in exports, which were up almost 14% on the quarter. That simply is not sustainable. In fact, if you separated and subtracted out the net export number from this report, it actually would have printed slightly negative. Other areas of concern [are] that we saw a dropoff in consumer spending, the pace of increase there falling, of course, as prices continue to rise. And…homebuilding, we all know that the real estate market is not doing well right now, those numbers reflect it today.
At this point, Cox said that “most of the economists” that he speaks with “are expecting basically a flat-ish number in the fourth quarter.”
And, he added that what he is also hearing “from most economists is that, going into 2023, at some point, early or mid-2023, we will, in fact, be in a recession.”
The whole truth
This already is a big admission from a leftist outlet like CNBC, particularly with the midterm elections in sight. Surely, the last thing that the Democrats want CNBC telling voters right now is that the U.S. economy is heading toward a recession.
The thing is, though, that CNBC wasn’t exactly telling the whole truth here.
If CNBC was really being honest, CNBC would have reported that many economists already believe that the U.S. is in a recession.
A recent, new poll from the National Association for Business Economics, for example, found that a clear majority of business economists believe that the U.S. economy is either already in a recession or on the verge of being in one.
Still, the fact that CNBC isn’t simply praising the U.S. economy as the best ever is a surprising step in the right direction.