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During Thursday night’s episode of “The Late Show with Stephen Colbert”, the presenter mocked the cable media for not being clear if the United States is currently in a recession.
Colbert lampooned both CNN and MSNBC for helping the White House muddy the waters over what traditionally constitutes a recession or not. At the end of the segment, Colbert also made sure to comment on how unqualified each channel’s economic experts seemed on the subject.
The host’s Thursday night humor spoke to the confusion over the White House and its media allies redefining what a recession typically indicates.
Historically, two consecutive quarters of negative GDP growth is the strongest indicator of a nation in recession. On Thursday, the United States reached this marker, but the Biden White House insisted that the country had has not entered a recession as they stated that other aspects of the economy are doing well.
Comedian and TV host Stephen Colbert hosted a segment on his show Thursday night in which he mocked the cable media for helping the Biden White House spin their recession talking points. .
(“The Late Show with Stephen Colbert”/CBS)
Colbert opened his recession segment with the big question, “So we’re in a recession…or are we?” To find his answer, he began by reading a White House statement quoted in a CNN Business article. “According to the White House, ‘two consecutive quarters of economic contraction do not, in and of themselves, constitute a recession.'”
Sarcastically, he turned to the news. “Fortunately, we have cable news to cut the whole twist and give us some straight answers,” she said, as the audience laughed.
Mimicking a conversation with CNN, he asked, “CNN, have we had consecutive quarters of negative growth. What does that mean historically?” Colbert played a clip of CNN business reporter Matt Egan in response. Egan stated, “Every time since 1948 that you’ve had consecutive quarters of negative growth, you’ve had a recession, every time.”
The presenter then continued, “So that’s the case this time?” A clip of Egan replied: “That may not necessarily be the case this time.”
The audience laughed as Colbert conveyed the confusion generated by Egan’s remarks.
Despite the fact that the US economy has reached the markers that indicate it is in a recession, the White House and the media have been redefining what it means to be in a recession.
(Compound)
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He then turned to clips from MSNBC. “Okay. Still, as far as the recession, we should be able to use history as a guide, right, MSNBC?” The program featured a quote from Financial Times Managing Editor Gillian Tett speaking on “Andrea Mitchell Reports”. Tett said, “We really don’t know the extent to which we can or cannot use history as a guide.”
Colbert persisted and asked, “Sure, but at a minimum, next quarter’s GDP, up or down?”
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In response to that question, Colbert turned to a clip of CNN Chief Business Correspondent Christine Romans on “New Day,” who commented, “This is a number that could turn positive, could turn more negative.”
The presenter then criticized all the experts that appear in the segment with his last query. He said, “Okay. Last question: Do you need any qualifications to go on TV and talk about the economy?”
He concluded with a clip of Insider columnist Linette Lopez on “MSNBC Reports,” stating, “It’s really impossible to tell.” Colbert then looked at the camera with a smile as the audience burst into laughter.
A Washington Post headline says negative second-quarter GDP numbers were “reviving” recession fears.
(Screenshot/TheWashingtonPost)