The Looney Tunes cartoons were among the main media promoting the war effort in WWII. "The Weakly Reporter" is a parody of newsreels from that era. As can be expected in anything from the Termite Terrace crowd, practically every scene is a gag of some form or another.
But there's something else here. The cartoon talks about rations. That brings to mind the fact that we were actually rationing things during World War II. Here in the so-called War on Terrorism, we're not rationing anything. In fact, George W. Bush is the first president who didn't raise taxes in wartime. History won't look kindly upon this.
But anyway, it's a pretty funny cartoon. It was one of the many cartoons featured in "Bugs and Daffy: The Wartime Cartoons" hosted by Leonard Maltin.