The disconnect between average consumers and affluent, cloistered media commentators is rarely so clear as it is now that inflation has topped its highest point in three decades.
People are struggling. The cost of basic and luxury goods, everything from groceries to utilities to appliances, has climbed in the past several months. Families are restructuring their personal finances to cope with the incremental increases in the consumer price index.
As Vice President Kamala Harris herself said this week, “It’s real, and it’s rough.”
Someone should tell this to the wonder-brains in media who deny both that inflation is a problem and that it hurts lower- and middle-class consumers.
MSNBC’s Stephanie Ruhle, who transitioned to media after a career of hawking credit derivatives on Wall Street, told viewers recently that most people can afford inflation.
“The dirty little secret here,” she said, “while nobody likes to pay more, on average, we have the money to do so.”
This is easy for a person with a reported net worth of $6 million to say. As it turns out, a career working as a Credit Suisse and Deutsche Bank goblin failed to impart on Ruhle even a basic understanding of the financial concerns of the people who’ve never worked for even one hedge fund.
Also at MSNBC, the reliably unhinged Joy Reid proclaimed this week that all is well in the U.S. economy because spending is up.
It’s true prices are “higher,” she said, but this is because “Americans are also spending a record amount of money that was pent up during the pandemic, which Economics 101 will tell you drives prices up, [also known as] inflation.”
Prices are higher, but the upside is people are spending more? Prices are higher. People are spending more. She ought to slow down her argument a bit and consider her words carefully. Who knows? She may come to an epiphany.
Sure, prices are higher, but Germans are spending more papiermarks than ever!
Economics 101, indeed.
Then, of course, there is former New York Times editorial board member and perpetually wrong person Sarah Jeong, who went on a tear this week that would’ve passed for an Andy Kauffman-style comedy routine were it not for the fact it was in total sincerity.
“All the stuff you see about inflation in the news is driven by rich people flipping their s*** because their parasitic assets aren’t doing as well as they’d like and they’re scared that unemployment benefits [and stimulus] checks [and] 15 minimum wage [and] labor shortage is why,” she complained on Twitter.
Not one to back down from an incredibly stupid position, Jeong continued, saying, “Waaaaah the working class’s income is keeping pace with or outstripping inflation but my capital gains aren’t boo f***ing hooooo. very spooky scary to think of the moment the poors realize inflation favors debtors and that that’s what the hubbub is about, and not milk prices.”
For the record, she has the facts exactly backward. The stock market is nearing all-time highs (again), and housing prices have increased in certain areas by as much as 90%. Every financial asset is booming. The wealthy and ultra-wealthy’s assets are doing just fine. Remarkably fine, even. It’s the people who live paycheck to paycheck, the maintenance technician who has to gas his vehicle regularly for his commutes, the families who have to buy school supplies and groceries for their children who are suffering. They’re suffering because real wages are down.
I’m begging all of you, on bended knees: Please leave your homes just once, travel at least one city over, and meet new people. Please talk to someone — anyone! — outside of the immediate circle of friends and family who clearly don’t love you enough to tell you you’re an idiot. Talk to people who are willing to tell you to your face you have no idea what life is like outside of your personal bubble.
At the very least, please read a book, maybe even two.
Don’t do it for me. Do it for yourself.
