FACT: Short-term inflation expectations surged to a new cycle high – the highest since 2008…
FACT: As ‘Buying Attitudes’ for homes, cars, and large household durables have crashed to record lows (citing high prices)…
…President Biden’s Approval Rating is at the lowest of his term, falling at the fastest pace of any president since World War II…
So it’s no surprise that last week we saw MSNBC go to bat for the Biden administration, deploying their best pretzel-logician to explain why all this inflation is literally – wait for it – good.
In a now-deleted tweet, MSNBC attempted the ultimate gaslighting by claiming that “the inflation we’re seeing now is a good thing”…
Not surprisingly, after getting ratio’ed in a furious backlash, MSNBC did the only thing it could and deleted its tweet, as its latest attempt at mass gaslighting propaganda went terribly wrong.
But the ‘NBC’ wing of the White House refuses to abandon its propagandizing.
And now, NBC Reporter Stephanie Ruhle, clearly in ‘Camp Transitory’ even as The Fed itself is starting to distance itself from that narrative, explains in a recent interview that “nobody knows exactly when [prices] are going down,” but, she says, don’t sweat the soaring cost of living America, because, as the former Wall Streeter explains “you have to put all this in perspective…”
“This inflation is not in isolation, and the government predicted it was going to be a challenging recovery, recovery all tied to Covid.
So it’s why you see things like that expanded child tax credit. You’ve got the families of over 60 million kids, on average, getting $430 a month. For people on fixed incomes, older people on social security, they’re getting those fixed payments adjusted next year up 5.9% for inflation.
And the dirty little secret here, while nobody likes to pay more, on average we have the money to do so.
[ZH: No Stephy love, real wages have declined for seven straight months…]
[ZH: As consumer prices are accelerating away from incomes…]
Household savings hit a record high over the pandemic.
[ZH: and what has happened since our dear Steph? The savings-rate has crashed back to pre-COVID norms as Americans have burned through that ‘pent-up’ cash to cover the soaring cost of living with Bidenflation.]
While the stock market isn’t the economy, you have over half of American households with some investment in the markets and they hit market highs.
[ZH: oh Stephy, have you seen what Main Street has been doing since Wall Street reaches record-er and record-er highs]
So we need to put all of this in perspective. This time last year when you and I were talking nobody had a vaccine. Now 200 million Americans do, and we’re seeing this push of demand and that’s pushing up pricing.”