New York Times Writer Sarah Jeong Says Inflation in the News Is Just ‘Rich People Flipping Their Shit’
Earlier today, New York Times opinion contributor* Sarah Jeong tweeted:
all the stuff you see about inflation in the news is driven by rich people flipping their shit because their parasitic assets aren’t doing as well as they’d like and they’re scared that unemployment benefits stimmy checks 15 minimum wage labor shortage is why ~jmt~
— sarah jeong (@sarahjeong) November 17, 2021
This is patently false for a few notable reasons: Inflation is most definitely not a manufactured media narrative, but rather a real, agreed-upon thing that is happening (though the Biden administration irresponsibly insists it’s transitory). The consumer price index indicates that, from last September to this September, Americans have seen beef prices rise by 18 percent; gas prices by 42 percent; furniture prices by 11 percent; electricity prices by 5 percent; and used car prices by 24 percent. Consumer prices for October, the most recent month for which is there is data, jumped by 6.2 percent compared to what they were a year prior—the highest year-over-year jump we’ve seen in three decades!
It is not ginned-up outrage spurred along by rich people either. In fact, wealthy people who have invested heavily in the stock market are, by and large, doing quite well right now, contra Jeong’s claim. (Bitcoin, too, has seen extraordinary growth over the last year, but is down this week.) Homeowners, rich and less rich alike, might even stand to benefit from inflation; those who have secured low-interest fixed-rate loans from the bank are the real potential winners, given that they’re insulated from landlords raising rents on them while being locked into the amount they have to pay back to the bank. Though their asset keeps rising in value, their monthly payments stay the same over time.
This is idiotic. Asset prices have risen sharply. Inflation is squeezing at the middle of the income spectrum; wage growth is outpacing inflation at the bottom, and people at the top are enjoying asset price spikes. https://t.co/aYqTgqGVBh
— Josh Barro (@jbarro) November 17, 2021
Inflation is not a frivolous concern created by panicking, self-interested rich people; nor are rich people currently “flipping their shit” because their assets aren’t doing as well as they’d like. Inflation is something that’s making things significantly harder for the non–”pajama class”—those roughly 79 percent of workers (estimates vary) who do not work remotely, but must commute to their in-person jobs day in and day out,
Article from Reason.com