Inflation on the News Driven by Rich People” – Media Pundits Claim Inflation is Good” as Americans Struggle with Less Purchasing Power – Economy

Inflation in the U.S. has many Americans worried about the future of their purchasing power as the cost of goods and services rises faster each month. Americans are reportedly struggling to pay for child care, groceries, gas, lumber, medical care and used vehicles. On Friday, Harvard economist Kenneth Rogoff told the press that US inflation was "striking" and when it came to the direction of inflation, Rogoff stressed that he thought "we are on a knife edge."

Federal Reserve members begin tapering asset purchases - talks about tapering are likely to take place at the Fed's December meeting

On Friday, Reuters reported that Federal Reserve policymakers are publicly debating whether the Federal Reserve will slow down bond purchases and raise interest rates. Fed Governor Christopher Waller told the press on Friday that the tapering should begin soon. “The rapid improvement in the labor market and worsening inflation data have led me to favor a faster reduction and shedding of shelters in 2022,” Waller said in New York.

Central Bank Vice Chairman Richard Clarida spoke about tapering at the Fed's 2021 Asia Conference in San Francisco on Friday. “I will be looking closely at the data we receive between now and the December meeting and it may well be appropriate to have a discussion at that meeting about increasing the pace at which we reduce our balance sheet,” Clarida stressed. “This will be considered at the next meeting,” he added.

Purchasing power of the US dollar is falling

Rising inflation has taken place in America after the US government tried to contain the Covid-19 pandemic through lockdown mandates, shuttering small businesses and choking the supply chain with coronavirus safety measures. In addition, the government and the Federal Reserve increased America's money supply more in two years than in the previous 242 years.

The U.S. dollar no longer goes as far as the cost of beef, hotel and motel accommodations, gasoline, laundry supplies, natural gas, eggs, car rentals, furniture and used cars skyrocketed in the last 12 months. Metrics from visualcapitalist.com show that the U.S. inflation rate saw its sharpest increase in 30 years. In addition, the cost of fuel, transportation and meat products have experienced the largest price jump, increasing from 24% to 39% in just one year.

Child care and other costs associated with parenthood also apply surging and bars and restaurants are Fighting inflation, a labor crisis and a supply chain collapse at the same time. Prices have increased across the country rose the highest in the Midwest and South in states such as South Dakota, North Dakota, Nebraska, Iowa, Kansas and Minnesota.

Mainstream media continues to claim inflation is good, journalist insists inflation is driven by the rich on the news, MSNBC deletes tweet claiming inflation we are seeing now is a good thing

Despite rising inflation, mainstream media (MSM) Headlines have been telling the public things like “don’t worry about inflation” for months. The New York Times tried it explain this week that inflation is “linked to the economic recovery” and recently MSNBC Deleted tweets which claimed: “The inflation we’re seeing now is a good thing.”

American journalist Sarah Jeong, who worked for the New York Times, Verge and Vice Media, has received a lot of backlash for her statements about inflation.

"Waaaaah, working class income keeps up with or beats inflation, but my capital gains don't. Boo damn hoooooo," Jeong told her 118,000 Twitter followers. In another controversial statement, Jeong said tweeted: "Everything 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 afraid that unemployment benefits + stimmy checks + 15 minimum wage + labor shortage is the reason."

Harvard Economist: “I think we’re on the verge” of inflation trends

Americans spending more dollars on goods and services has put a strain on people's money, and data shows America's so-called rising wages are failing to keep pace with inflation. There were many Reports present verifiable data shows that the rise in American wages is not offsetting rising inflation.

On Friday, Harvard economist Kenneth Rogoff spoke on “Mornings with Maria” and the economist explained that America’s inflation is “striking.” The former IMF chief economist told Maria Bartiromo that he believes "we are on a knife edge when it comes to inflation" and that the Fed's "temporary" prediction of a "50-50 chance or a little less" is correct.

“I think it's pretty clear that the first stimulus right after Biden took office and maybe the one at the end of the year in 2020 [was] a little late in the game,” Rogoff explained in his interview. “They contributed to inflation, along with the supply chain and everything else,” he added.

What do you think about America's rising inflation and how politicians, Federal Reserve policymakers and mainstream media pundits are handling the data? Do you think inflation will be “temporary” or do you think it will last for a very long time? Let us know your thoughts on this topic in the comments below.

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