Earlier today, New York TimesSarah Jeong is an opinion columnist.
All the inflation news you read about is caused by wealthy people who are afraid that their paralytic assets won’t do as well as expected.
— sarah jeong (@sarahjeong) November 17, 2021
This assertion is clearly false because of a few important reasons. First, inflation isn’t a fake media story. Second, it is an actual, well-known fact that is occurring (though the Biden administration recklessly insists that it’s temporary). According to the consumer price index, Americans have increased their consumption of food and other goods since last September. have seenBeef prices increase by 18%; gasoline prices go up by 42 percent; furniture prices are up by 11 percent; electricity prices have gone up by 5 percent; used cars prices have gone up by 24% 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!
This isn’t a feigned outrage that wealthy people have encouraged. Contra Jeong’s claims, most wealthy investors in stock markets are doing well. Bitcoin has experienced a remarkable growth in the last year. However, it’s down this week. Rich and poor homeowners may be able to take advantage of inflation. Those who are able to get low-interest fixed rate loans from banks could benefit the most. They’re protected from landlords increasing rents while they pay the bank the same amount. Their monthly payment remains the same, even though their asset is increasing in value.
It is absurd. The asset prices have increased sharply. At the lower end of income scale, inflation is increasing. The wage growth rate is higher than the inflation at the bottom. People at the top have seen asset prices rise. 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, incurring the burden that comes with the rising price of gas. This is making it more difficult for parents to provide food for their children. Some people are finding it difficult to plan their holidays. The prices of hotel and car rentals have gone up significantly. This is something Americans won’t enjoy hearing about. Jeong or Biden’s administrations insist on telling the truth, saying that inflation is temporary and will rebound to normal within a matter of days.
Nevertheless, there are some Americans who do not understand this. Are“Living flat” is a reference to the Chinese trend for millennials in the upper middle and highly educated opting out completely of the workforce. AreMany are facing real concerns about inflation, despite the fact that they have access to child tax credits as well as stimulus-lined savings accounts. These concerns should be treated seriously.
The stocks and assets are both doing extremely well. Right now, the wealthy are prospering.
However, gas and food have become more difficult to obtain for the average person. We’re especially seeing that out here in Hawaii https://t.co/qRYitNiZkR https://t.co/fj4qTvppWS
— Kevin Knodell (@KJKnodell) November 17, 2021
It is important to keep in mind this argument which is very mainstream right now. People will ultimately deny that it ever was made. https://t.co/ItpzPt2bWq
— Nellie Bowles (@NellieBowles) November 17, 2021
Performance for 1 Year
S&P 500: +30%
Real Estate: +28%
Rich people love inflation — they own assets.
But it’s also an artificial tax that disproportionally impacts lower-income families at a greater rate & robs them of their purchasing power.
It’s not difficult. https://t.co/tTcVzIU84O
— Joe Pompliano (@JoePompliano) November 17, 2021
Jeong may be remembered from previous instances of unwise tweeting. This was a problem when she posted the following: TimesIn 2018, she was hired as a tech journalist. These tweets were written in 2013 or 2014, when Jeong was 25, 26 and a young woman. They read “oh my god it’s so sick how much joy I get from being cruel to older white men” and “are black people genetically predisposed towards burning faster in the sunlight, thus logicly being only suitable to live underground as groveling goblins.” Jeong has long been hobbled by her extremely online style of tweeting—ironic detachment coupled with racial generalizations against disfavored groups like white men—which is fashionable among certain sets on the left.
This is the normal course for Jeong. Flippant tweeting is better than thoughtful analysis, however. New York Times Columnists should be concerned more about the lives of ordinary Americans who are forced to increase their purse strings due to circumstances beyond their control.