When it became clear that inflation was not “transitory,” and that it had hit its highest level in 40 years, a lot of blue checks advised people to just stop being poor. You should be glad to pay $10 a gallon for gas if you thought it would help defeat Putin, said the millionaire celebrity.

A Moody’s Analytics economist talked to the Wall Street Journal about “the very high inflation” we’re seeing, and CNN’s John Harwood excerpted the part where the economist said that most households have a cash cushion to help them navigate hard times. We guess everyone saved money by being locked down for a year, and now they’re relying on those savings to buy groceries.

We know Harwood likes to cheerlead for the Biden administration, but nothing about this story is good. Wage gains are lagging behind soaring inflation, making people dip into that pandemic stash to get by.

By cash cushion, are they talking about the $0.16 we saved on last year’s Fourth of July cookout? ‘Cause that’s been spent.

Related: