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.
“Most households have a cash cushion to navigate through the very high inflation,” said Mark Zandi, Moody’s Analytics chief economist. “This is allowing consumers to stay in the game.” https://t.co/3Alj1mdCVA
— John Harwood (@JohnJHarwood) July 5, 2022
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.
Inflation wiping out savings is one of the main reasons inflation is bad, but these two Dem mouthpieces are paid not to understand that. https://t.co/OxHp032zTv
— Varad Mehta (@varadmehta) July 5, 2022
Except that those savings where not intended as a cushion for inflation. College savings, new kitchen, new car, vacation? Those things will now be deferred in favor of basics.
— Caelestis Ens (@CaelestisEns) July 5, 2022
I have zero cushion now. The inflation has wiped that out thank you.
— Nicholas Theriault (@Still_A_Buster) July 5, 2022
They want you to own nothing and like it.
— Chris Brey (@Cbrey86) July 5, 2022
“My savings is drained and my family had to cancel our annual vacation but the Dobbs opinion is just too important to ignore” – what Dems think the average voter thinks
— Andrew Moss (@andrewmoss_fl) July 5, 2022
Zandi's a nut, the "cash cushion" is largely in the top 10% of earners who have record savings and assets.
Bottom 50% are already broke
— Dr. Non-Birthing Cis-gendxr Latinx adjacent MSE PE (@TonesHyus) July 5, 2022
Correct. Increased credit card debt is the best evidence of people being cash strapped.
— William Keane (@largebill68) July 5, 2022
Once again, people who have it telling those who don't that they really do….
My bank ain't buying it.
— BooRadley 2.0 (@TheBooRadley3) July 5, 2022
This has to be one of the worst takes I've ever seen. Have you ever met someone who lives paycheck to paycheck? It's nearly every person I know, including myself. No, "most households" do NOT have a cash cushion.
— AllycynWonderland (@AllycynWndrland) July 5, 2022
Did you mean "couch" cushion?
— MMMurray 🔨 (@mmmaustin) July 5, 2022
I sold my couch cushions to pay for my health insurance.
— A. Torch (@Torcho) July 5, 2022
Spending the entire rainy day fund on inflation is not the win you think it is.
— David Frank Writes (@David_N_Frank) July 5, 2022
I was broken into last night , the burglar was looking for money, I helped him look.
— Rich Martin (@richdeanmartin) July 5, 2022
Scandal goalie is up working early! Good work Biden hack.
— Doctor of Coding Thinkology (@bradcundiff) July 5, 2022
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:
John Harwood gushes right along with Joe Biden’s WH over the economic awesomeness evident in new ‘Goldilocks’ jobs report https://t.co/KUGUIQ1rXv
— Twitchy Team (@TwitchyTeam) June 3, 2022
