Honestly, if you go to a place called "Yahoo!" for news, the misinformation is coming from inside the house. It's like choosing a hospital to go to because it has "De-Lux" in the name.
So when Yahoo Finance is telling you that inflation is making your richer, ackshually, you need to take your fist sized grain of salt before you dive in.
If you’re in the 1% or middle class, inflation has actually made you richer, according to a top economist who’s been researching inequality for over 40 years https://t.co/bGYHJeHMlM via @FortuneMagazine
— Yahoo Finance (@YahooFinance) October 19, 2023
Before we get to the good stuff, check out the first sign you're not dealing with serious journalism.
In a new working paper whose title asks, “Is There Really an Inflation Tax?” New York University economist Edward Nathan Wolff, an expert on inequality with nearly 40 years of research to his name, breaks down the effects of inflation on Americans’ overall wealth between 1983 and 2019.
Note the adoring tone for the "expert on inequality". So what's the big takeaway?
His answer? The “inflation tax” does exist, but not for everybody. The middle class and the top 1% of Americans actually benefited from periods of high inflation in recent decades.
...
Inflation can cause asset prices, particularly in real estate, to rise substantially [emphasis added], while simultaneously lowering the real debt burdens of some consumers. This means that a lucky group of households that have a large amount of assets or debt relative to their incomes—say, recent homebuyers who are “house poor” or the ultrarich—have historically seen a sizable gain in household wealth thanks to inflation, Wolff explained.
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So if you are in two particular brackets and own real estate, you could make out well, possibily.
That's it? No earth-shattering "kaboom"?
BS detectors went of quickly.
For the love of god, just stop. https://t.co/lDNUFabBXz
— Carol Roth (@caroljsroth) October 19, 2023
Are you not following Carol Roth? Go fix that now and come back. We'll wait.
Welcome back. Continuing ...
Gonna need to triple check this on Askjeeves, Webcrawler and Netscape.
— Bryce Raley (@bryceraley) October 19, 2023
Top Economist in 2023 = Dork🙄 https://t.co/FtuhdQH2DN
Kids, you may need to Google this. TL/DR: Yahoo! is the sole survivor of the class of 1998.
Americans are being brainwashed by their grocery bills https://t.co/auiqmbe3d9
— jimtreacher.substack.com (@jtLOL) October 19, 2023
"Hey, we're affordable. Don't listen to the doomsayers," shouted the Ramen.
"LOL, shut up," replied the eggs.
Funny Way of announcing Jim Cramer is Writing for you @YahooFinance - But I get it, I wouldn't advertise it blatantly either.
— Will Sinner (@Will_Sinner_) October 19, 2023
Either Cramer or Krugman. With them you can never go right.
If you own a house it may be worth more some day, eventually, if you sell it, so stop griping about whether or not you can afford groceries this month https://t.co/yp7p23EnY6
— BlueNGold aka #SaltyScalawag (@BlueNGold92) October 19, 2023
That's the subliminal message.
If they say it enough times they expect you to believe it.
— Artist_Angie: Sensei of Sarcasm (@Artist_Angie) October 19, 2023
YOU ARE NOT PAYING MORE FOR BASIC NEEDS! YOU ARE RICHER! BE HAPPY WITH THE CRAP YOU ARE GIVEN OR WE WILL GIVE YOU LESS!!! https://t.co/CW7szWne7o pic.twitter.com/mELdCFJTw5
OK, a little louder for the folks in the back.
Wow, an inequality researcher claims to find inequality. I'm totally shocked by this. Also, pic.twitter.com/ak24DUFOP3
— Scott Coleman (@bandphan) October 19, 2023
"Experts say" = you are about to read a poorly-sourced, biased piece.
I'm near the high of the middle class and you can bite my crank for trying to piss on my back while saying its raining. GTFOH with this bovine excrement.
— Physics Geek (@physicsgeek) October 19, 2023
Let's end with this masterpiece of righteous fury that still remains post-able on Twitchy.
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