all the stuff 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 scared that unemployment benefits + stimmy checks + 15 minimum wage + labor shortage is why ~jmt~
— sarah jeong (@sarahjeong) November 17, 2021
Sarah Jeong’s take echoes that of MSNBC’s Stephanie Ruhle, who argued this past Sunday inflation will cause no major issues because people have enough money to spend.
The dirty little secret here, while nobody likes to pay more, on average we have the money to do so. Household savings hit a record high over the pandemic. We didn’t really have anywhere to go out and spend. And as we said a moment ago, we’re expecting retail sales this holiday season to break records. For those who own their homes, the value of our homes are up. While the stock market isn’t the economy, you have over half of American households with some investment in the markets and they hit market highs.”
So we need to put all of this in perspective. This time last year when you and I were talking nobody had a vaccine. Now 200 million Americans do, and we’re seeing this push of demand and that’s pushing up pricing.
This Tweet is a failure to comprehend basic economics. Rich people are far less impacted by inflation than poor people because rich people spend a comparatively smaller amount of their income on products. Inflation is a massive default tax on the poor. https://t.co/ax0OL3k9lf
— Clay Travis (@ClayTravis) November 17, 2021
