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March 21, 2022

Bloomberg columnist's tips for beating Bidenflation don't go over very well

By Monica Showalter

An out-of-touch academic, writing a column for Bloomberg Opinion, demonstrated just how out of touch the country's elites are as inflation hits every sector of the country.

Instead of hiding the mess, or better yet, just not printing it, Bloomberg Opinion tweeted its existence out with a handy tip sheet:

Which was about as amateur-hour as it gets on the age-old topic of cutting back as inflation eats into worker earnings. 

The "advice" also included a recommendation to cut chemotherapy for one's dog as if that would solve the inflation problem for a loving pet owner.

Memo to Bloomberg columnist Teresa Ghilarducci of the New School for Social Research: Poor people already know how to cut back. It's called 'not having enough money.'

And as a hint as to how out of touch she was, Tweeters went to town on her.

Start with this one -- anybody checked out the price of lentils?

Bzzzt. Not an inflation hedge, Teresa.

Will hectoring workers to eat lentils instead of meat solve the problem? Only in the mind of an out-of-touch elitist. 

Let them eat lentils -- we all know how well that worked out in Venezuela:

The dog thing didn't go over very well, either:

The wealth of Bloomberg Opinion's owner, the $82 billion plutocrat Michael Bloomberg, was also noted, especially since Ghilarducci put the cutoff for inflation harm at around $300,000 -- along with the hypocrisy of it all:

There also was this:

Where have we heard that before? Transportation Secretary Pete Buttigieg, who advised Americans to buy $100,000 electric cars as a means of beating fuel inflation certainly would relate.

And sure enough, the unconventional president of El Salvador noticed something 'off' about this, ultimately rooted in the out-of-touch U.S. ruling classes:

 

Not surprisingly, both the Daily Mail and the Daily Wire noticed the ratioing the column took out on Twitter. They have a bunch of additional tweets, the best of which is this one:

That's the one that gets to the root of this problem -- Federal Reserve money printing, to pay for Joe Biden's endless stimulus programs and payouts. That's the root of the inflation, not supply chain issues, as Ghilarducci argued, because inflation is always and everywhere a monetary phenomenon, as Milton Friedman argued -- something even some conservatives have trouble grasping. Japan has big supply chain issues -- and no inflation. Switzerland has high gas prices -- and no inflation. Neither nation prints cash the way Joe Biden's Fed does -- with some 20% of all bills in circulation now printed in the last couple of years. Inflation comes from a basket of goods and it all comes down to too many dollars in circulation to support the existing economic activity. 

That's what's killing workers' paychecks, and no amount of silly advice on eating more rising-price lentils is going to fix it. What will fix it is the one thing Ghilarducci cannot countenance -- shutting down big government and all its bloated staff and salaries. That's the biggest reason why her column is so out of touch. And since the Biden administration is fully in step with this nonsense, there won't be any changes any time soon, something voters should note at midterms and in 2024.

Let them eat lentils.

Mock on, Twitterers.

Image: Twitter screen shot

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