An MSNBC opinion columnist recently attempted to spin the current inflation crisis into a “good” thing, calling the coronavirus pandemic an unlikable hero in a piece that was published on Monday.
James Surowiecki started his column by claiming that the media has been fearmongering about the effects of inflation Americans are facing. He pointed out an “odd CNN segment” that highlighted the effect of rising milk prices for a family with nine children who purchase 12 gallons per week, rather than a normal-sized family. The segment succumbed to one of the media’s worst tendencies: taking real issues and overhyping them beyond recognition, accusing the network instead of “educating” viewers.
Any discussion about inflation must include the context in that it is occurring. Recessions have historically made Americans poorer and not more prosperous. Surowiecki said that the Covid recession was a different story. People changed their lifestyles to cope with the pandemic. They saved more and spent less. Despite millions of Americans losing their jobs, many were able to get better unemployment benefits and other stimulus payments. The stock market boomed after initial falling.
Surowiecki declared that Americans were “$13.5 trillion wealthier” at the end 2020 than they were at the start of the year. He acknowledged that “most of the wealth went to the wealthy, but that “lower-income households also benefited.”
All this is to say that American consumers are relatively flush and that there is a strong demand for goods, which is driving prices higher. The MSNBC columnist said that it takes manufacturers and food producers a while to increase their supply after they have cut back production during the pandemic. Prices rise when there is high demand and low supply. This inflation isn’t a mysterious problem that has descended upon the economy. It is a predictable result of the economy’s rapid recovery, and its costs are offset to a large extent by strong wage growth and government policies.”
It’s important to provide context rather than telling scary stories. This is important because people will see inflation as an outside force, and their inflation expectations will rise. Inflation expectations tend to rise when actual inflation is expected to rise. So, instead of telling people to be scared, tell them to be worried. Kind of. Surowiecki said that they are buying 12 gallons per week of milk.
After MSNBC shared the column on Twitter, critics slammed it. They asked why inflation is considered a good deal now.”
Grabien Media founder Tom Elliott stated that “Gaslighting” is the main thing the media does today.
Comfortably Smug, Ruthless co-host, declared that “Lmao journalism has died.”
