In October, inflation pitched a three-year all-time high of 6.2%. The direct implication of this was a hike in the prices of groceries and household appliances.
In the same vein, the price index of goods and services pegged 0.9%, making a major variation from 0.4% in August and 0.3% in September.
Also, in response to the inflation affecting the nation, Vice President Kamala Harris has expressed times are hard, and the struggle is real on the nation’s economy.
However, rather than stick to the principle of fairness, major household media outlets have failed to report the situation as it is in America.
The lower class and middle-class members of society are adversely affected by the nation’s inflation rate. All that the press has done recently is deny the situation of things.
Press People Flouted the Ethics of Their Profession
Stephanie Ruhle, a media personality working with MSNBC, has stated although the prices of things might be high, Americans have the money to spend.
She implies everyone in America is rich and able to withstand the hike in prices for necessities. For one who has a net worth of well over $6 million, it seems as though wealth has blinded Ruhle’s purview of America’s current reality.
In addition, Joy Reid, also a media personality for MSNBC, opined the bulk of the money spent by Americans has been paid to them during the COVID-19 lockdown. Joy doesn’t know although Americans might have been paid, the current hike in goods and services prices is all about inflation.
A popular media personality working with Fox News also weighed in on the inflation status in America. According to her, there is so much talk in the news about inflation because the affluent have investments that are not doing as well as they expected.
White House principal deputy press secretary Karine Jean-Pierre says “we’re in a different place than we were a year ago.”
She’s right. This time last year, the inflation rate in America was around 1.2% (now 5.2%) and the average price of gasoline was $2.24.
— Kyle Morris (@RealKyleMorris) October 21, 2021
Inflation as an economic concept affects a nation. Regardless of whether you are rich or poor, in so far as you live within a nation and thrive in it, it affects you one way or the other.
One would have expected these media personalities did some research before making the comments they made. The sad spewing of irrelevant facts is what they chose instead.
What the Inflation Chart Means for America’s Economy
Everyone knows now the stock market is pitching an all-time high. Housing prices witnessed a tremendous 99% surge in recent times. Financial assets are thriving, but everyone is affected in one way or the other.
Inflation has continued to make the price of goods and services in America rise as the U.S. dollar’s purchasing power is not what it used to be. Meanwhile, the Obama administration’s former economic advisor, Larry Summers, recently told the press that pic.twitter.com/w9bZRDhcfL
— Michael wilson (@Michael96890293) November 17, 2021
The situations of low and average-income earners who live paycheck to paycheck have not changed recently. These are the people who suffer the whips of inflation the most because they have no alternatives.
This is the aspect the press will not let out because low-income earners aren’t the ones paying their fat bills.