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MSNBC columnist says current inflation crisis is actually a 'good thing'
‘Inflation is political death’: Wesbury
Economist Brian Wesbury, Gary Kaltbaum, and Jim Bianco discuss rising inflation amid a hot market on ‘Making Money’
An MSNBC opinion columnist is attempting to spin the current inflation crisis as a "good thing," calling the coronavirus pandemic an "unlikely hero" in a new piece published Monday.
James Surowiecki began his column by suggesting the media has been fearmongering over the consequences of inflation Americans have been facing, calling out an "odd" CNN segment that highlighted the impact of rising milk costs for a family of nine who buys 12 gallons a week rather than a normal-sized family, writing "the segment succumbed to one of the media’s worst tendencies: taking a real issue and overhyping it beyond recognition," accusing the network of "frightening" viewers instead of "enlightening" them.
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"Any discussion of inflation needs to include the context in which it’s happening. Historically, recessions have left Americans poorer, not better off. But the Covid recession was different," Surowiecki wrote. "As people shifting their habits drastically in response to the pandemic, they spent much less and saved more. Even though millions of Americans lost their jobs, enhanced unemployment benefits and stimulus payments left many of them better off, not worse. And the stock market, after initially falling, boomed."