Two and a half years after Bloomberg Opinion published advice for those earning under $300k on how to weather the Biden-Harris inflation storm—suggesting, among other things, swapping beef for “tasty meat substitutes” like lentils—we revisit whether labor economist Teresa Ghilarducci’s tips have truly shielded consumers from the fallout of failed Bidenomics.
The short answer is no.
Let’s revisit the March 19, 2022 op-ed titled “Inflation Stings Most If You Earn Less Than $300K. Here’s How to Deal,” which Bloomberg Opinion’s X account reposted the article.
Inflation stings most if you earn less than $300K. Here’s how to deal:
➡️ Take the bus
➡️ Don’t buy in bulk
➡️ Try lentils instead of meat
➡️ Nobody said this would be fun https://t.co/HGJEoXL5ZZ— Bloomberg Opinion (@opinion) March 19, 2022
The X post was heavily ratioed, with some users saying…
— The Right To Bear Memes (@grandoldmemes) March 19, 2022
— Adam Singer (@AdamSinger) March 19, 2022
The author is clearly an elitist that lives in the city. Rural Americans don’t have the option to take the bus or cut down on driving.
— Beth Baumann (@eb454) March 20, 2022
And, by the way, elites can be very wrong about their predictions…
Using the Amazon price tracker website camelcamelcamel, prices for a 12-pack of 14.5-ounce canned lentil soup produced by Amy’s Soup sold for around $30 when the op-ed was published. Several months later, prices jumped to $50, indicating prices were elastic as demand likely soared due to cash-strapped consumers. Since the start of 2023, data from the tracking website show prices bounced between the $40s to $50s, even as high as $65.
Meanwhile, the food inflation theme is still hot.
Orange juice contracts in New York are hyperinflating to record highs.
Wholesale egg prices via the Urner Barry Egg Index EBP are nearing record highs once again.
Let’s not even get started with USDA retail beef prices per pound.
But don’t worry—as the VP Harris team states, communist price controls will be the cure against evil supermarket chains that price gouge customers.
The higher price of breakfast food and just food in general is an alarming sign for low- and middle-income consumers.
Last week’s Dollar General stock price crash, fueled by warnings of a “financially constrained” core customer, is merely a warning sign the economy is trending in the wrong direction.
Tyler Durden
Wed, 09/04/2024 – 22:50
