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September 12, 2022

Washington Post: Americans "Resigned" to Inflation, "Feeling Better" About Dealing With It


The Washington Post published a news article by economy reporter Abha Bhattarai that said Americans are getting used to inflation and "learning to deal with" it. This runs contrary to various indicators, including a Gallup poll which found that 56% of Americans said inflation is causing hardship.

"After months of gloom, Americans are finally starting to feel better about the economy and more resigned to inflation," Bhattarai wrote.

"Americans are making small changes -- buying meat in bulk, for example, or shifting more of their shopping to discount chains -- suggesting that many families are learning to deal with higher prices," she continued.

Following similar talking points as the White House, Bhattarai emphasized gas coming down from a record high of $5, saying the "25 percent drop in costs has been substantial for many Americans."

"Overall inflation, meanwhile, has eased slightly -- prices remained flat in July, though they're still up 8.5 percent from a year ago -- as a result of aggressive interest rate hikes by the Federal Reserve," she wrote.

The article detailed the account of Nils Haaland, a man in Omaha who said "soaring prices for fuel and food this summer forced him and his wife to stop dining out, postpone summer travel and buy less meat."

"Although prices are still relatively high, he says he feels less worried that inflation will continue to spiral out of control," The Post reported.

The "Maddowblog" says that gas prices are "improving" so much that the GOP is forced to shift its election focus.

Meanwhile, Janet Yellen admits that gas prices could surge this winter.

But don't worry, she has a plan to stop oil prices from surging -- a price cap.

And price caps always* stop demand-provoked price increases!

Treasury Secretary Janet Yellen admitted there is a "risk" that US gas prices will surge again this winter after months of steady declines.

Yellen cited potentially fraught conditions in Europe as members of the European Union wean off Russian oil shipments and mull the imposition of a price cap in response to the brutal invasion of Ukraine.

"It's a risk and it's a risk that we're working on the price cap to try to address," Yellen said during an appearance on CNN's "State of the Union" on Sunday. "This winter, the European Union will cease, for the most part, buying Russian oil and in addition, they will ban the provision of services that enable Russia to ship oil by tanker. It is possible that could cause a spike in oil prices."

"Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war while also maintaining Russian oil supplies to hold down global oil prices," Yellen added.

* Defining "always" as "never."

Suggested by Jacinda A.

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posted by Ace at 12:36 PM

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