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30 Of The Best Reactions From The Internet On Bloomberg’s ‘Surviving Inflation’ Tips
Rising food and energy costs have pushed the already soaring U.S. inflation to another four-decade high. According to the Labor Department’s Bureau of Labor Statistics, the February Consumer Price Index (CPI) increased 7.9% over the past 12 months. CPI measures the weighted average prices of goods and services, such as gas, food, medical care, and more.
The surging prices not only force more and more Americans to re-think their budget but also invite industry experts to share their thoughts. Recently, one such Bloomberg article has gone viral. NYC-based labor economist Teresa Ghilarducci wrote a piece headlined 'Inflation Stings Most If You Earn Less Than $300k'. Later on, Bloomberg shared it on social media, and it got widely mocked by anyone with a Twitter account.
You see, Ghilarducci shared tips on dealing with inflation which people all over thought were extremely out-of-touch and delusional about the reality. She wrote that if you want to "lessen the blow" of inflation, it’s time to substitute lentils for meat and let your pet die of cancer. People quickly started sharing their reactions online, so scroll down to see what they had to say.
Bloomberg’s recent opinion piece with tips for surviving inflation "if you earn less than $300k" received backlash on Twitter, with many people sharing their reactions
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Do you mean, as "Arrowsmith" suggested (Or ingested, perhaps), we should "eat the rich"?
People were left upset and rightfully confused after reading the article. After all, it blatantly attempts to share pieces of advice on how to pinch pennies if you’re unlucky enough to make less than $300K every year. However, some tips the labor economist and expert in retirement security offered seem innocent enough. Well, at least at first.
Ghilarducci’s op-ed reads: "To deal with gas prices, it’s worth reconsidering public transportation if it’s an option where you live. Fares are up about 8% compared with 38% for gasoline. Now may even be the time to sell your car."
Well, public transit might be an essential everyday necessity for many people across the country. It allows to reach jobs and schools, do shopping, have access to healthcare, and other services while also being a sustainable form of mobility. However, according to The American Public Transportation Association (APTA), 45% of Americans have no access to public transportation.
Another tip that caught the attention of the Twitter-sphere was when the economist said that households might consider swapping out their meat for lentils. "Meat prices have increased about 14% from February 2021 and will go up even more. Though your palate may not be used to it, tasty meat substitutes include vegetables (where prices are up a little over 4%, or lentils and beans, which are up about 9%)," she wrote.
Yet, there was one more suggestion that immediately struck a chord with the users — advising them to skip out on their pet’s medical bills. "If you’re one of the many Americans who became a new pet owner during the pandemic, you might want to rethink those costly pet medical needs. It may sound harsh, but researchers actually don’t recommend pet chemotherapy — which can cost up to $10,000 — for ethical reasons," the scholar explained.
"Harsh" may be an understatement. Many social media users viewed this suggestion as straight-up dark. They had some more severe remarks to say about the article and its writer, and as you can see from this post, they did not hold back. Even when Bloomberg Opinion reshared the article on Twitter, they wrote "nobody said this would be fun". Well, folks online certainly didn’t think it was.
People started talking about how yet again the privileged members of society who hold positions of power explain what those who earn less should be doing with their personal lives and finances. Some were baffled that this financial news site shared such advice to those struggling every day with such a lack of consideration.
All publicity is good publicity.. If they're talking negatively about you, at least they're talking about you.
According to the Washington Post, wealthier Americans have stronger protections shielding them against increasing prices. And that is why inflation won’t affect them as much. They already own homes, have substantial retirement savings, and their investments will probably outpace inflation in the long run.
Meanwhile, lower-income workers usually feel only the negative side of inflation. "Their rent goes up. Their heating oil prices go up. Their grocery bills go up. And there’s no room for higher prices in their already stretched budgets. Plus, with stimulus benefits and child-tax credit payments long gone, many have exhausted their financial cushions."
"End profit" is a bit extreme. If businesses operated on a non-profit basis they would have little in the way of capital to fund growth. I am very anti-price-gouging though.
I like that you didn’t say “Feed billionaires into woodchippers feet first” is a bit extreme.
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Profit is not a dirty word. Greed is. We need to start taxing the hell out of companies after they surpass a reasonable profit amount. For example, tax the first billion Amazon makes in profit the normal 20%. The second billion at 50%. The third at 75%, etc. etc. Force them to either put the profit back into the business (wages, benefits, etc.) Or take it through taxes and help the people with it.
I disagree with "end profit". Nobody is going to go into a business that doesn't make a profit.
Plenty of people get wealthy from non profits. Non profit doesn’t mean no salary, no growth, and no bonus. Look to some charities, hospitals, and churches as an example. Some are ridiculously extravagant and have very overcompensated admins.
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Ok, so this is bad advice, you want to separate your organs, muscle tissue, skin and bones or else it's useless.
And on a serious note, if you cut away the rich, let me assure you new people will gladly take their place. It's not that easy. It takes a shift in mindset. This is taken from the idea that these rich people are indeed special. They are not, they were just there at the right time. They are not exceptionally smart, they are lucky. So cut them out and some other people will get "lucky".
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"End profit" is a statement identical to "Eat lentils" in terms of shear ignorance. Obviously you don't notice the hyperbole and irony? I'm sure you would want to profit from your work/invention/business? Why do any of those things without profit?
I'm guessing the person doesn't know the word profiteering
Load More Replies... I don't want my salary capped. I am having enough trouble meeting my obligations as it is. I hope you're referring to CEOs and the like..
Yes, OP means the CEO's who lay off workers, refuse to pay living wages, over-work their staff only to take in huge bonuses and enjoy record profits.
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Profit is not stolen labor. A business owner has spent considerably out of their own money to set up a business, risking money that was much safer in the bank or in low-risk ventures. 80% of small businesses fail in the first five years. Are you, as an employee, going to chip in your life savings to prop up a failing business? No, this is only asked of the owner. Profit, when saved correctly, helps a business through a dry spell as well and tries to keep trained, heavily-invested-in people employed with the company even if the market turns sour, to best be prepared for a good future. If businesses were such riskless profit machines as to not deserve profit, then we all should have one and not be chumps anymore. I have been both an employee and an employer. Both sides have their risks and disadvantages, and I would never hire someone who shared your opinion. You should run your own thing!
Profit is an entitlement. You have a right to work, to create a business, whatever your little heart craves, but profit belongs to all, not the individual or corporate body. Businesses are supposed to fail once they begin to lose business and popularity, not grow into domination regardless their foolishness. You get to run a business if you want to, that's it, no incentives, no profits, no bonus structure, and the business will fail eventually, by design. If that isn't what you want, then you're a freeloading leech and should have no rights to the economic system anyway. And if you get caught in a financial crime, take away the right to use money at all.
Profit belongs to the investors that take the risk of putting their money into a venture that may or may not succeed. No profit = no incentive to invest which means people either spend all the money or save it instead of putting it back into the economy. What you want is progressive taxation on personal wealth and income, anti-trust laws, limits to market monopolies, robust social policies that include minim salaries tethered to actual cost of living, enforcing mandatory paid vacation, sick leave and parental leave and finally free or cheap enough basic necessities like healthcare, education and utilities. In addition you can also ensure a healthier real estate market by heavily taxing for profit housing moguls and implementing heavier regulations around multi-house ownership. You know guys, there is a middle ground between rabid capitalism and extreme communism.
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This shirt originally said "Stop Being Desperate." It's a shop job.
Xavier Jaravel, a London School of Economics professor said that for low-income Americans, a small change in disposable income is very difficult to cope with. "Every bit of additional inflation just reduces purchasing power. If you have a large income, which often goes with the fact that you’re saving a lot, then losing some of your purchasing power is not a big cost."
Share the bath water... last 1 in is gonna smell like a rotten egg! Boil bath water on the stove to avoid paying for gas to heat it!!! (Thanks you rich privileged f**k wads for the advice)...
Honk honk....lentils is the world super saver we didn't know we needed. Lol
If you don't make 1.5x the amount of money the PRESIDENT OF THE UNITED STATES does, inflation really stings! Edit: Okay, apparently the president makes 400,000 dollars. Sorry, but also WHAT THE HECK!?
Vermouth? I would never try surgery with any less than brandy. Sorry, but there are limits.
I figured a long time ago that the 25lb bag of very nice basmati rice costs the same per-pound as the 1lb bag of mostly broken crummy store-brand rice.
All of them. Then he'll just raise the price by a factor of of 10...
Yeah I'm not spending 4 to 5 hours trying to get to and from work, the work day is already long enough. Hello, live in LA.
Let them eat cake!.....What's that out there making that slashing metal noise?
I’m in full agreement with this. Most people won’t suffer until they have too though. It’s one byproduct of American first world privilege. Baby boomers that say “pull up those bootstraps” we’re lucky enough to be wearing boots. So many are stuck wearing sandals.
Some of the richest a-holes in the country got that way as a result of manipulating the fossil fuel markets over the last hundred years. Fighting fossil fuels is key to moving forward as a society.
Isn't the national purge just around the corner? Say hi to your neighbors for me.
Hey, here's a novel idea. Why don't we stop accepting the lie that this problem has anything to do with which party happens to be in charge at the moment, stop letting the elite turn us against each other, and fight the real enemy which is the corporate elite who actually run this country. Just a suggestion.
Please don't fall for this b******t. If it was the Republicans in office when this happened, the Democrats would say say it was their fault. The blame doesn't lie with the current dominant political party in office, but with the corporations and 1%ers who put them there. Partisanism is a smokescreen, don't let it distract you.
Follow the money! The writer of this opinion piece is clearly in the back pocket of Big Lentil!
"Here are all the change you need to make so that the rich can hoard even more wealth!"
I love they think that someone earning six figures is hurting the same as folks earning min wage...
Do you feel that? That's the urge for another American Revolution... French Revolution style. Who's got a few guillotines and is willing to commit to the movement?
Well I must be a millionaire then, I don't drive, I don't buy bulk as I have nowhere to store it and I don't eat meat - I'll contact the bank to check my account for my missing millions!
I always lol at these type of things. It's so obviously not in touch with reality. And always put focus on the individual as a failure and doesn't mention - at all - the social structures that put them in poverty. Just to avoid taking any responsibility in them getting richer on behalf of the poor. It's embarrassing at least.
Advice on how to save money from people who've never had to! Personally, I have managed to live frugally when necessary. Buy all clothing from charity shops or eBay second hand. Buy in bulk and do food prep, saves on fuel and also the cost of cooking (you're just microwaving it to heat it up) Bin your Netflix and share one. Bin all TV subscriptions and get a modified FireStick for less per year than you pay per month. Ask someone to do a safe bypass on your electric then use electric heaters. Cheap food is unhealthy food so don't cut back on this unless you're desperate. Remember the companies are robbing you blind, don't feel you can't reciprocate..
Safe bypass on your electric? Can you please explain what this is?
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Jesus Christ fastest for 40 days and 40 nights, and the Vatican is worth billions. So maybe changing our food-intake is the right way to go.
Agreed particularly with the ones that suggest looking for alternative sources of meat. However, this is not an only American problem. In Europe we have the same crippling inflation and price gouging.
There's an apt line from an old album by the group Jethro Tull: "I've come down from the upper classes to mend your rotten ways..."
Even though he dropped out, people need to do penance for voting for him in 2020.
The best part is how both the right and left were mad at Forbes for this Hot Take
The "lentils" part might work: If you're buying lentils, there's a 40% chance you're Indian (they consume most of the lentils in the world --- most of them Canada-grown!), and so the cost of living is a fraction of that in the USA... It makes sense, when you don't think about it.
While I understand and agree with the sentiment of this post, I think it's an oversimplification of the content of the original article. The author is correct about eating lentils instead of meat but the reasoning isn't financial...it's environmental. BTW, I'm not vegetarian.
Me who is doing the majority of this stuff well over a decade b4 inflation and paid like a little over 10% of the 300k wage with laughable rate increase. It's horrible and doesn't go away. It will get worse if we allow it to get worse. dd0-62472d...6b9b8f.jpg 
Follow the money! The writer of this opinion piece is clearly in the back pocket of Big Lentil!
"Here are all the change you need to make so that the rich can hoard even more wealth!"
I love they think that someone earning six figures is hurting the same as folks earning min wage...
Do you feel that? That's the urge for another American Revolution... French Revolution style. Who's got a few guillotines and is willing to commit to the movement?
Well I must be a millionaire then, I don't drive, I don't buy bulk as I have nowhere to store it and I don't eat meat - I'll contact the bank to check my account for my missing millions!
I always lol at these type of things. It's so obviously not in touch with reality. And always put focus on the individual as a failure and doesn't mention - at all - the social structures that put them in poverty. Just to avoid taking any responsibility in them getting richer on behalf of the poor. It's embarrassing at least.
Advice on how to save money from people who've never had to! Personally, I have managed to live frugally when necessary. Buy all clothing from charity shops or eBay second hand. Buy in bulk and do food prep, saves on fuel and also the cost of cooking (you're just microwaving it to heat it up) Bin your Netflix and share one. Bin all TV subscriptions and get a modified FireStick for less per year than you pay per month. Ask someone to do a safe bypass on your electric then use electric heaters. Cheap food is unhealthy food so don't cut back on this unless you're desperate. Remember the companies are robbing you blind, don't feel you can't reciprocate..
Safe bypass on your electric? Can you please explain what this is?
Load More Replies... Jesus Christ fastest for 40 days and 40 nights, and the Vatican is worth billions. So maybe changing our food-intake is the right way to go.
Agreed particularly with the ones that suggest looking for alternative sources of meat. However, this is not an only American problem. In Europe we have the same crippling inflation and price gouging.
There's an apt line from an old album by the group Jethro Tull: "I've come down from the upper classes to mend your rotten ways..."
Even though he dropped out, people need to do penance for voting for him in 2020.
The best part is how both the right and left were mad at Forbes for this Hot Take
The "lentils" part might work: If you're buying lentils, there's a 40% chance you're Indian (they consume most of the lentils in the world --- most of them Canada-grown!), and so the cost of living is a fraction of that in the USA... It makes sense, when you don't think about it.
While I understand and agree with the sentiment of this post, I think it's an oversimplification of the content of the original article. The author is correct about eating lentils instead of meat but the reasoning isn't financial...it's environmental. BTW, I'm not vegetarian.
Me who is doing the majority of this stuff well over a decade b4 inflation and paid like a little over 10% of the 300k wage with laughable rate increase. It's horrible and doesn't go away. It will get worse if we allow it to get worse. dd0-62472d...6b9b8f.jpg
