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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

Image credits: economics

Image credits: bopinion

#2

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Richard A Petro
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Do you mean, as "Arrowsmith" suggested (Or ingested, perhaps), we should "eat the rich"?

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Persephone
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Yes, their advice doesn't apply to them, so all peachy for them...

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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.

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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.

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A Jones
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

right, buying in bulk is way cheaper. Especially for things like soaps and stuff. 1 large bottle of dish soap saves me a full year of dish soap and reduce plastics. I'm trying to be more green and save green, even well prior to the inflation BS.

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Caro Caro
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1 year ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

And they say chimps are vegetarian.... Maybe they thought the tyrant was made of lentils ;)

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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.

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"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.

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Mazer
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Welcome to America, the melting pot of the world. Where the scum floats to the top and those at the bottom get burned

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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.

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Puppeteer Saint
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

All publicity is good publicity.. If they're talking negatively about you, at least they're talking about you.

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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."

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M O'Connell
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

"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.

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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."

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Mazer
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The worst part of this…our Government is good with it being this way

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Persephone
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

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)...

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K Witmer
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I'm surprised it doesn't say kids instead of dogs. The conservatives hate living breathing children.

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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Sounds nice when taken out of context, but... https://starbuck2022.com/policies-issue/

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DennyS (denzoren)
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Honk honk....lentils is the world super saver we didn't know we needed. Lol

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Who the What
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1 year ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

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!?

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Mazer
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1 year ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

After reading this raise hands if you feel you need an antidepressant or stiff drink

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