MSNBC’s Stephanie Ruhle is having a hard time deciding whether the economy is actually doing well or whether it isn’t, but President Biden bears no responsibility for it. On Monday’s edition of The 11th Hour, Ruhle delivered a monologue where absolved Biden of any blame and condemned Republicans for “using inflation to push people to the polls.”
Ruhle began by acknowledging the stock market’s plunge and “For the first time, gas prices are now averaging over five bucks a gallon… And if you think gas prices are up, other things are up as well. Food prices, it seems like everything out there we’re buying, costs more.”
The reason why everything costs more is because history began in late February, “We've got a look at what's happening around the world. The war in Ukraine is obviously having a huge impact on gas prices. But they're also a really big exporter of grains, wheats, that's causing food prices to go up.”
After also declaring supply chains are impacted by the fact that China is still stuck on its Zero COVID policy, Ruhle claimed inflation is not a uniquely American problem, “And this inflation we're dealing with, other countries are dealing with it as well. Canada, Mexico, Europe, around the world.”
All three of those have lower inflation rates than the United States. After admitting that most people don’t care about other countries’ inflation rates, Ruhle tried to claim things are going rather well and as for the things that aren’t, they’re not Biden’s fault:
But there are right spots in the economy. Our jobs market is still very strong. Our wages are up. And despite prices being higher, we are still seeing people spending. In fact, we're expecting going into this summer, very high demand for travel. People flying, people driving. We might not like spending these higher prices, but we're willing to do it. And right now, all the focus is on the Federal Reserve, because when we could say what is the president doing? He's not doing much, because he can't. It's about the Federal Reserve.
After some brief talk about interest rates, Ruhle concluded by urging viewers not to fall for Republican campaign talking points, “And Republicans right now are using inflation to push people to the polls, because it's really hard for us. So I ask you, just like we're asking the president and this administration, what are you doing about inflation? Well, Republicans say it's the number one issue for the American people. Ask them, if they win in November, what are they gonna do?”
Not spending trillions of dollars on yet another COVID stimulus bills would be a good start.
This segment was sponsored by Applebee’s
Here is a transcript for the June 13 show:
MSNBC The 11th Hour with Stephanie Ruhle
6/13/2022
11:50 PM ET
STEPHANIE RUHLE: Let's talk about your bottom line. It was a rough, rough close for Wall Street this afternoon and that only adds to our economic anxiety. Think about this. All three major U.S. indexes posted huge losses today. The S&P was down more than 20 percent from its peak, and that means, we are officially entering a bear market.
And let's say you're not an investor, you're an American consumer. Well, guess what? The news there isn't much better. For the first time, gas prices are now averaging over five bucks a gallon. That's a lot of money. One estimate, Mark Zandi, he’s now saying that households are now spending about $160 more on gas a month than they were a year ago.
And if you think gas prices are up, other things are up as well. Food prices, it seems like everything out there we’re buying, costs more. So, why? We've got a look at what's happening around the world. The war in Ukraine is obviously having a huge impact on gas prices. But they're also a really big exporter of grains, wheats, that's causing food prices to go up.
But what's important to remember, it's causing prices to go up around the world. We also still have supply chain issues, because China has been shut down. That impacts the supply chain. And this inflation we're dealing with, other countries are dealing with it as well. Canada, Mexico, Europe, around the world. But for the American consumer out there, they don't necessarily care that prices are high around the world. They care that it matters here.
But there are right spots in the economy. Our jobs market is still very strong. Our wages are up. And despite prices being higher, we are still seeing people spending. In fact, we're expecting going into this summer, very high demand for travel. People flying, people driving. We might not like spending these higher prices, but we're willing to do it. And right now, all the focus is on the Federal Reserve, because when we could say what is the president doing? He's not doing much, because he can't. It's about the Federal Reserve.
They're going to raise interest rates this week, possibly, half a percentage point. And here is why this matters. If they raise rates too quickly, well, that could tip us into recession. And if they don't do it enough, prices could keep rising and rising. And inflation hurts. But what's also important to remember, as we're dealing with this, this can't be solved overnight.
And Republicans right now are using inflation to push people to the polls, because it's really hard for us. So I ask you, just like we're asking the president and this administration, what are you doing about inflation? Well, Republicans say it's the number one issue for the American people. Ask them, if they win in November, what are they gonna do?
