Moments after the release of March’s Consumer Price Index (CPI) showing 8.5 percent inflation and a 1.2 percent rise from February, MSNBC’s 11th Hour host and unofficial Team Biden cheerleader Stephanie Ruhle was left to be the bearer of bad news (as NBC’s chief economic analyst) for her fellow liberals on the cast of MSNBC’s Morning Joe.
Co-host Mika Brzezinski gave the top line numbers and turned things over to Ruhle, who conceded “it ain’t good” and that raising costs in “food,” “gas,” and “rent” will leave “the most economically vulnerable...hit the hardest.”
Ruhle quickly added that while wages have gone up, they’re actually down due to inflation, which bolstered the fact that those at “the bottom” have been struck another “huge blow.”
But within the last two months, Ruhle repeatedly wondered why more people haven’t praised Biden for his “big wins,” called for raising taxes to lower gas prices, and praised Biden’s speech after he imposed a ban on Russian oil. If things were so great, why the dire numbers?
And we couldn’t forget these doozies from the past year of Ruhle saying raising interest rates were fantastic, people leaving jobs were a “sign of strength” for the economy, and the “dirty little secret” was Americans can shoulder inflation just fine.
Back to Wednesday, co-host and Sunday Today host Willie Geist similarly lamented that gas prices and grocery bills matter the most even though Biden’s received “support” for how he’s handled Ukraine, leading Ruhle to concur that “this is crippling politically.”
After a jab at voters for expressing support for Ukraine and measures to punish Russia while refusing to accept higher costs of everything, Ruhle seemed exasperated that Treasury Secretary Janet Yellen and the administration would let her down in being so wrong about inflation as transitory (click “expand”):
RUHLE: [W]e had been hearing pre-Ukraine, maybe this is going to be short term we'll work our way out of it. It's getting worse. Inflation was already a problem, then the war hits. That, obviously, makes things worse. The surge in prices of commodities like oil, gas, wheat. And then think about what’s happening in. China. Because of the COVID surge, you’re now seeing huge lockdowns again and what does that do? Hits the supply chain, which was already struggling. We're dealing with a multi-pronged problem.
(....)
BARNICLE: What...can a combination of the fed and the executive powers of the presidency do to tamper inflation?
RUHLE: There's not really a clear solution, right? People immediately say get rid of the gas tax, but who does that necessarily help? It helps the oil and gas companies. It's not like there’s this lever that fixes it. It's complicated.
BARNICLE: Did the Fed — did the Fed underestimate inflation?
RUHLE: Surely, right? Remember, for months and months, I spoke to Janet Yellen months ago and she was still on that, “oh, it's temporary. It’s not going to last long. This is — we’re going to get through this when we get through COVID. Well, we're not through COVID and now we’ve got more complications. They absolutely underestimated this.
Ruhle then closed with a word on housing, stating home prices and rent are both “really high” and that new supply can’t be built “overnight” and while “many are saying” housing could “cool...with interest rates, but [it] hasn’t yet.”
Wednesday’s MSNBC trip aboard the strugglebus was brought to you by advertisers such as CarShield and HughesNet. Follow the links to see their contact information at the MRC’s Conservatives Fight Back page.
To see the relevant MSNBC transcript from April 12, click “expand.”
MSNBC’s Morning Joe
April 12, 2022
8:48 a.m. EasternMIKA BRZEZINSKI: 48 past the hour. A look at Reagan National Airport as we get to some breaking news now on the economy. There is a new measure of just how much inflation is soaring and the numbers are staggering. The Consumer Price Index jumped 8.5 percent in March from 12 months earlier. That is the biggest year-over-year growth in 40 years. You have to go back to 1981 to see a similar jump in the costs of food, gasoline, and housing. As the AP frames it, “the economic squeeze is effectively wiping out the pay raises that many people have received,” and that's probably just the beginning. Joining us now, NBC News senior business analyst and host of The 11th Hour — so we thank you for coming in so early — Stephanie Ruhle. Steph, break it down for us.
STEPHANIE RUHLE: It ain't good. When you look at these numbers year over year, you said it: we have not been in this place in 40 years and the biggest increases? It's gas, it's rent, it’s food, all the things you need to buy every day. So, the people who are the most economically vulnerable are going to be hit the hardest. And you mentioned it, we've talked a lot about the good news about wages being up so much over the last year. When you account for inflation, hourly wages are actually down almost three percent. So we talk a lot about all the savings Americans have — have built up over the last two years, over $2 trillion, that's mostly middle income Americans, wealthier Americans. For those at the bottom of the economic scale, huge blow.
WILLIE GEIST: And, Steph, I'm just looking through some of these numbers. Almost nine percent inflation on food. I mean, for everything else that's going on, for all the support that President Biden has given to Ukraine, for as low as the unemployment rate is, when you go to the grocery store and you can't believe your eyes at the scan, when you go to the gas station and it's going up into triple digits, that's what matters to people.
RUHLE: 100 percent and this is crippling politically. Look at what’s happening in France, right? Inflation is even worse there. And so, you’ve got the same people saying we stand with Ukraine, you know, we understand that gas prices are higher. Those same people are saying, “oh, but I don't like it and I'm voting against you.” And the Biden administration is going to have to wrestle with this. The Fed is meeting in may. They’re likely going to raise rates again, but even though that could be a part-term solution, people don't like how that feels either.
JONATHAN LEMIRE: So, you just mentioned the interest rates, but what other tools are there to try to bring this down? Is there any relief in sight? Talk us through the timetable.
RUHLE: Well, listen we had been hearing pre-Ukraine, maybe this is going to be short term —
LEMIRE: Yeah.
RUHLE: — we'll work our way out of it. It's getting worse. Inflation was already a problem, then the war hits. That, obviously, makes things worse. The surge in prices of commodities like oil, gas, wheat. And then think about what’s happening in. China. Because of the COVID surge, you’re now seeing huge lockdowns again and what does that do? Hits the supply chain, which was already struggling. We're dealing with a multi-pronged problem.
MIKE BARNICLE: So, realistically, the two Gs are the killers in this for the average family: gas and groceries. Those are dailies —
RUHLE: Mmhmm.
BARNICLE: — sustenance.
RUHLE: Mmhmm.
BARNICLE: — dailies. What, if anything, in the immediate aspect of this, in the next two, three months, can a combination of the fed and the executive powers of the presidency do to tamper inflation?
RUHLE: There's not really a clear solution, right? People immediately say get rid of the gas tax, but who does that necessarily help? It helps the oil and gas companies. It's not like there’s this lever that fixes it. It's complicated.
BARNICLE: Did the Fed — did the Fed underestimate inflation?
RUHLE: Surely, right? Remember, for months and months, I spoke to Janet Yellen months ago and she was still on that, “oh, it's temporary. It’s not going to last long. This is — we’re going to get through this when we get through COVID. Well, we're not through COVID and now we’ve got more complications. They absolutely underestimated this.
BRZEZINSKI: And Stephanie, can you prognosticate a little bit about housing prices, where they are, where they're going?
RUHLE: They're still really high and rent is really high, which you are hearing in cities —
BRZEZINSKI: Right.
RUHLE: — across the country, and many people are saying this has to cool off soon, but supply remains an issue. Remember, hous — new housing, building new houses slowed down during COVID for a multitude of reasons and it's not like they can create new stock overnight. It’s going to take time. Many are saying will housing cool? It should with interest rates, but hasn't yet.
BRZEZINSKI: Alright, Stephanie Ruhle, thank you. We’re going to see you in about 14 hours tonight on The 11th Hour. We appreciate you coming in and explaining this.
GEIST: Thanks, Steph.
RUHLE: Thank you.
BRZEZINSKI: Thank you.
