Bloomberg News appeared to join a growing chorus of liberal outlets rejecting President Joe Biden’s gaslighting on the severity of the American inflation crisis.
The headline for Bloomberg News’ Biden smackdown was right on the nose: “White House Claim of Inflation Cushion Undercut by Savings Data.” U.S. Treasury Secretary Janet Yellen, National Economic Council Director Brian Deese and other Biden talking heads have “repeatedly” cited “Americans’ bank accounts [injected with pandemic-era savings] as buffers” against the 40-year-high inflation-plagued economy. However, as Bloomberg News reporter Saleha Mohsin analyzed, “the money is rapidly evaporating for 26 million low-income families.” [Emphasis added.]
“‘There was an analysis that came out recently that showed middle-class Americans had an additional $10,000 in savings than before the pandemic,'’’ Mohsin cited White House Press Secretary Karine Jean-Pierre as saying during a press briefing Tuesday. While Jean-Pierre reportedly cited another analysis which allegedly found that all income groups had higher checking account balances at the end of March than pre-pandemic, Mohsin objected that the “latest data from the Federal Reserve, however, suggest that the White House is looking at only part of the picture.” [Emphasis added.]
Mohsin illustrated why the White House narrative of stimulus-inflated accounts softening the blow of inflation was bunk:
While US savings have grown by $3.26 trillion overall since before the pandemic, two-thirds of that boost went to the highest-earning 10% of households, and one-third to the top 1%. Meanwhile, among the bottom one-fifth of US incomes, cash holdings -- currency plus money in check-writing accounts -- were down by 22% in March from their levels at the end of 2019.
A “savings erosion” has wiped out pandemic gains for about 26 million households making the least money, Mohsin noted. This “may undercut recent comments from Biden administration officials,” she wrote. [Emphasis added.]
Bloomberg News is not the only liberal outlet to grow tired of White House inflation excuses. The Associated Press recently slammed Biden’s unfounded economic optimism as potentially contributing to a “dissonance between Washington and people across the country who are confronting genuine and growing economic pain.”
In addition, AP critiqued that Biden’s predictions of a “rosy political future for the Democratic Party” seem at “odds with a country that he acknowledged this week was ‘really, really down,’ burdened by a pandemic, surging gas prices and spiking inflation.”
Conservatives are under attack. Contact Bloomberg News at letters@bloomberg.net and demand it continue to report the truth about America’s ongoing inflation crisis.
