MSNBC’s Stephanie Ruhle is not if not consistent in her efforts to blame the news media for the lack of confidence in the economy. On Friday’s The 11th Hour, Ruhle claimed that “we instilled this fear and unhappiness in people” right before going on to blame consumers for inflation.
During a panel discussion on the economy, REVOLT Black News anchor and managing editor Mara S. Campo made the normal observation that people do not feel confident in the economy because it does not reflect their everyday experience, “But I don't know if the messaging is getting through. Because I don't know that people feel it. You know, eggs still cost $8 a carton. A box of cereal is $10. Your credit card bills are going up every month by hundreds of dollars because the Fed keeps raising interest rates.”
Other than a gratuitous call for gun control, Campo summed up the problem with trying to convince voters the economy is doing great, “The housing market seems frozen because mortgage rates are at high sky high rates. We’re all afraid of getting shot by some lunatic with an AR-15 because no place feels safe. So, there are a lot of things that people are just feeling that don't feel good. But maybe when it comes to the economy it's not reflecting the messaging and the reality, but people are not really very enthusiastic.”
Ruhle wasn’t buying it, “But we, being the media, are somewhat responsible for that, right? Gas prices is the perfect example. When gas prices are up, like they were last year, every news organization and every reporter were standing in front of the gas station talking about it.”
Alternatively, consumers don’t need a reporter to tell them gas or egg prices are high because they see it themselves when they fill up their car or go to the store. Additionally, the media constantly tried to spin away inflation by repeating Ruhle’s point that the economy was actually doing rather well.
People aren’t going to just stop putting gas in their cars or buying food, but Ruhle still insisted that consumers are to blame for high prices:
When mortgage rates were really low, prices were super high, because you could get a really cheap mortgage. And so, we instilled this fear and unhappiness in people and one of the reasons prices have been so high is because people are willing to pay those high prices. We keep them inflated. And so, we actually are somewhat to blame for the narrative out there, but you’re right in the fact that people do not feel good.
Turning to infrastructure and former MSNBC host Touré, Ruhle wondered what Biden has to do to get credit, Ruhle wondered, “What about infrastructure? You’re Joe Biden -- huge infrastructure package passed. But I remember Mike Bloomberg said years ago, lawmakers don't pass infrastructure because it takes years for voters to see it.”
For his part, Touré didn’t address any infrastructure or economic questions except to say that elections nowadays are about base turnout, “What he needs to do -- what Joe Biden needs to do -- is pull out as many Democrats as possible.”
This segment was sponsored by ADT.
Here is a transcript for the June 2 show:
MSNBC The 11th Hour with Stephanie Ruhle
6/2/2023
11:39 PM ET
MARA S. CAMPO: But I don't know if the messaging is getting through. Because I don't know that people feel it. You know, eggs still cost $8 a carton. A box of cereal is $10. Your credit card bills are going up every month by hundreds of dollars because the Fed keeps raising interest rates.
The housing market seems frozen because mortgage rates are at high sky high rates. We’re all afraid of getting shot by some lunatic with an AR-15 because no place feels safe. So, there are a lot of things that people are just feeling that don't feel good. But maybe when it comes to the economy it's not reflecting the messaging and the reality, but people are not really very enthusiastic –
STEPHANIE RUHLE: But we, being the media, are somewhat responsible for that, right? Gas prices is the perfect example. When gas prices are up, like they were last year, every news organization and every reporter were standing in front of the gas station talking about it.
When mortgage rates were really low, prices were super high, because you could get a really cheap mortgage. And so, we instilled this fear and unhappiness in people and one of the reasons prices have been so high is because people are willing to pay those high prices. We keep them inflated. And so, we actually are somewhat to blame for the narrative out there, but you’re right in the fact that people do not feel good.
What about infrastructure? You’re Joe Biden -- huge infrastructure package passed. But I remember Mike Bloomberg said years ago, lawmakers don't pass infrastructure because it takes years for voters to see it.
TOURE: To see it.
RUHLE: And by the time you see it, you're out of office -- how does Joe Biden take the win and show America, look what I just did?
TOURE: You know, I think part of this conversation, we are acting like he might be able to peel off some potential Trump voters, right? That does not exist, right? They are not coming, right? What he needs to do -- what Joe Biden needs to do -- is pull out as many Democrats as possible.
