Mainstream news piece tells Americans they shouldn’t be “afraid” of 30-year high consumer prices.
- Even Joe Biden had to address the Consumer Price Index report Wednesday, which showed U.S. consumer prices had their largest surge in more than 30 years, saying there is “more work to do before our economy is back to normal,” Forbes reports.
- U.S. Inflation has increased 6.2% in the past 12 months, according to the Consumer Price Index report.
- U.S. consumer prices “jumped in October at the fastest pace in three decades as inflationary pressures spread further throughout the economy, putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will have to respond by raising interest rates next year,” according to The Financial Times.
- Sen. Joe Manchin (D-W.Va.) also commented in a tweet that “the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”
- However, one MSNBC opinion piece positions this record-setting inflation as a good thing, insisting it’s nothing “mysterious,” but a “predictable product of the economy’s rapid recovery.”
- “Of course, having the price of something you buy a ton of rise 10-20 percent in a matter of months hurts,” the piece reads, “But…You don’t need to, as it were, over-egg the pudding.”