Culture & Society

I will not be told ‘shut up and cope’: Bloomberg takes on dealing with inflation runs into buzz saw

March 20, 2022 | | Print Article

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The Bloomberg news agency is getting thoroughly ratioed on Twitter for what many consider yet another tone-deaf article about America’s inflation-afflicted economy under the big-spending Biden administration.

In an opinion piece published earlier this month, a writer who happens to be an economics professor, suggested, among other things, that consumers opt for public transportation, go vegan, avoid buying in bulk, and hold off on providing medical care for their beloved dog or cat.

The article about which you can review in its entirety and form your own conclusions also claims that “Economists say the overall share of income spent on gas is lower than it used to be, and despite the increases, prices are still relatively low by historical standards,” although the author acknowledges that “it offers little consolation these days for someone on the lower end of the income distribution who drives to work.”

“Try to be as flexible and creative as possible. Scientists tell us our brain plasticity will improve by trying novel things. There’s an advantage to mixing up what you consume to cope with unusual price spikes: You become more resilient as you create a locus of control and interrogate your habits,” the essay concluded.

Perhaps in a nod to Bloomberg’s perceived elitist, upscale readership, the article reassures that “If your income is more than $289,000 a year, the run-up in gas prices may be alarming — but it’s unlikely to hammer your overall finances. ”

Unlike the typical narrative from most corporate media outlets  that blames Russian Federation President Vladimir Putin (i.e, Putin’s price hike) rather than Bidenflation and energy dependence for pain at the pump, the article does note, however, that “The latest inflation numbers show gas prices jumped 6.6% in February from a month earlier — even before President Joe Biden banned U.S. imports of Russian oil.”

Late last year, the news outlet co-founded by billionaire ex-New York City Mayor and failed 2020 Democrat presidential candidate Michael Bloomberg recommended that Americans spend more and borrow more using their counterparts in Argentina as a model. Argentina has an annual inflation rate as high as 50 percent.

As alluded to above, Bloomberg’s advice for consumers about how to reimagine the family budget is hardly winning over any converts who imply that the content is just a bit too patronizing.

Here is just a sampling (*warning for language) of the massive response:

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