MSNBC’s Stephanie Ruhle is having a hard time deciding whether the economy is actually doing well or whether it isn’t, but President Biden bears no responsibility for it. On Monday’s edition of The 11th Hour Ruhle delivered a monologue where absolved Biden of any blame and condemned Republicans for “using inflation to push people to the polls.”
Ruhle began by acknowledging the stock market’s plunge and “For the first time, gas prices are now averaging over five bucks a gallon… And if you think gas prices are up, other things are up as well. Food prices, it seems like everything out there we’re buying, costs more.”
The reason why everything costs more is because history began in late February, “We’ve got a look at what’s happening around the world. The war in Ukraine is obviously having a huge impact on gas prices. But they’re also a really big exporter of grains, wheats, that’s causing food prices to go up.”
After also declaring supply chains are impacted by the fact that China is still stuck on its Zero COVID policy, Ruhle claimed inflation is not a uniquely American problem, “And this inflation we’re dealing with, other countries are dealing with it as well. Canada, Mexico, Europe, around the world.”
They all have higher inflation rates than the United States. After admitting that most people don’t care about other countries’ inflation rates, Ruhle tried to claim things are going rather well and as for the things that aren’t, they’re not Biden’s fault”
But there are right spots in the economy. Our jobs market is still very strong. The wages of our workers are increasing. And despite prices being higher, we are still seeing people spending. In fact, we’re expecting going into this summer, very high demand for travel. Both people flying and those driving. We might not like spending these higher prices, but we’re willing to do it. And right now, all the focus is on the Federal Reserve, because when we could say what is the president doing? He’s not doing much, because he can’t. The Federal Reserve is the focus.
After some brief talk about interest rates, Ruhle concluded by urging viewers not to fall for Republican campaign talking points, “And Republicans right now are using inflation to push people to the polls, because it’s really hard for us. So I ask you, just like we’re asking the president and this administration, what are you doing about inflation? Well, Republicans say it’s the number one issue for the American people. Ask them, if they win in November, what are they gonna do?”
It would be a great start to not spend trillions on another COVID stimulus bill.
This segment was sponsored and produced by Applebee’s
This transcript is for the June 13th show.
MSNBC The 11th Hour: Stephanie Ruhle
6/13/2022
11:00 PM ET
STEPHANIE RUHLE: Let’s talk about your bottom line. It was a rough, rough close for Wall Street this afternoon and that only adds to our economic anxiety. Consider this. All three major U.S. indexes posted huge losses today. The S&P was down more than 20 percent from its peak, and that means, we are officially entering a bear market.
And let’s say you’re not an investor, you’re an American consumer. You’re right! The news there isn’t much better. For the first time, gas prices are now averaging over five bucks a gallon. This is a huge amount of money. One estimate, Mark Zandi, he’s now saying that households are now spending about $160 more on gas a month than they were a year ago.
And if you think gas prices are up, other things are up as well. Food prices, it seems like everything out there we’re buying, costs more. So, why? We’ve got a look at what’s happening around the world. The war in Ukraine is obviously having a huge impact on gas prices. But they’re also a really big exporter of grains, wheats, that’s causing food prices to go up.
But what’s important to remember, it’s causing prices to go up around the world. We also still have supply chain issues, because China has been shut down. This has an impact on the supply chain. And this inflation we’re dealing with, other countries are dealing with it as well. Canada, Mexico, Europe, around the world. But for the American consumer out there, they don’t necessarily care that prices are high around the world. They are aware that this matters.
But there are right spots in the economy. Our jobs market is still very strong. The wages of our workers are increasing. And despite prices being higher, we are still seeing people spending. In fact, we’re expecting going into this summer, very high demand for travel. Both people flying and those driving. We might not like spending these higher prices, but we’re willing to do it. And right now, all the focus is on the Federal Reserve, because when we could say what is the president doing? He’s not doing much, because he can’t. The Federal Reserve is the focus.
They’re going to raise interest rates this week, possibly, half a percentage point. Here’s why it matters. If they raise rates too quickly, well, that could tip us into recession. And if they don’t do it enough, prices could keep rising and rising. It’s a serious problem. But what’s also important to remember, as we’re dealing with this, this can’t be solved overnight.
And Republicans right now are using inflation to push people to the polls, because it’s really hard for us. So I ask you, just like we’re asking the president and this administration, what are you doing about inflation? Well, Republicans say it’s the number one issue for the American people. Ask them, if they win in November, what are they gonna do?
About Post Author
You may also like
-
When to Shop and Where to Travel: Seasonal Tips for Savvy Travelers
-
Puerto Rico or Hawaii? Discover the Ultimate Island for Your Vacation
-
Training: A Company’s Most Prized Investment
-
The Benefits of Movable Soundproof Room Dividers: Flexibility, Noise Control, and Sustainable Design
-
What to Do Following an Unfair Workers’ Compensation Denial