Moments after the release of March’s Consumer Price Index (CPI) showing 8.5 percent inflation and a 1.2 percent rise from February, MSNBC’s11th Hour Unofficial Team Biden cheerleader and host Stephanie Ruhle was left to be the bearer of bad news (as NBC’s chief economic analyst) for her fellow liberals on the cast of MSNBC’s Morning Joe.
Mika Brzezinski was the co-host and gave the highlights. Ruhle then took control. “it ain’t good” And that raising costs in “food,” “gas,” and “rent” will leave “the most economically vulnerable…hit the hardest.”
Ruhle quickly added that while wages have gone up, they’re actually down due to inflation, which bolstered the fact that those at “the bottom” have been struck another “huge blow.”
Ruhle has been absent for the past two months. Several timesWonder why there are so many people? haven’t praised Biden for his “big wins,” The callFor raising taxes in order to reduce gas prices praised Biden’s speech after he imposed a ban on Russian oil. What was the point of such dire numbers if they were that bad?
And we couldn’t forget these doozies from the past year of Ruhle saying raising interest rates were fantasticPeople Not staying in your current job were a “sign of strength” for the economy, and the “dirty little secret” was Americans ShoulderIt’s fine to inflate.
Return to Wednesday with co-host Sunday, April 22nd host Willie Geist similarly lamented that gas prices and grocery bills matter the most even though Biden’s received “support” for how he’s handled Ukraine, leading Ruhle to concur that “this is crippling politically.”
After a jab at voters for expressing support for Ukraine and measures to punish Russia while refusing to accept higher costs of everything, Ruhle seemed exasperated that Treasury Secretary Janet Yellen and the administration would let her down in being so wrong about inflation as transitory (click “expand”):
RUHLE: [W]It was something I had heard before Ukraine. Maybe this will be temporary, and then we can work out a solution. It’s getting worse. It was already an issue, but then came war. This, evidently, only makes matters worse. The explosion in commodities such as oil, gas and wheat prices. And then think about what’s happening in. China. Because of the COVID surge, you’re now seeing huge lockdowns again and what does that do? It affects the supply chain which is already in trouble. This is a multi-pronged issue.
(….)
BARNICLE
ROBERT RUHLE (RUHLE): The solution is not clear. Some people say to get rid of gas tax. However, who will that help? It is beneficial to the oil and natural gas industries. It’s not like there’s this lever that fixes it. It’s complicated.
BARNICLE: Did the Fed — did the Fed underestimate inflation?
RUHLE: Surely, right? Remember, for months and months, I spoke to Janet Yellen months ago and she was still on that, “oh, it’s temporary. It’s not going to last long. This is — we’re going to get through this when we get through COVID. Well, we’re not through COVID and now we’ve got more complications. This was a mistake.
Ruhle then closed with a word on housing, stating home prices and rent are both “really high” and that new supply can’t be built “overnight” and while “many are saying” housing could “cool…with interest rates, but [it] hasn’t yet.”
Wednesday’s MSNBC trip aboard the strugglebus was brought to you by advertisers such as CarShield and HughesNet. Follow the links to see their contact information at the MRC’s Conservatives Fight Back page.
To see the relevant MSNBC transcript from April 12, click “expand.”
MSNBC’sMorning Joe
April 12, 2022
Eastern, 8:48MIKA BRZEZINSKI, 48 minutes past the hour. As we bring you the latest news on the economy, here’s a look at Reagan National Airport. A new indicator shows how high inflation has soared and it is staggering. From 12 months ago, the Consumer Price Index rose 8.5 percent to March. It is the highest year-over–year growth rate in forty years. To see similar increases in food, fuel, and housing costs, you have to look back at 1981. As the AP frames it, “the economic squeeze is effectively wiping out the pay raises that many people have received,” and that’s probably just the beginning. Join us now: NBC News’ senior business analyst, and host of The 11th Hour — so we thank you for coming in so early — Stephanie Ruhle. Please break it down Steph.
STEPHANIE ROHLE: That’s not good. You can see the trends year after year. The biggest changes are in these areas. It’s gas, it’s rent, it’s food, all the things you need to buy every day. The most vulnerable people will be the ones who suffer the greatest economic hardship. We’ve spoken a lot lately about the positive news that wages have risen so significantly in the past year. Hourly wages have dropped almost three percent when inflation is taken into account. So we talk a lot about all the savings Americans have — have built up over the last two years, over $2 trillion, that’s mostly middle income Americans, wealthier Americans. This is a major blow for those on the lowest economic levels.
WILLIE GEIST : Steph, these are just a few of the numbers. Almost nine percent inflation on food. For all that is going on in the world, and for the help that President Biden has provided to Ukraine for the low unemployment rate, but when the price of food goes up to triple digits at the gas station, it matters.
RUHLE: This is politically crippling. Look at what’s happening in France, right? There is more inflation. And so, you’ve got the same people saying we stand with Ukraine, you know, we understand that gas prices are higher. Those same people are saying, “oh, but I don’t like it and I’m voting against you.” And the Biden administration is going to have to wrestle with this. In May, the Fed will meet. They’re likely going to raise rates again, but even though that could be a part-term solution, people don’t like how that feels either.
JONATHAN LEMIRE : You just spoke of interest rates. But what are other ways to lower them? Do you see any relief? Please talk us through the details.
RUHLE: Well, listen we had been hearing pre-Ukraine, maybe this is going to be short term —
LEMIRE: Yeah.
RUHLE: — we’ll work our way out of it. It’s getting worse. It was already an issue, but then came war. This makes it worse. The rise in commodity prices like wheat, oil and gas. And then think about what’s happening in. China. Because of the COVID surge, you’re now seeing huge lockdowns again and what does that do? It affects the supply chain which is already in trouble. This is a multi-pronged issue.
MIKE BARBINICLE: In reality, gas and grocery are what kill families. Those are dailies —
RUHLE: Mmhmm.
BARNICLE: — sustenance.
RUHLE: Mmhmm.
BARNICLE: — dailies. How can the combination of the president’s executive and federal powers do anything to lower inflation in the immediate?
ROBERT RUHLE (RUHLE): The solution is not clear. Some people say to get rid of gas tax. However, who will that help? It is beneficial to the oil and natural gas industries. It’s not like there’s this lever that fixes it. It’s complicated.
BARNICLE: Did the Fed — did the Fed underestimate inflation?
RUHLE: Surely, right? Remember, for months and months, I spoke to Janet Yellen months ago and she was still on that, “oh, it’s temporary. It’s not going to last long. This is — we’re going to get through this when we get through COVID. Well, we’re not through COVID and now we’ve got more complications. This was a mistake.
BRZEZINSKI : Stephanie, are you able to prognost a bit more about the current housing price, and where it is going,?
RUHLE: They’re still really high and rent is really high, which you are hearing in cities —
BRZEZINSKI: Right.
RUHLE: — across the country, and many people are saying this has to cool off soon, but supply remains an issue. Remember, hous — new housing, building new houses slowed down during COVID for a multitude of reasons and it’s not like they can create new stock overnight. It’s going to take time. Many people believe that the housing market will slow down. Many believe that housing will cool with lower interest rates. But it hasn’t.
BRZEZINSKI : Okay, Stephanie Ruhle. We’re going to see you in about 14 hours tonight on The 11th Hour. It is a pleasure to have you here explaining.
GEIST: Thanks, Steph.
RUHLE – Thank you.
BRZEZINSKI : We are grateful.
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