Bloomberg News appeared to join a growing chorus of liberal outlets rejecting President Joe Biden’s gaslighting on the severity of the American inflation crisis.
The headline for Bloomberg News’ Biden smackdown was right on the nose: “White House Claim of Inflation Cushion Undercut by Savings Data.” U.S. Treasury Secretary Janet Yellen, National Economic Council Director Brian Deese and other Biden talking heads have “repeatedly” cited “Americans’ bank accounts [injected with pandemic-era savings] as buffers” against the 40-year-high inflation-plagued economy. However, as Bloomberg News reporter Saleha Mohsin analyzed, “26 million families with low incomes are seeing their money disappear fast.” [Emphasis added.]
“‘There was an analysis that came out recently that showed middle-class Americans had an additional $10,000 in savings than before the pandemic,’’’ Mohsin cited White House Press Secretary Karine Jean-PierreAccording to a Tuesday press conference, While Jean-Pierre reportedly cited another analysis which allegedly found that all income groups had higher checking account balances at the end of March than pre-pandemic, Mohsin objected that the “The Federal Reserve has released the latest data, which suggests the White House sees only a small part of what is happening..” [Emphasis added.]
Mohsin demonstrated why the White House’s narrative that stimulus-inflated accounts would soften the inflation blow was debunked:
Although US savings rose by $3.26 Trillion overall between the pandemic and now, the majority of this boost was given to the 10% highest-earning households and the 1% top earners. In March, the cash holdings of the lowest one-fifth US incomes — money and currency in check-writing accounts — fell by 22% from the levels they had at the beginning of 2019.
A “savings erosion” has wiped out pandemic gains for about 26 million households making the least money, Mohsin noted. This “This could undercut the recent statements made by Biden administration officials,” she wrote. [Emphasis added.]
Bloomberg News doesn’t have to be the only liberal media outlet tired of White House inflation exaggerations. The Associated Press recently slammed Biden’s unfounded economic optimism as potentially contributing to a “dissonance between Washington and people across the country who are confronting genuine and growing economic pain.”
In addition, AP critiqued that Biden’s predictions of a “rosy political future for the Democratic Party” seem at “odds with a country that he acknowledged this week was ‘really, really down,’ burdened by a pandemic, surging gas prices and spiking inflation.”
Conservatives are being attacked. Contact Bloomberg News at letters@bloomberg.net and demand it continue to report the truth about America’s ongoing inflation crisis.
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