Inflation Hysteria Driven by Rich People

Inflation Hysteria Driven by Rich People

New York Times contributor Sarah Jeong, already famous for her past racist tweets, is now pushing the far-left talking point about how inflation under President Joe Biden is a rich people problem.

In a tweet on Wednesday, the former NYT editorial board member, who openly despises white people, said hysterics over inflation is largely driven by uppity rich people.

“All the stuff you see about inflation in the news is driven by rich people flipping their shit because their parasitic assets aren’t doing as well as they’d like and they’re scared that unemployment benefits + stimmy checks + 15 minimum wage + labor shortage is why,” she tweeted.

Sarah Jeong’s take echoes that of MSNBC’s Stephanie Ruhle, who argued this past Sunday inflation will cause no major issues because people have enough money to spend.

The dirty little secret here, while nobody likes to pay more, on average we have the money to do so. Household savings hit a record high over the pandemic. We didn’t really have anywhere to go out and spend. And as we said a moment ago, we’re expecting retail sales this holiday season to break records. For those who own their homes, the value of our homes are up. While the stock market isn’t the economy, you have over half of American households with some investment in the markets and they hit market highs.”

So we need to put all of this in perspective. This time last year when you and I were talking nobody had a vaccine. Now 200 million Americans do, and we’re seeing this push of demand and that’s pushing up pricing.

Jeong’s tweet did not go unnoticed, as several conservative commentators explained to her about inflation’s incredible impact on poor and working-class Americans.

“This Tweet is a failure to comprehend basic economics,” Outkick founder Clay Travis said. “Rich people are far less impacted by inflation than poor people because rich people spend a comparatively smaller amount of their income on products. Inflation is a massive default tax on the poor.”

“You could check just about *any* asset class and know this makes absolutely no sense-assets have been inflated to record levels by Fed $ printing and govt stimulus. Here’s the S&P 500, for example. Inflation is a tax that impacts the middle class and poor the most,” responded Carol Roth.

Jeong did not back down after the initial backlash.

Conservatives came to know Sarah Jeong in 2018 when they unearthed several past tweets in which she denigrated white people. Twitter verified her with a blue checkmark and never demanded she delete her inarguably racist comments, which still remain on the platform.

 

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Originally Posted on: https://www.breitbart.com/economy/2021/11/18/new-york-times-contributor-sarah-jeong-inflation-hysteria-driven-by-rich-people-flipping-their-s/
[By: Paul Bois

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