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Bloomberg's Terrible Advice to Those Struggling Amid Rising Inflation

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Posted: Dec 13, 2021 1:45 PM
Bloomberg's Terrible Advice to Those Struggling Amid Rising Inflation

Source: AP Photo/Mark Lennihan

First, Democrats insisted inflation wasn't happening, then that it was just transitory. But after there was no more denying the economic woes facing America, the White House sought a new plan: work with media outlets to help reshape the messaging. Many propaganda outlets were all too keen to obey. At CNN, we saw headlines like "Why inflation can actually be good for everyday Americans and bad for rich people." MSNBC and others joined in, too: "Why the inflation we're seeing now is a good thing."

Bloomberg has taken a slightly different approach, however. Rather than trying to gaslight the American people, they're being mocked for the terrible advice they just gave amid inflation. 

Looking to Argentina as an example, Bloomberg suggested Americans spend their paychecks immediately.

"In a high-inflation economy, money that sits in the bank is losing value. Each day, those $100 on deposit buy a little bit less. As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks' worth of groceries in a single shopping trip, even if some of it -- excess meat, chicken, fish -- will sit in the freezer for months," the authors wrote.

"And don't hesitate to borrow money to finance some of those big purchases. If you can get a loan at a rate below inflation -- something that's possible for many Americans today -- go for it. Inflation will make it easier to repay the loan in coming months and years," they added. 

Needless to say, the advice went over like a lead balloon on social media.