NBC's Ruhle Claims The Economy Is Great, Americans Just Need To Dip Into Their Savings
As we near the holiday's families are finding it harder to fill up their tanks to get to work thanks to rising costs at the pump. Inflation is everywhere with the cost of everyday essentials rising anywhere from 6% to 49%. This is a gig economy that has most people working side jobs to get by but NBC's Stephanie Ruhle is apparently immune and coldly claims that Americans are just whining.
According to Ruhle, Americans' have a 'dirty little secret' that they could use to help buy their groceries and medications—Their life savings...
Ruhle told NBC anchor Willie Geist this malarkey. She told Geist, “The dirty little secret here, Willie, 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.” This happened during her interview with Geist on the Today Show segment Sunday Focus.
Inflation airhead: NBC's Stephanie Ruhle says the "dirty little secret" of people complaining about paying higher prices for food and fuel for their homes is they can afford it just fine. According to her, people should have been saving during the pandemic and stocks look good. pic.twitter.com/RQ90focIXJ
— Nicholas Fondacaro (@NickFondacaro) November 14, 2021
WILLIE GEIST: And Stephanie joins me now live. Steph, it’s great to see you. As you say, inflation over six percent, numbers we haven't seen in more than 30 years. So, how much higher can these prices go and when do you see them coming down?
STEPHANIE RUHLE: Well listen, Willie, nobody knows when exactly they're going down but you have to put this in perspective. This inflation is not in isolation and the government predicted it was going to be a challenging recovery, recovery all tied to COVID.
So, it's why you see things like that expanded child tax credit. You’ve got the families of over 60 million kids on average getting $430 a month. For people on fixed incomes, older people on social security, they're getting those fixed payments adjusted next year up 5.9 percent or inflation.
And the dirty little secret here, Willie, 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 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 and the value of our homes are up. And while the stock market isn't the economy, you have over half of American households with some investment in the markets and the markets have hit record highs.
So, we need to put all of this in perspective. This time last year, when you and I were talking, Willie, nobody had a vaccine. Now 200 million Americans do and we're seeing this push of demand and that's pushing up pricing.
GEIST: It’s a good look at it.