Inflation Squeezes Main Street as Elite Echoes ‘Let Them Eat Cake’: Economic Divide Widens

inflation-squeezes-main-street-as-elite-echoes-let-them-eat-cake-economic-divide-widens

The August CPI figures were even hotter than the economic consensus predicted (up 0.6% for the month, the largest monthly increase of the year), demonstrating that inflation remains a chronic concern for Americans. 

Americans are struggling with food, housing, gas and other energy expenditures, and the overall cost of life, regardless of the published statistics, which we know have been adjusted formulaically multiple times since the 1980s.

The worries are genuine and reasonable – perhaps except for people in privileged circles. While you’re worrying about the cost of food, they say, “Let them eat cake.”

Take, for example, New York Times economist Paul Krugman. He’s been perplexed by the ordinary American’s reaction to inflation. Through his academic viewpoint, he has been commenting on social media about his seeming perplexity over why voters aren’t overjoyed with the economy. 

“Many people trying to explain away voters’ perception that inflation is rising amid a historic decline by saying that people are actually talking about the level of prices, not the rate of change,” according to one such post on X (previously Twitter). Voters may be less intelligent than they were 40 years ago, or they may live in an information environment that fosters false notions.”

Looking through the eyes of folks struggling to pay their debts seemed to be beyond his grasp. Your intellectual level is the issue in his and the elite’s view.

The previous comparison I made was about weight. Assume you’ve maintained a somewhat stable body weight throughout time. Then you gain 10 pounds in a year. You gain 3.5 pounds the next year. In Paul Krugman’s viewpoint, you should be happy since your weight increase has paused!

In actuality, you’ve gained 13.5 pounds and no longer fit into your clothes. Even if you add two pounds the next year and average two pounds every year, you will soon be fat. Krugman is curious as to why you aren’t applauding this. 

Other snobbish academics and commentators have sought to use cherry-picked charts and figures to mock Americans they feel are too foolish to analyze their own economic realities.  

Americans have experiencing inflation levels not seen in four decades. This, which has occurred as a direct result of a mix of monetary, fiscal, and other government policies, has had a huge impact on families across the country, especially as wages have not been able to keep up during this period.

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Alarming Trends: $1 Trillion in Credit Card Debt, Low Savings, and Rising Defaults Signal Financial Concerns

Credit card balances have reached the $1 trillion mark for the first time. Personal saving rates have plummeted to 3.5% in July, significantly below historical averages. Credit card and vehicle loan defaults have hit a decade-high. More money is being concentrated in the hands of the few.

So, while the affluent (and the government) may be propping up the average economic figures, inflation has been a significant financial hardship on the majority of Americans. 

Those in the elite used to at least recognize this. When Fed Chair Ben Bernanke testified before the House Financial Services Committee in 2008, Congressman Ron Paul stated inflation was a tax. Bernanke concurred, saying that inflation constituted a tax.    

Economists, professors, and the media are now completely integrated into the elite inner circle. These are the same folks who said just a few years ago that there would be no inflation, that low inflation was the real issue, that inflation would be temporary, that inflation was beneficial for you, and so on. 

Their lack of empathy for the average American is unsurprising, but it is the type of mindset that breeds revolutions.

Today, while dealing with a real financial problem caused by companies who receive no blame, you are also dubbed the equal of dumb by their hype-men. 

The Federal Reserve and the government have collaborated to legally rob you of your money. They have taken money from Main Street and moved it to Wall Street. They have jeopardized your American Dream, have refused to own their failures, and have no plans to address any of the basic issues, from terrible energy policy to excessive debts and deficits, that might solve our long-term economic problems.

I have said several times that the Fed and government policies are the primary causes of non-merit-based inequality. Stan Druckenmiller, a legendary investor, has taken this a step further. According to press reports, Druckenmiller stated in a 2021 speech, “I don’t think there has been any greater engine of inequality than the Federal Reserve Bank of the United States over the last 11 years.” 

Even ten years ago, he warned that the Fed’s QE strategy “is the biggest redistribution of wealth from the middle class and the poor to the rich ever.” The wealthiest have become richer while the rest of America has been messed over, and the elite have continued to kick them while they are down.

When those who are struggling to afford their daily “bread” are told, “Let them eat cake,” it signals that serious change is required. Let us hope that change comes quickly and peacefully.

 

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Source: Fox News

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