Tuesday, May 24, 2022

NBC’s Stephanie Ruhle: The ‘dirty little secret’ is that many Americans can afford inflation…

NBC business correspondent Stephanie Ruhle is getting backlash for saying a lot of Americans ‘have the money’ to deal with rising costs

That was NBC business correspondent Stephanie Ruhle, who is under fire for comments she made about how Americans are coping with rising inflation.

“The dirty little secret here … while nobody likes to pay more, on average, we have the money to do so,” Ruhle said in a segment with “Sunday Today” anchor Willie Geist. “Household savings hit a record high over the pandemic. … For those who own their homes, the value of our homes are up. And while the stock market isn’t the economy, you’ve got over half of American households with some investment in the markets, and the markets have hit record highs.”

But her comments drew backlash from critics arguing that Ruhle, who spent a decade and a half on Wall Street before veering into broadcast journalism, is out of touch with the realities many Americans are facing.

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

As Ruhle noted, by some measures, Americans are better off than they have previously been. The expanded child tax credit is sending some families with children hundreds of dollars a month, she points out. Also, the personal savings rate, which measures the ratio of personal savings to disposable personal income, soared to 21% in the first quarter of 2021. And there’s been considerable wage growth, with hourly wages increasing by 4.6% over the past year, compared with a 2.5% to 3% pace before the pandemic.

Source: MarketWatch