A CNN reporter is facing criticism after suggesting that households “for the most part” are in a “good financial place” as inflation hovers near a 40-year-high.
In a tweet, Sunday, CNN’s John Harwood wrote, “In Washington debate, inflation is ‘crushing’ families.”
“In real life, pandemic relief has eased the pain,” he added.
The journalist noted, “Moody’s economist: “excess saving cushioned the impact, even for lower-income households.”
in Washington debate, inflation is "crushing" families
— John Harwood (@JohnJHarwood) May 23, 2022
in real life, pandemic relief has eased the pain
Moody's economist: "excess saving cushioned the impact, even for lower-income households
"households are for the most part in a good financial place" https://t.co/jpqJvuYYKn
Harwood shared an article that noted, “Inflation has surged in countries around the world as pandemic-hobbled economies lurched back into stride. That process strained manufacturers’ supply muscles, all the more so since the pandemic created new patterns of consumer demand that businesses weren’t prepared to meet.”
“The resulting inflation has indisputably produced economic pain for millions of families, eroding the buying power of higher paychecks,” it continued.
However, the article stated, “At the same time, they have not been “crushed” badly enough to prevent them from spending at a steady pace.”
“That’s because families up and down the income scale, thanks to Covid relief checks, generally still have more money than before the pandemic; in the lingo of economic analysts, “household balance sheets” still have “excess savings,” it added.
Check out some of the reactions below:
When is the last time you talked to someone out of the beltway bubble/Acela corridor about cost of living?
— Abigail Jackson 🇺🇸 (@abigailmarone) May 23, 2022
https://twitter.com/charlescwcooke/status/1528556414452506624
Shorter CNN: "Who are you going to believe, me or your lying checkbook?"
— Allan (@AllanRicharz) May 23, 2022
I've never spent over $100 to fill my gas tank before, and I was pretty upset about it until a CNN correspondent informed me that I could afford it & I'm *in a good financial place*
— Joel M. Petlin (@Joelmpetlin) May 23, 2022
Thanks for making me feel better. I hope it lasts until I have to fill up the car again this week pic.twitter.com/spwIufRqA2
CNN: “Households are for the most part in a good financial place.”
— House Judiciary GOP 🇺🇸🇺🇸🇺🇸 (@JudiciaryGOP) May 23, 2022
**Other than a baby formula shortage and $5 gas. https://t.co/lDO0FD7ucN
Hello again, @Twitter.
— ForAmerica (@ForAmerica) May 23, 2022
We’d like to report this tweet for disinformation. https://t.co/SsVquRQ65b
This is dumb on so many levels it's impressive. The "pandemic relief" helped cause the inflation. By spending the "excess saving" on higher prices rather than new things, economic growth slows. https://t.co/vV3I59WiJA
— David Harsanyi (@davidharsanyi) May 23, 2022
This is what a real "mean tweet" looks like. https://t.co/zYGqNQOlPZ
— Charles V Payne (@cvpayne) May 23, 2022
Lol. Of course it’s Zandi, who never met a spending bill he didn’t like. That’s why it got tweeted out as “Moody’s economist.” https://t.co/AixHLqJoOT
— Philip Klein (@philipaklein) May 23, 2022
https://t.co/qNTOm2G8xy pic.twitter.com/nisPoMbFkz
— Stephen L. Miller (@redsteeze) May 23, 2022
Who had “excess savings” after two years of a pandemic that shut down large swaths of the country?
— Joe Cunningham (@JoePCunningham) May 23, 2022
Unless you’re assuming that all the polling is just targeting the same disgruntled people over and over, you’re ignoring a lot of data by claiming no one’s hurting. https://t.co/2FEoL1nHpD
that extra cash is driving demand in a supply crunch causing in inflation, you dumb knuckle dragger. https://t.co/V3OE3zpyP5
— kaitlin (@thefactualprep) May 23, 2022
"pandemic relief" caused the pain https://t.co/RJExmANujA
— Phil Kerpen (@kerpen) May 23, 2022
Harwood’s tweet comes as inflation in April stayed near a 40-year-high at 8.3%.