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March 21, 2022Twitter users across the political spectrum excoriated Bloomberg News for an opinion column suggesting low income Americans find ways to lower their costs to deal with skyrocketing inflation.
The column, titled “Inflation Stings Most If You Earn Less Than $300K. Here’s How to Deal,” was written by Teresa Ghilarducci, a professor of economics at the New School for Social Research, a private university in New York. In it, she explains that inflation, especially soaring gas prices, will do much less harm to Americans who earn more than $289,000 per year. For those near the median income of around $50,000, or less, decisions will be much harder, Ghilarducci wrote.
“If your income is more than $289,000 a year, the run-up in gas prices may be alarming — but it’s unlikely to hammer your overall finances,” Ghilarducci wrote. “For those earning much less, it’s a different story.”
“I expect those most affected will adjust to inflation in the classic way by shifting away from relatively expensive items toward close substitutes,” she continued. “Here are some ideas on how to reconfigure consumption and lessen the blow. But again, adjustment is hard for people without savings or choices.”
Ghilarducci’s suggestions included:
- taking public transportation instead of driving;
- buying and eating meat substitutes like lentils and vegetables;
- avoiding buying items in bulk;
- avoiding unnecessary charges; and
- avoiding medical expenses for pets
Bloomberg tweeted a link to the article Saturday. “Inflation stings most if you earn less than $300K,” the tweet read. “Here’s how to deal:
➡️ Take the bus
➡️ Don’t buy in bulk
➡️ Try lentils instead of meat
➡️ Nobody said this would be fun
