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The Bloomberg news agency is offering some advice to America as inflation soars: spend more and borrow more. Social media isn’t buying it, though.
In what appears to perhaps be another attempt by the Biden-supporting corporate media to downplay the arduous inflationary environment which is sapping the income of ordinary Americans, Bloomberg suggests that U.S. consumers should follow the lead of their Argentinian counterparts in a country where the annual inflation rate reportedly hits 50 percent.
One of the recommended inflation-era survival tactics from the Bloomberg reporters based on the Argentine model is to spend your paycheck immediately because “money that sits in the bank is losing value.”
“As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks worth of groceries in a single shopping trip, even if some of it — excess meat, chicken, fish — will sit in the freezer for months,” claimed an article published by the news outlet co-founded by billionaire ex-New York City Mayor and failed 2020 Democrat presidential candidate Michael Bloomberg.
“The practical application of this technique in the U.S., where inflation isn’t quite high enough to warrant such a mad pay-day dash, is to expedite plans to buy big-ticket items.”
Borrowing lots of money is also a good thing, especially for those big purchases, the article, which is headlined “For Americans Shocked by Inflation, Argentines Have Some Advice,” explains.
“If you can get a loan at a rate below inflation — something that’s possible for many Americans today — go for it. Inflation will make it easier to repay the loan in coming months and years.”
Liberal media shamelessly runs cover for Biden by spinning inflation, supply chain crisis https://t.co/4Zfz3w8XyX
— Jack Furnari (@JackFurnariUSA) November 26, 2021
According to the U.S. Labor Department, inflation under the big-spending Biden administration has hit a nearly 40-year high, which is demonstrated by significant price increases at the pump, at the supermarket, and throughout the economy generally.
A recent Gallup poll suggests that nearly half of Americans said inflationary prices created some form of financial hardship for their households, while 10% described it as a severe hardship.
“The consumer price index rose 6.8% in November from a year ago, according to a new Labor Department report released Friday, marking the fastest increase since June 1982, when inflation hit 7.1%…The Labor Department said the increases for food and energy were the fastest 12-month gains in at least 13 years,” Fox Business reported.
Responses to the Bloomberg essay are rolling in, and they express skepticism, to say the least.
Inflation tips from Argentina.
We have now officially reached the shark jumping moment of inflation news reporting… https://t.co/QkwjaQDZlX
— Tony Fratto (@TonyFratto) December 12, 2021
Brilliant!
Toss away your money before it can devalue further!
Where would we be without MSM advice? https://t.co/eGfS0JgsYp
— Cory Morgan (@CoryBMorgan) December 12, 2021
“You will own nothing and you will be happy” https://t.co/USdiv5zdQ0
— Carol Roth (@caroljsroth) December 12, 2021
Or the Fed can stop printing trillions of dollars making us all poor in the process with a declining currency
That also works.
— gosuprime (@gosuprime021) December 12, 2021
We went from inflation is transitory, inflation is good for you, it is your fault that inflation is high because you are spending your money on consumer goods (surprise surprise) to getting advice from Argentina stating that you should simply spend your pay check right away. 🤡
— Jan Wuestenfeld (@JanWues) December 12, 2021
America is turning into the Weimar Republic with financial magazines advising people to spend their paychecks as soon as they get paid. Hyperinflation is coming.
— Ian Miles Cheong @ stillgray.substack.com (@stillgray) December 12, 2021
I remember when there was a difference between Bloomberg and the Onion, but now the Onion is much more serious.
— Brooklyn Deplorable (@nikodemuskell) December 12, 2021
Bloomberg next week –
“Some of the advice on how to cope with rising inflation includes: Stop using cash and switch to bartering.” https://t.co/TJXPyGhMZt
— Omri Ceren (@omriceren) December 12, 2021
Because ’’Spend it all right away, you-deserve-it!’’ has always been the best economic advice EVER. Individuals will then prosper and inflation will calm down…
Tomorrow: ’’How living paycheck-to-paycheck is actually good for you and the climate’’🤡
— RedRockRebel (@Canyon_traveler) December 13, 2021
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Robert@bizpacreview.com
Robert Jonathan is a staff writer for BizPac Review. He is a longtime writer/editor for news aggregation websites and has also developed content in the legal and financial publishing sectors as well as for online education. He earned a Juris Doctorate from the University of Connecticut School of Law, “a law school the basketball teams can be proud of.”
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