Media top headlines November 18
In media news today, Bill Maher and Chris Cuomo clash over Dave Chappelle's Netflix special, The Washington Post corrects over a dozens Steele dossier articles, and a New York Times contributor says inflation panic is driven by 'rich people' mad over their devalued assets
MSNBC anchor Joy Reid joined her colleague Stephanie Ruhle in arguing that inflation is not, in fact, an issue in the economy.
On Wednesday, "The ReidOut" host discussed the growing fears over rising inflation affecting the economy. However, Reid immediately framed concerns over inflation as a Republican talking point.
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Aimee Allison (L), founder and president of the She the People organization, kicks off the She the People Presidential Forum with political analyst Joy Reid in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott (REUTERS/Loren Elliott)
"So Republicans want you to believe the economy isn’t doing well, that it’s terrible. Unemployment is at the lowest point since the pandemic began. Prices are higher, which is never good, but Americans are spending a record amount of money that was pent up during the pandemic, which economics 101 will tell you drives prices up, aka inflation," Reid explained.
She also appeared to shift some blame onto Americans for feeling pessimistic simply because "things cost a little more."
"That conflict between how much we want to spend and what we can get into our hands quickly is contributing to help pessimistic many Americans feel about the economy," she said
Later on, she insisted, "The economy isn’t bad. People are mad because everything is late and things cost a little more."
Reid spoke with Sen. Elizabeth Warren, D-Mass., who agreed that the economy, in contrast with many inflation reports, is doing well.
CHICAGO, ILLINOIS - OCTOBER 22: Democratic presidential candidate Sen. Elizabeth Warren (D-MA) visits with striking Chicago teachers at Oscar DePriest Elementary School on October 22, 2019 in Chicago, Illinois. About 25,000 Chicago school teachers went on strike last week after the Chicago Teachers Union (CTU) failed to reach a contract agreement with the city. With about 300,000 students, Chicago has the third largest public school system in the nation. (Photo by Scott Olson/Getty Images) ((Photo by Scott Olson/Getty Images))
"There are a lot of strong signs in this economy, particularly coming out of the pandemic, a lot of good economic indicators," Warren said.
Reid blamed Republicans for "seizing" onto inflation as an issue to attack President Biden, which she connected to his low approval rating.
"Consumer confidence is at its lowest level in a decade, according to a University of Michigan survey, and that lack of confidence has translated into a drop in Biden’s approval rating in part because Republicans are seizing on inflation and blaming Joe Biden for it personally. Which is a fun twist after Republicans and Trump maxed out the national credit card on tax cuts for the super rich and a partial wall that Mexico was supposed to pay for," Reid said.
Later on in the show, Reid referenced the White House’s announcement on Wednesday to investigate oil companies for allegedly inflating gas prices for profit.
"There are some calls to investigate these oil companies because also, they don’t really like Build Back Better either because it deals with their issues, but how is it when people stay home for a year suddenly the price of gas went up?" Reid said.
Warren agreed, accusing oil companies of "price gouging" while Republicans use the issue politically.
"This isn’t about inflation. This is about price gouging for these guys. So I get it. When we see prices go up we’re all concerned, and the Republicans want to come in and just try to hammer on one theme about this economy, but we got to pay attention to the fact that folks like the oil companies say I think it’s just another opportunity to make profits and we need to call them out on that," Warren said.
FILE PHOTO: Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. REUTERS/Mike Blake/File Photo ( REUTERS/Mike Blake/File Photo)
Fellow MSNBC anchor Stephanie Ruhle previously attempted to put inflation issues "in perspective" by arguing that household savings have increased along with prices.
"The dirty little secret here, Willie, while nobody likes to pay more, on average, we have the money to do so," she said. "Household savings hit a record high over the pandemic, we didn't really have anywhere to go out and spend."
Fox News’ Cortney O’Brien also contributed to this report.