{"id":1080032,"date":"2021-12-03T10:14:13","date_gmt":"2021-12-03T15:14:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1080032"},"modified":"2021-12-03T10:14:16","modified_gmt":"2021-12-03T15:14:16","slug":"cnn-story-says-inflation-can-actually-be-good-for-everyday-americans-heres-what-cnn-published-two-weeks-ago","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cnn-story-says-inflation-can-actually-be-good-for-everyday-americans-heres-what-cnn-published-two-weeks-ago\/","title":{"rendered":"CNN Story Says \u2018Inflation Can Actually Be Good For Everyday Americans.\u2019 Here\u2019s What CNN Published Two Weeks Ago."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcnn-story-says-inflation-can-actually-be-good-for-everyday-americans-heres-what-cnn-published-two-weeks-ago%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1080032&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>One day after the Federal Reserve announced that decades-high levels of inflation show no signs of letting up, CNN released a story saying that \u201cinflation can actually be a good thing for working-class Americans,\u201d because inflation \u201cempowers workers.\u201d<\/p>\n<p>The network\u2019s assessment that the middle-class benefits from price-raising inflation not only flies in the face of accepted economic data but contradicts CNN\u2019s own reporting from as recently as two weeks ago.<\/p>\n<p>CNN posted an article on its website Wednesday <a href=\"https:\/\/www.cnn.com\/2021\/12\/01\/economy\/inflation-good-bad-winners-losers\/index.html\">titled<\/a> \u201cWhy inflation can actually be good for everyday Americans and bad for rich people\u201d by CNN <a href=\"https:\/\/www.cnn.com\/profiles\/allison-morrow\">senior editor<\/a> and business writer Allison Morrow. \u201c[O]n the whole,\u201d she writes, \u201cmany working-class Americans\u201d will benefit from rising prices caused by the devaluing of the U.S. dollar, \u201cespecially those with fixed-rate debt like a 30-year mortgage.\u201d<\/p>\n<p>\u201c[W]ages are going up, which not only empowers workers but also gives them more money to pay down debt,\u201d Morrow writes. That means \u201cthe cost of your mortgage is holding steady, while the amount of money you have to pay for it is going up.\u201d<\/p>\n<p>But price increases have more than wiped out higher earnings. As The Washington Post <a href=\"https:\/\/www.washingtonpost.com\/business\/2021\/11\/10\/inflation-wages-workers-october\/\">reported<\/a> last month, \u201c[W]hen adjusted for the costs of rising prices, earnings are down 1.1 percent on the year.\u201d Later in her article Morrow admits that \u201cwage growth broadly&nbsp;<a href=\"https:\/\/www.cnn.com\/2021\/08\/10\/business\/raises-inflation-wages\/index.html\">hasn\u2019t kept up with price increases<\/a>,\u201d but adds vaguely, \u201cthat may change in the new year.\u201d<\/p>\n<p>If wages <em>do<\/em> catch up to prices, working-class Americans are still less likely to experience the relief of lower mortgage payments \u2014 because the poor are less likely to own real estate than the affluent. While about 52% of Americans with an income below the national median owned their own home, roughly&nbsp;<a href=\"https:\/\/www.census.gov\/housing\/hvs\/files\/currenthvspress.pdf\">79% of wealthier Americans<\/a> were homeowners, according to Census Bureau data from the last five years. Since working-class Americans are more likely to rent, they are more likely to have their landlord raise their rent to compensate for the inflation&nbsp;<em>they&nbsp;<\/em>are experiencing.<\/p>\n<p>Traditionally, economists have called inflation \u201c<a href=\"https:\/\/www.newsmax.com\/politics\/stephen-moore-economy-inflation-transitory\/2021\/11\/14\/id\/1044626\/\">the cruelest tax<\/a>,\u201d because it hurts the poor, minorities, and people on a fixed income the worst. CNN has reported this fundamental economic principle numerous times, as recently as two weeks ago.<\/p>\n<p>On November 17, CNN published an article titled \u201c<a href=\"https:\/\/www.cnn.com\/2021\/11\/17\/opinions\/americans-getting-the-worst-of-the-inflation-fielding-singh-raskind\/index.html\">The Americans who are getting the worst of the surge in inflation<\/a>.\u201d which stated that inflation-drive price hikes \u201cdisproportionately harm low-income, [b]lack and brown families. If left unaddressed, escalating food costs will not only make it difficult for these families to put holiday meals on the table; such costs will significantly exacerbate longstanding inequities in hunger and nutrition\u201d;In July, a CNN headline stated, \u201c<a href=\"https:\/\/www.cnn.com\/2021\/07\/01\/perspectives\/inflation-low-income-americans-wealth\/index.html\">Inflation will hurt low-income Americans for years to come<\/a>.\u201d Its author, Dana Peterson, wrote that \u201clower-income families and retirees on fixed incomes will especially feel their buying power erode \u2014 not just in the short-term, but for many years to come, further widening the nation\u2019s wealth gap\u201d; andIn a May article on CNN.com titled \u201c<a href=\"https:\/\/www.cnn.com\/2021\/05\/13\/economy\/inflation-lower-income-households\/index.html\">Everything is getting more expensive. That\u2019s especially bad news for low-income Americans<\/a>,\u201d Anneken Tappe and Nathaniel Meyersohn wrote, \u201cThe inflation spike \u2026 has been harder for those at the bottom of the income ladder.\u201d<\/p>\n<p>Inflation rose to&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/news\/inflation-october-overheating-fears\">6.2%<\/a>&nbsp;in October, the highest annual rate&nbsp;<a href=\"https:\/\/thehill.com\/policy\/finance\/581060-biden-gets-inflation-gut-punch?rl=1\">since November 1990<\/a>.<\/p>\n<p>The Biden administration has responded by <a href=\"https:\/\/www.dailywire.com\/news\/let-them-eat-cake-the-most-condescending-things-the-left-says-about-inflation\">denying the severity<\/a> of higher prices and insisting consumers\u2019 sticker shock is \u201ctransitory.\u201d But Federal Reserve Chairman Jerome Powell <a href=\"https:\/\/nypost.com\/2021\/11\/30\/jerome-powell-its-time-to-retire-term-transitory-inflation\/\">told<\/a> the Senate on Tuesday that, since inflation appears here to stay, \u201cit\u2019s probably a good time to retire that word.\u201d<\/p>\n<p>Wealthier Americans, who have higher earnings and more savings, are better poised to absorb price hikes than <a href=\"https:\/\/www.wsj.com\/articles\/inflation-disproportionately-hurts-the-poor-11624207206\">less well-to-do<\/a> Americans.<\/p>\n<p>\u201cThis is a pay-cut families can\u2019t afford,\u201d said Rep. Kevin Brady (R-TX), ranking member of the House Ways and Means Committee.<\/p>\n<p><em>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire<\/em>.<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a&nbsp;<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One day after the Federal Reserve announced that decades-high levels of inflation show no signs of letting up, CNN released a story saying that \u201cinflation can actually be a good thing for working-class Americans,\u201d because inflation \u201cempowers workers.\u201dThe network\u2019s assessment that the middle-class benefits from price-raising inflation not only flies in the face of accepted economic data but contradicts CNN\u2019s own reporting from as recently as two weeks ago.CNN posted an article on its website Wednesday titled \u201cWhy inflation can actually be good for everyday Americans and bad for rich people\u201d by CNN senior editor and business writer Allison Morrow. \u201c[O]n the whole,\u201d she writes, \u201cmany working-class Americans\u201d will benefit from rising prices caused by the devaluing of the U.S. dollar, \u201cespecially those with fixed-rate debt like a 30-year mortgage.\u201d\u201c[W]ages are going up, which not only empowers workers but also gives them more money to pay down debt,\u201d Morrow writes. That means \u201cthe cost of your mortgage is holding steady, while the amount of money you have to pay for it is going up.\u201dBut price increases have more than wiped out higher earnings. As The Washington Post reported last month, \u201c[W]hen adjusted for the costs of rising prices, earnings are down 1.1 percent on the year.\u201d Later in her article Morrow admits that \u201cwage growth broadly\u00a0hasn\u2019t kept up with price increases,\u201d but adds vaguely, \u201cthat may change in the new year.\u201dIf wages do catch up to prices, working-class Americans are still less likely to experience the relief of lower mortgage payments \u2014 because the poor are less likely to own real estate than the affluent. While about 52% of Americans with an income below the national median owned their own home, roughly\u00a079% of wealthier Americans were homeowners, according to Census Bureau data from the last five years. Since working-class Americans are more likely to rent, they are more likely to have their landlord raise their rent to compensate for the inflation\u00a0they\u00a0are experiencing.Traditionally, economists have called inflation \u201cthe cruelest tax,\u201d because it hurts the poor, minorities, and people on a fixed income the worst. CNN has reported this fundamental economic principle numerous times, as recently as two weeks ago.On November 17, CNN published an article titled \u201cThe Americans who are getting the worst of the surge in inflation.\u201d which stated that inflation-drive price hikes \u201cdisproportionately harm low-income, [b]lack and brown families. If left unaddressed, escalating food costs will not only make it difficult for these families to put holiday meals on the table; such costs will significantly exacerbate longstanding inequities in hunger and nutrition\u201d;In July, a CNN headline stated, \u201cInflation will hurt low-income Americans for years to come.\u201d Its author, Dana Peterson, wrote that \u201clower-income families and retirees on fixed incomes will especially feel their buying power erode \u2014 not just in the short-term, but for many years to come, further widening the nation\u2019s wealth gap\u201d; andIn a May article on CNN.com titled \u201cEverything is getting more expensive. That\u2019s especially bad news for low-income Americans,\u201d Anneken Tappe and Nathaniel Meyersohn wrote, \u201cThe inflation spike \u2026 has been harder for those at the bottom of the income ladder.\u201dInflation rose to\u00a06.2%\u00a0in October, the highest annual rate\u00a0since November 1990.The Biden administration has responded by denying the severity of higher prices and insisting consumers\u2019 sticker shock is \u201ctransitory.\u201d But Federal Reserve Chairman Jerome Powell told the Senate on Tuesday that, since inflation appears here to stay, \u201cit\u2019s probably a good time to retire that word.\u201dWealthier Americans, who have higher earnings and more savings, are better poised to absorb price hikes than less well-to-do Americans.\u201cThis is a pay-cut families can\u2019t afford,\u201d said Rep. Kevin Brady (R-TX), ranking member of the House Ways and Means Committee.The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0member.<\/p>\n","protected":false},"author":76,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1080032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1080032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1080032"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1080032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1080032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1080032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1080032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}