MSNBC’s coverage of the election continued Wednesday night. During the 11 PM Eastern time, a variety of panelists attempted to explain why the economy did not dominate in the way that it was expected. Stephanie Ruhle explained that while we are complaining about inflation, “we are contributing to it,” which makes this less of an electoral issue.
After MSNBC Republican David Jolly suggested that inflation was only one of the many issues voters care about, Chris Hayes switched the conversation to Ruhle: “But, Stephanie. I want to ask about the student debt question.”
Ruhle was not interested in talking about it. Let’s just say, before we get to that: there’s a dirty little secret people don’t like talking about.
Ruhle said, “When you talk of the economy being so poor, or inflation being so terrible, just keep with me. There are two economies in this country. Things are worse for people who were economically vulnerable before COVID. However, purchasing power has become harder for white collar workers.
“However, prices remain high despite this. Consumer demand is still very strong. I don’t mean just buying bacon, eggs, and gas. I’m referring to travel, leisure, and dining out at restaurants. We are complaining that our hamburgers cost $25 more than we like, but we still line up to go to these restaurants.
Ruhle declined permission to show her work because restaurant traffic is down. But inflation is not President Biden’s fault. It is your fault. “So consumers who are yelling at inflation, and I understand it, it’s terrible, we need to take a hard look in the mirror at ourselves. We are contributing to it.”
There will be many who question the surprising results of an election. However, some explanations are better than others. But, claiming that inflation is too high because “we” are to blame for it is not one.
Subaru sponsored this segment.
Here’s the transcript of the November 9th show:
MSNBC Decision 2022
11/9/2022
11:13 PM ET
DAVID JOLLY : But I also believe that we should consider this. The economy is not doing well right now. It is quite different from ’09, when the bottom was reached in ’09 and then ’10. Although the bottom is not yet out, purchasing power has fallen.
CHRIS HAYES: Yup.
JOLLY: – Real income is down and people feel it. I think voters showed that they can balance multiple priorities last night.
HAYES: Yes.
JOLLY: They said, “You know what?” The economy may be going sideways, or down, but there are larger issues.
HAYES: Stephanie, I have a question about student debt.
STEPHANIE ROHLE: Okay, hold onto, wait, and wait. Let’s just say, before we get there, there’s something that people don’t like to talk about.
HAYES: Please.
RUHLE: If you talk about the economy being so poor or inflation being so low, please stay with me. There are two economies in this country. Things are worse for people who were economically vulnerable before COVID. However, purchasing power has become harder for white collar workers.
But, the thing that keeps prices high is our willingness and ability to pay high prices. Consumer demand is still very strong, and I don’t just mean buying bacon, eggs, and gas. I’m referring to travel, leisure and entertainment.
HAYES: Yeah.
RUHLE — Going out to restaurants. We are complaining that $25 hamburgers are too expensive, but we still line up to go to these restaurants.
HAYES: Yeah.
RUHLE It’s something we contribute to.
