MarketWatch deletes the tweet about “average Americans” paying $ 90 for wine, $ 5 for gas
Former IMF chief economist Kenneth Rogoff claims that the US is on a “knife edge” with inflation.
MarketWatch said Saturday it had deleted a tweet suggesting that “average Americans” paid $ 5 for a gallon of gasoline, $ 90 for a bottle of wine and $ 200 for concert tickets in today’s economy.
The article, which focused on rising inflation, was also corrected for the same reason.
“An earlier version of this report inaccurately suggested that $ 5-a-gallon gasoline, $ 90 bottles of wine and $ 200 concert tickets were typical late purchases among average Americans. History has been corrected,”[ads1]; the editorial notes, reflecting the tweet. The corrected article noted that the national average gas price is currently $ 3.41.
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Many Twitter users called the MarketWatch article and the deleted tweet “alarmist”. Others claimed it was “clickbait”.
“I’m an average American and paid $ 199.99 for a gallon of milk today,” joked one user. “Please send me a DM for your next inflation alert.”
“I do not think you understand that the examples in the clickag tweet were not the whole problem,” commented another.
“I really love making the story ‘$ 5 for a gallon of gas!’ and then use an image where the gas is below $ 4, “pointed out another.
But others emphasized that inflation was real.
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“These are not fear mongers,” wrote another user. “Anyone who has walked into a grocery store, shop or restaurant recently can see that the price has skyrocketed.”
The United States has experienced its highest annual inflation rate in 31 years, and this year’s Thanksgiving dinner is estimated to cost Americans 14% more – also the biggest jump in 31 years, according to the American Farm Bureau Federation.
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Instead of sinking into a prolonged downturn following the shutdown of the coronavirus pandemic, the economy staged an unexpectedly uplifting recovery, driven by massive public spending and a series of emergency measures by the Fed. In the spring of this year, the rollout of vaccines had encouraged consumers to return to restaurants, bars and shops.
Suddenly, companies had to move to meet demand. They could not hire fast enough to plug vacancies – almost a record 10.4 million in August – or buy enough supplies to fill customer orders. When the business roared back, ports and shipyards could not handle the traffic. Global supply chains were tightened.
Costs rose. And companies found that they could pass on the higher costs in the form of higher prices to the consumers.
“A significant portion of the inflation we see is the inevitable result of getting out of the pandemic,” Jason Furman, a former economic adviser to Obama, told the Associated Press.
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Harvard economist Kenneth Rogoff told Fox Business on Friday that inflation is wreaking havoc across the country ahead of the holidays and pushing the Federal Reserve to get the United States back on track.
“I think we’re on a knife edge,” Rogoff said. “I think it’s pretty clear that the first stimulus right after Biden took office and maybe the one at the end of the year in 2020 was a little too late in the game. They’ve added inflation, along with the supply chain and everything else.”
Fox Business’ Alicia Warren and The Associated Press contributed to this report.
