This Is Awkward: Elites Told Anyone Making Less Than $300k: "Try Lentils Instead Of Meat"

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Two and a half years after Bloomberg Opinion published advice for those earning under $300k on how to weather the Biden-Harris inflation storm—suggesting, among other things, swapping beef for "tasty meat substitutes" like lentils—we revisit whether labor economist Teresa Ghilarducci's tips have truly shielded consumers from the fallout of failed Bidenomics.

The short answer is no. 

Let's revisit the March 19, 2022 op-ed titled "Inflation Stings Most If You Earn Less Than $300K. Here's How to Deal," which Bloomberg Opinion's X account reposted the article.

The X post was heavily ratioed, with some users saying... 

And, by the way, elites can be very wrong about their predictions... 

Using the Amazon price tracker website camelcamelcamel, prices for a 12-pack of 14.5-ounce canned lentil soup produced by Amy's Soup sold for around $30 when the op-ed was published. Several months later, prices jumped to $50, indicating prices were elastic as demand likely soared due to cash-strapped consumers. Since the start of 2023, data from the tracking website show prices bounced between the $40s to $50s, even as high as $65. 

this is awkward elites told anyone making less than 300k try lentils instead of meat

Meanwhile, the food inflation theme is still hot. 

Orange juice contracts in New York are hyperinflating to record highs. 

this is awkward elites told anyone making less than 300k try lentils instead of meat

Wholesale egg prices via the Urner Barry Egg Index EBP are nearing record highs once again. 

this is awkward elites told anyone making less than 300k try lentils instead of meat

Let's not even get started with USDA retail beef prices per pound. 

this is awkward elites told anyone making less than 300k try lentils instead of meat

But don't worry—as the VP Harris team states, communist price controls will be the cure against evil supermarket chains that price gouge customers.

this is awkward elites told anyone making less than 300k try lentils instead of meat

The higher price of breakfast food and just food in general is an alarming sign for low- and middle-income consumers. 

this is awkward elites told anyone making less than 300k try lentils instead of meat

Last week's Dollar General stock price crash, fueled by warnings of a "financially constrained" core customer, is merely a warning sign the economy is trending in the wrong direction. 

via September 4th 2024

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