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The Washington Post published a news article by economics reporter Abha Bhattarai stating that Americans are getting used to and coping with inflation. This goes against several indicators, including a Gallup poll that found that 56% of Americans said inflation is causing problems.
“After months of gloom, Americans are finally starting to feel better about the economy.” and more resigned to inflation," Bhattarai wrote.
"Americans are making small changes — for example, buying meat in bulk or moving more of their groceries to discount chains — suggesting that many families are learning to deal with higher prices," she continued.
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US President Joe Biden speaks at the Eisenhower Executive Office Building in Washington, DC, US, on Thursday, July 28, 2022. The boom from the recession grew louder after the US economy shrank for the second quarter in a row, while decades of high inflation undermined consumer prices. Federal Reserve spending and rate hikes hampered businesses and housing.
(Photographer: Oliver Contreras/Bloomberg via Getty Images)
After similar points of discussion as the White House, Bhattarai stressed that gas prices fell from an all-time high of $5, saying the "25 percent cost reduction was significant for many Americans."
“Overall inflation, meanwhile, has eased somewhat — prices were flat in July, although still 8.5 percent higher than a year ago — as a result of aggressive rate hikes by the Federal Reserve,” she wrote.
The article describes the report of Nils Haaland, a man in Omaha who said that "rising fuel and food prices this summer forced him and his wife to stop eating out, postpone summer travel and buy less meat."
"While prices are still relatively high, he says he is less concerned that inflation will continue to spiral out of control," The Post reported.
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US President Joe Biden meets with chief executive officers about economic conditions at the Eisenhower Executive Office Building in Washington, DC, US, on Thursday, July 28, 2022. The boom from the recession grew louder after the US economy shrank for the second quarter in a row, while decades-long inflation undermined consumer spending and Federal Reserve rate hikes hampered businesses and housing.
(Photographer: Oliver Contreras/Bloomberg via Getty Images)
The article also featured the story of Jack Foote, a California man who planned to retire in June but stayed at work for fear the economy would falter further.
“While inflation remains a top priority for American voters in the run-up to the midterm elections, the proportion of Americans who say it is their number one concern has fallen,” Bhattarai reported.
“The Fed's latest 'beige book' report, released this week, found that many households have switched to cheaper goods and are shifting more of their spending towards essentials such as food,” Bhattarai wrote.
"That's certainly been the case at Walmart, where executives say they're seeing more middle- and high-income customers than usual," she said.
US President Joe Biden (C) meets with Federal Reserve Chair Jerome Powell and Secretary of the Treasury Janet Yellen in the Oval Office at the White House on May 31, 2022 in Washington, DC. The three met to discuss the Biden administration's plan to combat record high inflation.
(Photo by Kevin Dietsch/Getty Images)
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This isn't the first mainstream media article aimed at lowering the American public's expectations about their standard of living due to inflation. Last year, Bloomberg published an article titled "For Americans Shocked by Inflation, Argentines Have Some Advice" detailing ways Americans need to adjust their behavior and lower their expectations to face inflation.
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