Americans are growing increasingly concerned about the state of the economy, with a Gallup poll published last month showing that 56% say inflation is “causing financial hardship for their household.”
Yet in what some say is a naked attempt to cover for the Biden administration, one columnist recently argued that “a recession could be good for you.”
The writer says a recession will encourage people to save more
According to Fox News, Washington Post contributor Michelle Singletary wrote an article this week called “7 ways a recession could be good for you financially” which touted the supposed benefits of an economic downturn.
She began by pointing out how “as bad as things are — rising interest rates, high inflation, stock market tumbling — the economy hasn’t imploded as it did during the Great Depression.”
“I have to say this because, as Roosevelt pointed out, fear itself can lead to actions that worsen your finances,” she continued, adding, “While many people are hurting, there may be ways to cushion the downside.”
Singletary then went on to contend that “[h]ousing prices may finally come down to reasonable levels” even as consumers are incentivized to save more.
“At least one bright side of the Federal Reserve raising rates to fight inflation is banks are paying people more to hold their money,” she asserted. “I bonds inflation rate might go even higher.”
“The Series I Savings Bond was created as a hedge against inflation,” Singletary explained. “Until the end of October, the bonds are paying 9.62 percent. If inflation stays high, I bonds could be paying more come November.”
Article dismissed by critics as “embarrassing propaganda”
Fox News noted that Singletary’s article was met with derision from critics. Among them was New Mexico Republican Rep. Yvette Harrell, who dismissed the piece as being an example of “embarrassing propaganda.”
Embarrassing propaganda. https://t.co/tjuzdYFYd4
— Rep. Yvette Herrell (@RepHerrell) September 28, 2022
Meanwhile, conservative influencer Logan Hall mocked the changing media narrative when it comes to economics under the Biden administration.
from “we’re not in a recession” to “maybe we’re in a recession” to “here’s why recessions are good” full circle. pic.twitter.com/ic1QHoqnRw
— Logan Hall (@loganclarkhall) September 28, 2022