Bloomberg News drew fierce criticism for suggesting that Americans spend their paychecks quickly, purchase expensive items like homes and cars, and take out loans to pay for them, as means of coping with skyrocketing inflation.
The article, titled “For Americans Shocked by Inflation, Argentines Have Some Advice,” cites the nation of Argentina, whose annual inflation rate is typically about 50%, and suggests that Americans copy the strategies used by average Argentinians to cope with inflation in the U.S., which has risen to a nearly 40-year high at 6.8%.
“For many Americans, the sudden burst of inflation that has rocked the economy has been disorienting,” the article, written by Patrick Gillespie and Ignacio Olivera Doll, begins. “Consumer prices had been so stable for so long in the U.S. that the population finds itself a little rusty on basic inflationary-era tactics. So for some advice, we turned to people who have become experts in the art of surviving runaway inflation: Argentines.”
“Walk around Buenos Aires and you’ll hear conversations — between 18-year-old college students, 90-year-old retirees and everyone in between — about currency exchange rates, soaring prices and strategies for coping.” – READ MORE