Washington Post personal finance columnist Michelle Singletary said Americans are exaggerating the impact of inflation on their lives during a Wednesday segment on MSNBC.
"There’s a new poll out by Politico, Morning Consult that I think is quite revealing. It shows 38% of Americans say they would rather see a recession than the inflation we are dealing with," MSNBC host Chris Jansing said. "I read that to mean more than a third of Americans are so pressed by what they’re having to pay for gas, for food, everyday items, rent, that they’d rather see a recession. Is that where we are right now?"
Singletary responded by saying too many Americans are complaining too much about inflation and said the "Biden administration is doing whatever it can to help Americans."
"You know, I’m just gonna say this, and if I get banged for it I don’t care," she said. "There is a great deal of Americans where it is uncomfortable that they are spending more, but they’re not gonna go under."
"You got to stop complaining when there’s so many people who literally the inflation rate means they may only have two meals instead of three," she added. "There are Americans who did extremely well in the last two years in the market. You still have your job. And yea, it’s costing you more for gas, but guess what? You’re still going to take that holiday, that Fourth of July vacation, you can still eat out."
The Washington Post columnist continued and said some Americans need to "calm down and back off."
She also urged Americans to stop checking their retirement accounts and to instead focus on helping others.
"I'm trying to calm myself down and trying to help other people realize what can you do and what you can do is continue to save," she said. "If you don't need to drive, don't drive. If you can put off a project, put it off. But if you're in the position to eat at the restaurant, even if the meal is a little bit more, go eat at that restaurant and help save a business that is still trying to limp through the pandemic."
Singletary writes "The Color of Money", a nationally syndicated column on personal finance that often includes discussions about race. Through her columns she has criticized a reader for not agreeing with her and for seeing her experiences "through his White eyes," and praised White people who repented for their alleged racial sins.
Inflation is at a 40 year high based on a consumer price index report released by the Department of Labor and gas prices recently broke $5 per gallon for the first time in American history.