Friday, June 14, 2024

WaPo Tries to Spin ‘Silver Linings’ of Biden’s Recession

'Since inflation increased to over 8 1/2 percent, I've learned to prepare wieners more than 20 different ways! ... '

(Molly Bruns, Headline USA) In a desperate bid to alter the optics of the current recession, ahead of November’s midterm election, the notoriously leftist Washington Post published a list titled “7 reasons the recession could be good for you financially.”

The piece, written by advice columnist Michelle Singletary, has a subtitle boldly telling readers “recession isn’t all bad news,” and offers “seven silver linings.”

Singletary kicks off the article with a quote from President Franklin D. Roosevelt in the Great Depression.

“So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself.”

She then goes on to say, that despite things being bad now, at least they are not as bad as they were in the Great Depression.

“I have to say this because, as Roosevelt pointed out, fear itself can lead to actions that worsen your finances,” she wrote. “While many people are hurting, there may be ways to cushion the downside.”

Singletary’s first silver lining is that “housing prices may finally come down to reasonable levels.”

“Yes, mortgage rates are higher, but the upside of that is that sellers in many markets will have to lower their asking prices so that buyers can qualify for the loans,” she said. “With cheap loans gone, there will be fewer bidding wars to drive up home prices.”

Continuing, she points out that saving rates are rising and that Series I Savings Bonds rate “might” go even higher.

Singletary also mentions that despite an economy in flux, the American dollar is still the strongest currency internationally, so “if you have plans to travel overseas, your dollar may go a lot further.”

She goes on to claim that the unemployment rate is still “relatively” low, sitting at 3.7%. It is not clear what she is comparing it to, but she does advise people to cancel their vacation plans for 2023 if they’re worried about job security or a recession.

Your used car is also more of an asset now, according to Singletary, who said if you’re looking to upgrade you’ll get more for your trade in, despite new car prices also rising.

“Used car and truck prices jumped 7.8 percent, according to the latest data from the U.S. Bureau of Labor Statistics,” she wrote. “Unfortunately, new car prices were up 10 percent from a year ago.”

Finally, Singletary does some PR work for the Biden administration by mentioning that student loan forgiveness is incoming.

No where in the article does she seem to acknowledge the reality that many people will likely be facing much more serious issues that simply cancelling their 2023 vacation plans will not be able to solve.

Twitter, however, did point this out:

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