Fortune magazine headline insists people ‘should be happy’ about inflation
Economist Brad DeLong was bullish on 'our strange but kind of wonderful post-pandemic economy'
{{#rendered}} {{/rendered}}A Fortune magazine headline suggested that record-high inflation rates should actually make people "happy" in an article published on Saturday.
The article, written by Fortune editorial writer Tristan Bove, was titled "Why you should be happy about inflation and worried about something else, economic historian and professor Brad DeLong says" and focused on DeLong’s claim that inflation could actually be a positive sign for the economy.
"DeLong argues that there is a major economic shift taking place that people should welcome. It all has to do with our strange but kind of wonderful post-pandemic economy," Bove wrote.
{{#rendered}} {{/rendered}}He explained, "Inflation in the U.S. is currently serving two functions that could help the economy in the long run, according to DeLong: helping expand new economic sectors poised for big growth, and uncovering and optimizing supply chain snags that have been with us since the beginning of the pandemic."
Inflation rose by 8.3% in August. (istock)
The article followed President Biden celebrating the passage of the Inflation Reduction Act on Sept. 13, despite an economic report that day revealing that inflation increased by 8.3% in August, higher than what economists had predicted.
{{#rendered}} {{/rendered}}Despite Democrats insisting that the act will work to reduce inflation, DeLong continued to argue that inflation itself could work to assist the economy.
"With supply chain issues contributing to high prices and making people less likely to buy, it could be the impetus behind a revitalization and ultimately a strengthening of industry, according to DeLong, who says inflation is involving more people with figuring out either how to produce more of what we need, or less of what we don’t," Bove noted.
However, Bove and DeLong acknowledged that stagflation "also remains possible" and should be a more pressing concern.
{{#rendered}} {{/rendered}}"Should inflation become entrenched during a recession, it would be a ‘very bad thing’ for the economy, DeLong said. Whether this will happen will likely depend on the direction gasoline and energy prices take, which have been highly unpredictable so far this year," Bove wrote.
Food prices in the New York area have jumped more than 9% in the last year, is the steepest in the last 40 years, according to the BLS. Inflation is hitting poor and working-class New Yorkers, immigrants and the food pantries that support them. (John Smith/VIEWpress)
The article was promoted by Fortune on Twitter on Tuesday. Twitter confirmed to Fox News Digital that Fortune created the promotion but did not elaborate on whether it was a paid promotion.
{{#rendered}} {{/rendered}}The article, particularly its headline, was attacked for appearing to suggest that Americans struggling with inflated prices "should be happy."
"This is a real headline published by @FortuneMagazine..." Media Research Center contributing writer Stephanie Hamill tweeted.
Accuracy in Media President Adam Guillette joked, "Americans: ‘I can't afford gas, food, or energy prices.’ Fortune Mag: ‘You should be happy about inflation, there are worse things.’"
{{#rendered}} {{/rendered}}"’Inflation is actually good when a Democrat is president.’- Fortune's Tristan Bove," Newsbusters senior editor Bill D’Agostino tweeted.
"8+% inflation is ackchyually a good thing," The Hill columnist Kristin B. Tate commented.
Ami Magazine White House correspondent Jake K. Turx wrote, "Hey @FortuneMagazine, your ‘top financial historian’ is clearly a moron. Send @delong and this ignorant propaganda back to the 1930s where it belongs instead of using it to taunt millions of people who are hurting."
{{#rendered}} {{/rendered}}The Federalist senior contributor Chuck DeVore wrote, "Inflation isn't good, don't be stupid."
Fortune promoted their article on Twitter on Tuesday. (Twitter)
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Although DeLong argued that inflation could be a good sign for the economy, other economists have warned about the devastating impact it has on Americans.
{{#rendered}} {{/rendered}}Former Obama economic adviser Larry Summers previously warned the Biden administration that the economy was heading towards a recession due to increased inflation rates.