In a short story, F. Scott Fitzgerald penned the famous observation about the “very rich,” as shared by one of his characters: “They are different from you and me.”
To which Ernest Hemingway retorted in his own book a decade later: “Yes, they have more money.”
Mary Daly, president of the Federal Reserve bank in San Francisco, noted in a recent interview that she is, in fact, far different from schlubs suffering under the yoke of President Joe Biden’s rocketing inflation rate.
In fact, as she said, she has plenty.
During an interview that was streamed on Twitter on Wednesday, a Reuters reporter asked Daly if she was feeling the impact of inflation, which in July hit 9.1 percent, the highest rate since 1981.
According to CBS MarketWatch, which tried to put the best spin possible on Daly’s comments, the Fed leader noted: “I don’t feel the pain of inflation anymore. I see prices rising, but I have enough that I can make substitutions, that I can do things. So I’m not immune to gas prices rising, and food prices rising. I sometimes balk at the price of things. But I don’t find myself in a space where I have to make tradeoffs, because I have enough, and many, many Americans have enough.”
The reason Daly doesn’t feel the vice grip of inflation and high gas prices is that she makes almost $423,000 a year, reported Dylan LeClair, a top financial analyst for Bitcoin.
That’s about eight times the average salary across the U.S. and about six times the average in San Francisco.
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MarketWatch noted that Daly “did devote plenty of airtime to discussing how she has seen consumers struggling, and her goal to get inflation down to pre-pandemic levels, which got somewhat lost in the social media discourse.” She also expressed “empathy for people who can’t afford rising prices right now.”
Sure, which is why she repeated her boast, as The Blaze reported in offering a fuller quote of Daly’s continued comments:
“I recognize what it feels like when you don’t have that situation, when you live so close to the edge of your income that [rising] prices actually force some real trade-offs,” she said. “You may not be able to go to the vacation you want; you may end up, you know, instead camping or doing a staycation … because you really can’t afford getting there and then going out to dinner once you’re at the hotel.
“And I see all of that. … So in my daily life, I see the rising prices, but I’m fine because I have a sufficient income to make those trade-offs. For other people that’s not the case, and those are the people that this is so important for.”
Her reference there, it seems, was the drive to ratchet up inflation to bring inflation down.
Hemingway was right about how different “they” are.
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