Bloomberg article mocked for suggesting Americans spend their paycheck immediately to cope with inflation
Fox News
Bloomberg raised some online eyebrows for advising Americans suffering from inflation issues to spend their paycheck right away and borrow frequently.
"In a high-inflation economy, money that sits in the bank is losing value. Each day, those $100 on deposit buy a little bit less. As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks’ worth of groceries in a single shopping trip, even if some of it -- excess meat, chicken, fish -- will sit in the freezer for months," Gillespie and Doll wrote.
They added "And don’t hesitate to borrow money to finance some of those big purchases. If you can get a loan at a rate below inflation -- something that’s possible for many Americans today -- go for it. Inflation will make it easier to repay the loan in coming months and years."
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