Ed Morrissey: Governor Palin Right Once Again; UPDATED: Reddy Responds…Sort Of

Last night Governor Palin face-palmed a lazy Wall Street Journal reporter for not even knowing what was printed on the pages of his own newspaper. Today Ed Morrissey offers his analysis of the one-sided exchange between Governor Palin and the hapless Sudeep Reddy:

Does the press ever tire of underestimating Sarah Palin? The latest to assume that Palin doesn’t research her topics is — surprisingly — the venerable Wall Street Journal, and on the equally surprising topic of economics. When Palin objected to the Fed’s second round of “quantitative easing”, otherwise known as “printing more money,” on the basis that American consumers already see enough inflation at the grocery store, reporter Sudeep Reddy scoffed that Palin had no clue and that inflation had been non-existent. Where could Palin have come up with the idea that prices have been rising for supermarket shoppers?

[…]

In fact, the Wall Street Journal noted that food prices have gone up faster than inflation, although perhaps the language was too obscure for Reddy:

Food prices are rising faster than overall inflation.

Or … maybe not.

[…]

The point Palin made was that taking a voyage on the QE2 would make a difficult issue for consumers and retailers much worse through the deliberate introduction of even higher inflation, an explicit motivation behind the Fed’s actions.

So Palin was right once again, and once again a reporter winds up with egg on face from starting out with an assumption that Palin couldn’t possibly know what she’s talking about. Lather, rinse, repeat.

I don’t think they’ll ever learn, but it sure is entertaining to watch our betters in the mainstream media fail epically when they make the mistake of underestimating Governor Palin. Read Ed Morrissey’s entire piece here.

Update: This gets more pathetic by the minute. Sudeep Reddy’s response to Governor Palin’s smackdown? He tweets a link to an article in the far left opinion journal, Columbia Journalism Review. For those who’ve never heard of the CJR, its pieces are on a par with those at the Daily Kos or Moveon.Org in terms of accuracy and objectivity. The author of the CJR piece, Ryan Chittum, explains that Reddy is correct and Gov. Palin is wrong by using the grass isn’t really green and the sky isn’t really blue defense. In other words, the article to which Governor Palin refers doesn’t really say what it says:

What that WSJ article said—which you can in fact discern even from her selective quoting—is that food prices may be beginning to rise.

May be beginning to rise? Hmmmm. Let’s look at a few lines in the article to which Governor Palin refers. First, there’s the one Ed Morrissey notes above:

Food prices are rising faster than overall inflation.

But that’s not the only one:

Prices of staples including milk, beef, coffee, cocoa and sugar have risen sharply in recent months.

Stater Bros. has seen the prices it pays for cereal rise 5% in recent months.

Gibsons Bar & Steakhouse, a three-unit chain in the Chicago area, said that in the last four months, the price it pays for a New York Strip steak rose to $23 per pound from $19 per pound.

There’s more, but you get the point. I think we can safely add the CJR “reporter” to Mr. Reddy’s camp of reporters who don’t read before they write. The fact that Reddy had to look to the CJR to defend his nonsense tells us everything we need to know about how thin the ice is upon which he stands.

This is anecdotal, but I think significant when it comes to rising food prices. Over the past couple of years, I’ve noticed an amazing trend in food packaging. I think most who do their own shopping have noticed this as well. I’m guessing I’m not the only one who remembers that ice cream came in 2 quart packages. Not anymore. Now 1.5 quarts are the norm. The prices? Um, the same. Remember when many canned products came in 12 ounce cans. Again, not anymore. Have the prices changed to reflect the smaller portions? What do you think? This too is inflation. To be sure, official inflation data is theoretically adjusted to account for changes in packaging, but count me among those who are unconvinced that the adjustment is either timely…or complete. The significant increase in my weekly grocery bill over the past year or so, albeit anecdotal, is real, and I suspect I’m not the only one experiencing this. Far from it.

Back to Governor Palin’s broader point (which Reddy and the CJR, not surprisingly, are incapable of grasping). If the Fed dumps another $600 billion (or more) into the economy via QE2, an already worsening situation will only be exacerbated, and the inflation won’t be confined to the food and energy sectors.



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