The president of the San Francisco Federal Reserve Bank did her best Marie Antoinette impression earlier this week when she told a Reuters reporter that she doesn’t feel the “pain of inflation” anymore because she has “enough” on her over $420,000 annual salary.
Mary Daly issued the comment in response to a question interviewer Lindsay Dunsmuir fielded from a listener who wondered where Daly was “personally seeing the impact of inflation” in her own life.
As TheBlaze reports, after a few beats Daly added that not only does she have enough, but many other Americans do as well:
“I see prices rising, but I have enough that I can make substitutions … I’m not immune to gas prices rising, 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 trade-offs because I have enough — many, many Americans have enough,” she added.”
At some point Daly must have realized her comment was tone-deaf, and she attempted damage control which still came off as elitist and out-of-touch, especially when she equated eating at a hotel one is staying at instead of going out to eat as a “sacrifice“:
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“But … 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 offered. “You may not be able to go to the vacation you want; you may end up, you know, instead camping or doing a staycation” or eating at your hotel instead of going out to eat “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.”
The audacity of the San Francisco Fed President of all people to say this.
Probably drives past this on her way to work. pic.twitter.com/RNxM6lVCBa
— Dylan LeClair 🟠 (@DylanLeClair_) August 3, 2022
“The people” are indeed struggling, as 61% of Americans are living paycheck to paycheck, unable to save, according to a recent report from PYMNTS and LendingClub. As runaway inflation spirals out of control, financial pressures continue to mount beyond where to vacation.
After Reuters posted a tweet about the interview with Daly, Twitter users responded as you imagine they would. The reactions run the emotional gamut, from amusement, to dismay, to anger:
- “These people are so disconnected from the everyday citizen it is disgusting.”
- “Shows how obtuse and out of touch the Federal Reserve is. What does [Daly] do to justify a 400K salary?”
- “Tells the rest of SF that they have enough and to stop complaining about prices. Literally she just said this; no satire.”
- “You are a disgusting, disgraceful elitist. Quit your taxpayer-funded job so you have to earn a paycheck and not get insider information to make thousands more on the market. You are just pure bottom-dwelling scumbag evil.”
I had never heard of this woman before, but now that she’s on the national radar, digital soldiers and citizen journalists will be watching her like a hawk.