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LET THEM EAT CAKE: SF Fed Bank President Says She Doesn’t Feel Pain of Inflation, Earns Almost Half a Million a Year

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 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.