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Joy Reid’s Economic Ignorance Drives Ron ‘Insana’

Just how unknowledgeable about the economy is Joy Reid? So much so that it drove even the liberal Ron Insana . . . insane, obliging him to correct her misstatements.

Reid had invited Insana, a contributor on CNBC, the business news/stock market network in the NBC stable, to participate in a discussion on her MSNBC show today regarding the economy.

At one point, echoing Andrew Yang, Reid claimed that there are “no humans” working in supermarkets, just customers checking themselves out, “and like two people have jobs in the grocery store.”

Interjected Insana: “well, that’s a little extreme. I mean, there are two [self-checkout] kiosks in the grocery store, and there are people [working there.]”

 

 

The depth of Reid’s misunderstanding of economics was glaringly exposed when discussion turned to the unemployment rate. Insana mentioned that, by any measure, “we are at full employment. The unemployment rate is 3.6%.”

Reid had earlier said that the employment rate was “plussed up” because people are working multiple jobs, at Lyft, Uber, etc., and here insisted: “but it’s full-plus because people have three jobs!”

That was too much for Insana: “I’m not sure that’s an entirely accurate description of what’s going on in the economy.” A diplomatic way of telling Reid she didn’t know what she was talking about!

At that point, Reid and the other panelists, lefties all, started squawking at him. Exclaimed Reid: “here’s what every Lyft driver I’ve ever had said: it’s their third job!”

Retorted Insana: “you know I do this for a living, right?” In response, hyper-lib Karine Jean-Pierre, an MSNBC contributor and spokesperson for the far-left MoveOn.org, let out a loud, disapproving, sigh.

Responded Insana: “well, you can get exasperated with me.”

What Reid and her sidekicks obviously don’t understand is that whether someone has one, or more than one, job, they are counted as employed. The existence of people working multiple jobs does nothing to drive down the reported unemployment rate, or “plus up” the employment rate.

But don’t try confusing liberals like Reid and Jean-Pierre with the economic facts! And don’t hold your breath waiting to see Insana reappear on Reid’s show anytime soon!

Here’s the transcript.

MSNBC
AM Joy
11/30/19
11:04 am ET

JOY REID: Ron, let me let you in on that, because we are in an economy where a lot of people have jobs, but the job numbers are plussed up because people have a second job driving Lyft, a third job driving Uber, and people are making money in the gig economy. I just was in the supermarket the other day and there were no humans. I mean, to make Andrew Yang’s point, all there are are automated machines where you check your own groceries out and like two people have jobs in the grocery store, so the economy is working great for billionaires —

RON INSANA: Well, that’s a little extreme. I mean, there are two kiosks in the grocery store and there are people [working]. But look, some of these numbers — some of these labor numbers are not being I think accurately quoted. We are at full employment. The unemployment rate is 3.6%. By all measures

REID: But it’s full-plus because people have three jobs!

INSANA: Well, I’m not sure that that’s entirely an accurate description of what’s going on in the economy.

REID: That’s what every Lyft driver I’ve ever had said: it’s their third job! 

INSANA: You know I do this for a living, right? So —

REID: I do!

INSANA: Yean, so, I am not sure —

KARINE JEAN-PIERRE: [loud, disapproving sigh]

INSANA: Well, you can get exasperated with me. I don’t disagree with what’s been said, but I think there are other remedies. 

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