~ 5 minutes read
Concern about the harm inflation causes was the biggest theme in the tweets, and the concern was shared across party lines. People were most concerned about inflation on gas, food, and wages, along with medicine, housing, and clothes:
Blame was the second most common trend in the tweets on inflation — 52 of the top 100 tweets blamed some entity for high inflation. Here are the top entities blamed:
If there’s one thing we can all agree on, it’s that the economy is complicated. To understand and discuss it, we take shortcuts — relying on what we already believe to be true in order to understand new things happening around us. This means leaning into information that feels true, while rejecting ideas that feel false.
But our gut instincts aren’t always reliable, especially when it comes to a topic as convoluted as the economy. So if we’re interested in learning more about how the economy works, and what we can do to help it work better, it’s important to be aware of how our bias affects our interpretation of new information. For example:
If you expected Biden to succeed when he was elected, your brain will gravitate towards information that suggests he’s succeeding.
If you expected Biden to fail when he was elected, your brain will gravitate towards information that suggests he’s failing.
If you believe corruption in corporations is widespread, your brain will pay more attention to ideas that confirm this, making you more likely to oversubscribe blame onto companies.
If you believe corruption in corporations is limited, your brain will overlook ideas about corruption, making you more likely to undersubscribe blame onto companies.
A simple way to mitigate these biases is to be more aware of them. When reading tweets, watching videos, or reading articles about inflation, we can work to notice ideas we automatically believe to be true (or false) and take a second to ask ourselves why we think that. Sometimes there will be a good reason, and other times you’ll realize that gut instinct has little basis in reality.
By taking an extra second to reflect, we can be open to new information, but still prudent in what new ideas are worth believing.
Big Pharma says they need to charge astronomical prices to pay for research and development. Yet, the amount they spend on manipulating the market to enrich shareholders completely eclipses what's spent on R&D. Today, I confronted a CEO about the industry's lies, with visuals ⤵️ pic.twitter.com/c3jSLr0yVd— Rep. Katie Porter (@RepKatiePorter) May 18, 2021
I miss being kid and watching inflation from the sidelines 😢— BIBA. (@Lovetounj) March 7, 2022
Ima be honest… I pay zero attention to gas prices. Tf ima do bout it😂😂— abdulllahi (@Abdullxhi) March 3, 2022
daddy yankee wouldn’t approve this gasolina prices— Gisell 🇬🇹 (@gissssssel_) March 9, 2022
What if, instead of gas prices going up for everybody, oil companies simply made less money— Dave Levitan (@davelevitan) March 8, 2022