The same economist who admitted he got “inflation” wrong claimed the economy is thriving under President Joe Biden. At this point, flipping a coin is probably more accurate at predicting the future than New York Times Paul Krugman is a columnist.
America has “a really good economy with a couple of problems,” Krugman said during left-wing tech reporter Kara Swisher’s podcast, Sway. “It’s the best job market possibly ever. It’s easier to get a job than it was during the height of the Clinton era boom, which is great.” Sure, wages “aren’t quite” keeping up, and “rents are up in small towns,” but that’s all in people’s minds, Krugman said. “People’s perception of the economy does seem to be way out of line with how bad things really are.” And if those comments weren’t out of touch enough, Krugman suggested that “this economy’s been pretty good” for poor people.
This is easy for someone with an estimated net worth of $2.5million.
This is the same Krugman who said in January that he didn’t “understand what the hell has been going on” with inflation, which spiked to 8.5 percent over the last year. This is the highest increase since 2005. Raiders of the Lost Ark1982 hit the big screen. He also absurdly stated that the highest inflation in 40 years was “not a crisis” on Bloomberg TV in February.
Krugman defended Biden on Swisher’s podcast because, “If there’s one thing that Joe Biden really has very little he can do about, it’s the price of gasoline,” Krugman said. “No U.S. President can do very much to affect that price.”
However, not all experts are in agreement. Harold Hamm, founder of Continental Resources wrote this in Wall Street Journal op-ed that “one thing stands in the way” of lower gas prices: Biden. “President Biden’s unwillingness to reverse course on his administration’s commitment to put the American oil-and-gas industry out of business” comes “at the consumer’s expense,” Hamm wrote.
To increase U.S. oil supplies, Biden has three times tapped the Strategic Petroleum Reserve. Gas prices fell for short periods the first and second times respectively, before rising again. The Wall Street Journal. It is currently being released, which was the largest reserve ever.
Swisher also cited an Associated Press -NORC Center for Public Affairs Research poll for Krugman. The poll found 65 percent of Americans disapprove of Biden’s handling of the economy. She asked, “How big of a problem is this for Democrats going into the midterms, where they risk losing control of both the House and Senate?”
Krugman responded that it is a “huge problem. And the issues for which people most blame whoever’s in power on economics tend to be the things over which that person has the least control or influence, right?”
In a March 24 op-ed headlined “How High Inflation Will Come Down,” Krugman claimed high inflation will be “temporary,” noting the Fed “believes” it can reduce inflation “relatively painlessly.”
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