“mentioned how he originally didn’t see the massive government spending bill as that dangerous for the economy”
Liberal New York Times economist Paul Krugman has apparently figured out that he was wrong about inflation.
He shouldn’t feel too badly about it. He has plenty of company, within the Biden administration alone.
Gabriel Hayes reports at FOX News:
With inflation worse than he predicted, NY Times’ Krugman admits: ‘I was wrong’, a ‘lesson in humility’
The New York Times opinion columnist Paul Krugman published a mea culpa in column form on Thursday, flat out admitting he was wrong for thinking inflation wouldn’t be that bad.
In his piece, titled, “I Was Wrong About Inflation,” the economics professor noted that he was on “Team Relaxed” when it came to fears of inflation and acknowledged that was a “very bad call.”
Krugman began by recounting the “intense debate among economists about the likely consequences of the American Rescue Plan, the $1.9 trillion package enacted by a new Democratic president and a (barely) Democratic Congress.” He mentioned how he originally didn’t see the massive government spending bill as that dangerous for the economy.
“Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call,” he confessed.
Of course the columnist, who once insisted that President Biden would oversee a “soaring, ‘morning in America’-type recovery,” claimed that he couldn’t see how bad inflation would be because the “debate and the way things have played out were more complicated than I suspect more people realize.”
This is a real headline from 2020:
Paul Krugman famously said the stock market would crash under Trump. He also predicted in November of 2020 that a "Biden Boom" was coming.
They gave this clown a Nobel Prize. pic.twitter.com/1kCQRlZT3L
— Rosie's JOEVID-19 (@DarnelSugarfoo) July 2, 2022
Watch his comments on Morning Joe below:
.@paulkrugman on getting inflation wrong: "Partly it’s that there is stuff that I didn’t — that nobody saw coming. Nobody saw Putin invading Ukraine. I think nobody thought about logistic supply chains or any of that stuff until suddenly it became a big problem." pic.twitter.com/F4nprqImlu
— Tom Elliott (@tomselliott) July 21, 2022
He still comes off as clueless.
"Nobody thought about logistic supply chains"?
The depressing thing is that based on what we've seen, he might be right. https://t.co/jS4KeR0QHU
— Mark Hemingway (@Heminator) July 21, 2022
Krugman went to MIT and Yale.
I'm just a blonde that went to a state school, but I knew printing money and dumping it into the economy could cause inflation.
I was tweeting about inflation when Trump was President. I said inflation was a risk from massive stimulus. https://t.co/AX0IhaffBg
— Andrea Katherine (@AndreaKatSTL) July 21, 2022
— Sister Toldjah 🌻 (@sistertoldjah) July 21, 2022
Krugman has a history of being not only wrong, but stunningly so. Remember what he said about the internet in 1998?
The growth of the Internet will slow drastically, as the flaw in “Metcalfe’s law”–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.
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