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:
Watch his comments on Morning Joe below:
He still comes off as clueless.
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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