Posted on 06/27/2022 7:50:57 AM PDT by JV3MRC
New York Times economics columnist Paul Krugman made another damning admission this past week about his sordid record analyzing economics as inflation continues to bite chunks out of Americans’ wallets.
Krugman conceded in a June 23 op-ed that “[i]n 2021, U.S. policymakers, like many economists, myself included, badly underestimated inflation risks.” But Krugman attempted to shield his loss by wokescolding analysts who predicted economic calamity arising from President Joe Biden’s leftist stimulus policies. “Sado-monetarism is having a moment,” Krugman wrote. “[S]uch people have just had a good year: the inflation they’ve always warned about finally materialized.” Krugman defined his arbitrary slur “sado-monetarist” as “a person who always seems to demand higher interest rates and fiscal austerity, regardless of the state of the economy.”
Krugman attempted to further cushion his admission by juxtaposing his supposed virtue and the alleged lack of virtue of those who predicted runaway inflation under former President Barack Obama, a totally unrelated matter. “Back in the 2010s very few of those who wrongly predicted runaway inflation ever admitted having been wrong,” Krugman wrote.
(Excerpt) Read more at newsbusters.org ...
love it... “sadomonetarism” and “wokescolding,” right next to each other...
So Krugman now admits that he underestimated the risk of inflation. For finally waking up I suppose they’ll give him another Nobel Prize in Economics.
Krugman doesn’t understand much of anything and his comments are for partisan purposes, nothing more.
+1.
5.56mm
This guy is ALWAYS WRONG.
Typical leftist contrition when they can no longer lie about things with a straight face. So they “admit they were wrong” while saying they were still really right and everyone else is wrong.
I like his excuse. It wasn’t just him, but idiots just like him also.
But Krugman is not in charge of anything.
And yet all of us just sitting here at home knew he was wrong all along - but he gets paid big bucks for being wrong...all the time.
Seriously believe a prerequisite of holding an economic department or policy position in the US govt should require that you have owned a business.
No better way to understand expenses, supply chain, worker’s pay, etc. These pinheads whose only experience is attending some lib ivy league business college are absolute disasters for an economy like ours.
Exactly. Krugman is about as much of an economist as AOC.
And has never been in charge of anything!
LOL!
AOC:
“the reason unemployment is so low under Trump is because people are working 2 or more jobs”
genius
“Sharp as a bowling ball” — Foghorn Leghorn
He won the Nobel Prize for his work on international trade theory. His understand of the relationship between inflation and the money supply is less than a freshman taking his or her first course in macroeconomics.
Maybe, maybe not. We've never done it. Keynesian economics requires governments to pull back spending in the good times to save $ and then spend that $ in the bad times. Instead, the government has just spent more continually no matter what. So we have no idea if Keynesian economics works or not because its never been attempted.
Think how dumb the average person is - then remember half of the country is dumber than that.
Hey at least AOC had experience as a bar tender.
If I make my tips PLUS steal other peoples tips, I make twice as much. That is real economic experience.
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