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 ...
Socialism/communism and Keynesian Economics both fail for the same reasons.
They enable Control Freaks and ignore human nature.
Again, Keynesian has never once been remotely attempted in the history. Spending more government money wasn’t new to keynes. The entire point was government could balance by spending less than normal in the boom times and save the money to spend and balance it out. Instead, all we have done in the western world since 1930 is increase spending every single year.
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