Posted on 06/27/2024 6:20:28 AM PDT by MtnClimber
Reprinted, with permission, from the Committee to Unleash Prosperity‘s daily must-read Hotline email.
We have our hand on the Bible swearing we are not making this story up.
A gang of 16 Nobel prize-winning economists signed a letter yesterday endorsing Joe Biden for president because: “There is rightly a worry that Donald Trump will reignite inflation with his fiscally irresponsible budgets.”
But then our colleague, Scott Bessent, noticed something strange and ironic about the signatories: 13 of these economists signed a highly-publicized open letter three years ago assuring Americans that Biden’s “Build Back Better” spending spree would “ease longer-term inflationary pressures.”
Then — whoops! — 18 months later inflation soared to 9.1% under Biden – the worst U.S. inflation in almost 40 years! This would be the medical equivalent of amputating the wrong leg.
Here’s the overlapping list of these economists who were spectacularly wrong in 2021, but whom we are supposed to believe are right this time around.
The chef’s kiss is that the first listed signer on both letters, George Akerlof, is Janet Yellen’s husband.
We argued then that Joe Stiglitz (and the rest of these scoundrels) should do the standup thing, send back their Nobels and Ph.D.s, and admit that when it comes to the real world, they have no idea what they are talking about.
Instead, they are now predicting that if Trump is elected, he will reignite inflation even though the average inflation rate during Trump’s first term was 2.5% versus closer to 5.5% under Biden. Are these scholars so buttonholed in their ivory towers that they are unaware of this basic fact?
Here is the comparison of inflation under Trump and Biden.
The mission of the Committee to Unleash Prosperity is to educate policy makers and the public about government policies that have been proven, in practice, to maximize economic growth and equitable prosperity in America and around the world.
2 STAPLES on my grocery list:
5# hamburger chub for Chili.....
OLD ROY DOG FOOD
HAMBURGER UP over 59%
Dog food up 38%
WAL MART plain white bread: was 84 cents forever. NOw $1.43.
Filed under “Things That Make You Go “Hmmmn.”
Another thread this AM:
FEDERAL RESERVE (JANET’S JOB)
THE FEDERAL RESERVE IS LOSING $$$$$$$$ since 9-28-22 & is now in the hole——$176 BILLION as of June 19,2024.
NEVER has lost $$$$ prior in History——
HOW LONG BEFORE A CRASH-—that will get blamed on TRUMP???
TRIGGERED BY BANK FAILURES???
Paid $3.859 for gas yesterday in N NEvada.
I have a Ph.D. in economics and 40 years of university teaching (9 years at a Big Ten university), and was a very conservative teacher. While I don’t have the credentials of the group, I think the conclusion of this group falls into the “Bullshit” container.
That’s a good post. Right on!
When Trump was President what was the inflation rate? I guess past history doesn’t factor in the equation track record.
IT has ALWAYS bothered me that they never have he same last name....
THE MARRIAGES & high profile jobs are hidden very well.
CANNOT CONNECT THE DOTS when you have rotten info.
Agreed. And quite a number are government officials married to so called journalists
OMG, you can’t make this stuff up. I do wonder how they missed Paul Krugman when seeking signers, though.
The econ version of the 51 intel agents.
First, “Nobel winning”…. Fraudulent, self promoting BS. Second, it’s well know that most economists are raging socialists suffering from “the smartest man in the room” syndrome and love to hear themselves talk.
more dope on the 16 dopes ... from the Guardian [boo-hiss], 11/19/2023:
https://www.theguardian.com/business/2023/nov/19/us-economists-wrong-predictions
“In 2021, 16 of the 36 living American Nobel economists declared, incorrectly, that “whatever upward pressure on prices all this new money (ie government stimulus) might bring there was no threat of inflation””
what ya’ wanna bet that these are the same 16 Krugman-level “geniuses” that claimed Trump was responsible for the inflation during the Biden administration, that inflation has been controlled, and that if Trump gets back in office, inflation will be “reignited”?
These are the same morons-—”Nobel” my ass-—that predicted a stock market collapse and a horrible economy under Trump.
I actually know an economist who is brilliant, who should have had a Nobel prize. But even he struggles sometimes with “real world” concepts.
Thank you.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.