Posted on 03/26/2021 11:52:52 AM PDT by JV3MRC
The New York Times economist Paul Krugman tried to hoodwink Americans by downplaying inflation concerns brought on by President Joe Biden’s massive $1.9 trillion stimulus package.
Krugman’s new op-ed was headlined, “How Not to Panic About Inflation.” The article was published just a few days before Axios released a story headlined, “77% of Americans are worried about inflation.” Krugman’s tactic was to get Americans to remember the “great inflation scare of 2010-2011.” He argued that conservative worries about inflation failed to materialize after former President Barack Obama injected the economy with his own asinine stimulus. His only criticism of Obama’s stimulus was that it was “inadequate,” but he also falsely argued that there was “consensus among economists that [Obama’s] efforts were helpful.” Now, Krugman has said worries about inflation in Biden’s stimulus were resurfacing the same right-wing worries: “[H]ere we go again.”
Krugman flailed that “there are people eager to denounce government attempts to help the economy.” He also patronized Americans: “[D]on’t let the usual suspects seize on a few months’ inflation data as evidence of looming disaster.”
(Excerpt) Read more at newsbusters.org ...
Don’t panic. If you run out of money we’ll print more!
10 years. That is how long after Chavez took power before the hyper-inflation hit. This with the world’s largest reserves of oil.
If the Bank runs out of money, the Banker may issue as much more as may be needed by writing on any ordinary paper.
It looks like the Federal Reserve is following the rules. Good job, guys.
Long as his side causes it.
This is the guy that predicted 25 of the last 2 recessions.
Only when a republican is in there should we panic right Klugman?
The stimulus may or may not result in rising prices or debasement of our currency. In the case of the former, the velocity of money (the rate at which money changes hands) would have to rapidly increase. I think it’s been low for years and explains why the money supply can be greatly increased (inflation) and not result in rising prices (too many dollars chasing too few products and services). I the case of the latter, our currency could lose value quickly as a result of a catastrophic loss of confidence — hyperinflation. It’s an effect of mass psychology as I understand it. And it happens suddenly. Not easily predictable. But in my opinion will happen in the US timetable uncertain. Don’t know how to prepare for that. Buy Bitcoin? Hoarding gold just seems dangerous. We are in uncharted waters.
Gas is up almost $1 /gal sinxe the election. Wood, paint, screws, upholstery material, food, all up. Not a little, more like 10-20%.
Anyway, the basket of goods that I purchased one year ago for $119.82 now costs $127.20 at the exact same store (and reflecting any discounts). That is an increase of 6.2%. Officially, inflation is 1.68%. That is just at the supermarket, but we all know about gasoline prices and prices at the pizzeria.
Krugman knows full well that the government is constantly tinkering with the formula for measuring inflation and that the official number is basically false and bears no relationship to historical measurements. I believe the official inflation-rate understates the real inflation rate.
https://postimg.cc/WqFDpg43
Krugman needs to get out among the little people.”If you don’t see what’s happening right now you better hold on to your ass !! This was 6.99 a sheet 4 years ago and 14.99 last year!!”
Local building costs are rising so fast that construction contracts have escalation clauses.
Water prices are rising in my area, about 20% this year.
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