Krugman’s Kerplunk! War On Inflation Over, But Avergage American Is $7,400 Poorer Under Bidenomics (Real Wages Decline Again And Rent Inflation Over 7%)

Confounded Interest ^ | 10/11/2023 | Anthony B. Sanders

[Kaiser8408a]

Paul Krugman, Nobel Laureate in economics and media celebrity, made a terrible claim yesterday when he pronounced that “The war on inflation is over. We won, at very little cost.” Krugman’s proclamation was trumpeted by The View’s Joy Behar Joy who claimed that everything is going great in the country! The economy is “booming” and people are having an “easier time” putting bread on the table. Huh? Easier than a month ago maybe, but not easier since 2021 under Bidenomics.

I pointed out yesterday that “real” wages contracted 0.1% YoY (after 3 months positive) in September. It is important to note that real wage growth was negative from 2021 until 3 months ago, but has gone negative yet again. Victory??

Krugman prefers core inflation, removing food, housing and energy. You know, the three things most Americans actually care about. Take shelter (or rent of residence) where rent is growing at a sizzling 7.1% YoY.

Under Biden and Congress’ reckless spending splurges (and inane Federal energy policies), regular gasoline prices are up 64%. Growth in rent of residence has grown 252%! So, Professor Krugman, Americans are far worse off than before Biden was President.

If prices return to December 2020 (or pre-Covid levels), I will declare a victory. But for right now, symbollically, the German army is occupying France and Paris with horrible suffering for the French people. In other words, Americans are still far worse off under Biden even though inflation is finally slowing.ew

Speaking of France and World War II, maybe we should consider Joe Biden as today’s Pierre Laval, leader of Vichy France since Biden seems more concerned with pleasing Klaus Schwab and The World Economic Forum than America’s middle class and low wage worker (like Laval was concerned with that German leader Adolf Hitler thought).

[Kaiser8408a]

Biden IS France's Pierre Laval. A traitor.

[Pete Dovgan]

The inflation is not over. It has slowed, but as more ‘corrections’ in long term contracts and manufacturing ‘catch’ up it will continue.

I would say Krugman is wrong but…….it’s like redundant

[AbolishCSEU]

Paul K LOL what a stooge for the DNC. Peter Schiff is the GOAT.

[twister881]

Krugman is to economics as Biden is to foreign policy — a lifetime of being wrong about everything.

[Sirius Lee]

Well, companies ARE tightening their belts and are planning layoffs in the next few months. That will put a ding in the rate of inflation's growth.

First we had wage cuts via inflation, and now cut wages as companies adjust. Less spending all around.

A slowing economy is nothing to cheer about, but the MSM will spin it somehow.

[RoosterRedux]

Peter Schiff is the most irrational Bear-Of-All-Times. He sees collapse everywhere and all the time.

And Krugman is a genius at twisting economic reality into a giant irrational liberal pretzel without laughing at or being ashamed of his fawning obsequiousness to the Marxist agenda.

[MMusson]

Nobel Prize my @#$.

Inflation is not over. Supply chain issues and food shortages are going to keep prices climbing for years to come.

[zek157]

The CPI just came in at 4% annually, so even accepting the .gov manipulated numbers, inflation is remains double the 2% rate the federal reserve tries to maintain. Of course healthcare food and insurance are higher than 4%. Gas does seem to be down a little, but still higher than the $2.something in January 23.

Biden bucks don’t go as far as they used to.

[Dixie Yooper]

Somewhere in 2021, someone decided to produce more gasoline than Diesel fuel from same amount crude oil, to impact the 2022 election by slightly reducing gas prices without increasing oil production. That’s when inflation really kicked into gear. Regardless of what the Fed does with interest rates, the high price of Diesel fuel will continue to push the cost of everything up more, until we are Venezuela.

[God luvs America]

Yup- they can put bread on the table- at $4.99 a loaf.

Its funny they would be spouting this crap yesterday:

Consumer prices rose 0.4% in September, more than expected

https://www.cnbc.com/2023/10/12/cpi-september-2023.html

[TexasFreeper2009]

Trust me... rent hasn’t even begun to rise to what it will!

Rents are sooooooooo far behind home prices right now it is ridiculous. I haven’t seen a single rental property that makes more in rent than you would have to pay on the note in years.

That is unsustainable.

So rents WILL be going up dramatically, because prices are sure as hell not going to come down substantially.

[ExTxMarine]

Paul Krugman says if you exclude:
Food
Fuel
Lumber
Chemicals
Plastics
Drugs
Steel
Paper
Electricity
Water
Alcohol
Rubber
Paint
Nails
Cars
And Entertainment, then inflation is only about 7.5%

[SunkenCiv]

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[AbolishCSEU]

So far Peter has been right. Inflation is NOT under control nor will it be.

[oldtech]

Guess you wouldn’t want to get the latest news from Krugman or Behar, would you? You’d never know what was actually going on in the world. You’d be as well off just not getting any news. Then consider what it is like living under Social Security! Of course, with S.S. I’m sure the government assumes you also have some kind of pension plan as well. I don’t know how many actually have a decent pension, but I do know there are many who don’t have ANY kind of retirement plan. Many times this is a fair indication that the job you “retired” from didn’t pay any kind of decent wage, either.