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The New York Times economics parody writer Paul Krugman — because that’s all he’s been reduced to now — can’t seem to avoid sleepwalking his way into major, unforced errors.
In another Apr. 9 row praising President Joe Biden’s alleged” Beauty” business, Krugman was convinced that “while there was a flood of prices, it seems to have broken”.
Yes, Krugman wrote this the day before the Bureau of Labor Statistics released its Apr. Consumer prices increased by 3.5 percent year over year and by 0.4 percent quarter over month, according to a report from 10 years ago.
According to CNBC, core consumer prices, excluding food and energy, “also increased by 0.4 % on a monthly basis while rising by 3.8 % from the previous month, compared to respective estimates of 0.3 % and 3.7 %.”
European magazine Le Monde concluded,” The figures are poor and getting worse”. In other words, Paul: You done messed up A- Aron.  ,
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Krugman’s paragraph, in fact, gets even more unpleasant as one reads on:
In essence, America restored full career while experiencing a one-time increase in the price of goods without a steady rise in inflation, or the price at which goods are being sold. Not bad, particularly given the terrible prophecies made along the way. ” ]emphasis added ].
Ouch.
Krugman’s argument here has another flaws, and one of them is that he does n’t mention the workers who are n’t members of the labor force. The U. S. Chamber of Commerce modestly estimated that amount to be around 1.7 million on Feb. 13, 2024, compared to February 2020. If every poor person in the nation found a job, there would still be almost 2.4 million available jobs, according to the chamber. According to other estimates, there are 4.8 million employment missing from the labour market in comparison to the prior pattern of 4.8 million.
According to Krugman’s innovative method for summing up the U.S. financial situation, Americans should completely disregard the BLS’ CPI index. According to Krugman, the so-called “wave of prices” is “especially evident if you measure prices the way various countries do.” By his twisted measures, Krugman claimed deliberately that “inflation has already been cut to about 2 percent, the]Federal Reserve’s ] prices goal”. But all Americans need to do is trick themselves into thinking the inflation situation is worse than it is by using other countries ‘ measures. Brilliant!  ,
Unfortunately, Krugman’s liberal media wing is now claiming that the Fed is n’t cutting interest rates anytime soon.
Even progressive CNN anchor Kate Bolduan acknowledged that the popular BLS statistics indicated that” [i]nflation is heading in the wrong direction right today.” Eventually, the Atlanta Federal Reserve revised down its nowcast model for second quarter GDP growth to 2.4 percent from its April 5, 2.5 percentage measure. EJ Antoni, an economist for the Heritage Foundation, summarized what the string of unfortunate events for Krugman’s narrative meant for the future in an X post: “BLS releases hot CPI and ATL Fed revises down GDP nowcast… Cpi: faster [. ] Development: slower [. ] Say it w/ me: stagflation” . ,
Bis releases the popular CPI, and ATL Fed is now revising GDP forecast…
Cpi: faster
Development: slower
Claim it w/ me: recessions photograph. twitter.com/UoptaylTDe— E. J. Antoni, Ph. D. ( @RealEJAntoni ) April 10, 2024
But that’s not all. Queens College, Cambridge President Mohamed A. El- Erian also conceded that the popular inflation report signaled” continued price pressure on consumers, which hits the weak hardest, and a strong market reaction”. Jason Furman, a liberal Harvard professor of practice, even acknowledged that the core CPI has increased by 3.5 % over the past year. That is faster than any twelve month period from February 1993 to 2020″ . ,  ,
Republicans are under assault. Find The New York Times at 800- 698- 4637 and need it length itself from Krugman’s terrible takes on Bidenomics.
