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Because that’s all that Paul Krugman has been reduced to now, The New York Times economics parody writer ca n’t seem to avoid stumbling his way into significant, unforced errors.
In another Apr. 9 row praising President Joe Biden’s reported” 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 April report. 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 estimates made along the way. ” ]emphasis added ].
Ouch.
Krugman’s discussion here has another flaws because he ignores the work force’s members. The U. S. Chamber of Commerce modestly estimated that amount to be around 1.7 million on Feb. 13, 2024, compared to February 2020. According to the chamber, there would still be roughly 2.4 million open jobs if every unemployed person in the nation found employment. According to other estimates, there are 4.8 million jobs missing from the labour market in comparison to the variety that were before the pandemic.
Krugman’s latest move to spin the U.S. financial situation suggests that Americans should completely disregard the BLS’ CPI index. According to Krugman, the “wave of inflation “‘s breaking is “especially clear if you measure inflation in the same way that other 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 have to do is trick themselves into believing that the prices situation is worse than it is by using other countries ‘ measures, oh, so that’s what they do. 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. In an X post, EJ Antoni, an economist for the Heritage Foundation, wrote about how the series of unfortunate events for Krugman’s narrative affected the future: “BLS releases hot CPI and ATL Fed revises down GDP… Cpi: faster [. ] Expansion: slower [. ] Say it w/ me: stagflation” . ,
Census releases the popular CPI, and ATL Fed is now revising GDP forecast…
Cpi: faster
Expansion: slower
Claim it w/ me: downturn 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 over the past twelve months, the core CPI has increased by 3.5 %. That is faster than any twelve month period from February 1993 to 2020″ . ,  ,
Republicans are under assault. Call The New York Times at 800- 698- 4637 and need it length itself from Krugman’s terrible takes on Bidenomics.
