Paul Krugman’s Four Worst Takes of the Year

The past year was a difficult one for wild and hot takes. The New York Times’s phony economics savant Paul Krugman. It’s hard to imagine how he can still take himself seriously given his absurd record in assessing the state of the economy during President Joe Biden.

Krugman used 2022 praise The inflation labor-shortage-rattled Economy as “amazing,” Double the fun with his imaginary “Biden Boom” Convince the masses that skyrocketing inflation was temporary. Despite admitting He was a July resident “wrong” Krugman continued to spew his nonsense with hubris, impunity, and inflation crisis. “Bidenomics” Gospel is a punching bag for anyone who has a basic understanding of economics. It’s long past due for Krugman to relinquish his phony Nobel Prize, and you can call it quits.

Krugman’s track record can be perfectly summed up by two rules He was a guide “Bidenomics” Just before Biden was elected Jan. 20, 2021. The country ended up imploding on 2022 “Rule #1: Don’t doubt the power of government to help.” “Rule #3: Don’t worry about inflation.”

To cap off the year, MRC Business goes down memory lane to highlight Krugman’s top four WORST economic takes of 2022.

1. Condescending Paul Krugman bleated You can find the “Biden boom” American workers were incredibly happy with the outcome “whether they know it or not.” (Sept. 5). 

There’s arguably no better exhibit of Krugman’s asinine view of the Biden economy than Krugman talking down to Americans as if they’re too stupid to see the glory of Bidenomics.

Krugman, who was already admitting that he was wrong about inflation by this point, bravely spoke in a Sept. 5 lecture op-ed How “the Biden boom was and is real,” but questioned, “has it been good for U.S. workers? Ask many American workers, and they’d probably answer in the negative. After all, hasn’t inflation eaten up all their wage gains and then some?” 

But the plebeians’ negativity is supposedly just based on ignorance, spewed the elitist Krugman, who has $5 million in net worth: “Bidenomics has been good for American workers, whether they know it or not.” The United States and Canada had a combined 3.2-percent decline in real wages in the first half of 2022, according to the International Labor Organization’s Global Wage Report released in December. [Emphasis added.]

In retrospect, the foundation for Krugman’s condescending screed to Americans fell apart like a Jenga set. “President Biden has presided over a huge employment boom that, according to Friday’s [Bureau of Labor Statistics] employment report, is still in progress,” Krugman wrote. 

However, Dec. 13 report Philadelphia Federal Reserve blew a hole straight through Krugman’s gaslighting. The Fed’s second quarter estimate for 2022 was that there would be only Only “10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. [current employment statistics] estimated net growth of 1,047,000 jobs for the period.” 

That’s a miss of well over 1 million. But Biden’s economy was supposedly a job-making machine in 2022, according to Krugman.

Krugman’s patronizing American workers set himself up for a disastrous “L” The Philadelphia Fed took over three months to publish its report.

2. Krugman worried high “gas prices” were a major threat To “democracy” just because they could potentially … elect GOP candidates. (Oct. 20).

Are high gas prices causing you to feel down? Krugman suggests that you should be more concerned about the effect these high gas prices will have on Republicans’ chances of winning back control in Washington, D.C. Oh my!

Krugman didn’t beat around the bush in his Oct. 20 op-ed headlined: “Will Gas Prices Doom Democracy?” Krugman put selfish political agendas at the center of his propaganda regarding high gas prices. 

“Will the price of gasoline — a price that has very little to do with which party controls the government — nonetheless determine the outcome of the midterm elections, and quite possibly the fate of American democracy?” Krugman wrote. “[G]as prices may sway a crucial election, a fact that is both ludicrous and terrifying.” Perhaps Krugman really doesn’t care too much about high gas prices as long as his beloved Bidenomics continues to wreak havoc on the American economy. [Emphasis added.]

Climate Depot founder Marc Morano told MRC Business “Biden’s policies have helped defund and spook energy projects and markets into a retracted state which created shortages leading to massive price hikes.” Morano further stated that “[t]he price of gas began to increase in anticipation of Biden’s anti-energy policies just before his inauguration in January 2021.” Krugman says that a Republican victory would be bolstered if high gas prices were a factor. “doom democracy.”

At the time of Krugman’s propaganda, gas prices had skyrocketed 18.2 percent Over September 2021. For Krugman, a multimillionaire who is paid handsomely to write nonsense, this statistic is meaningless. The Times. Glassdoor estimated That’s the average “total pay for a Columnist at New York Times is $107,657 per year.” 

Take a look at the numbers.

3.  Krugman flailed Inflation was at its highest point in 40 years “not a crisis” February

In Krugman’s mind, 40-year high inflation was “not a crisis.” Yes, indeed.

Krugman appeared on the Feb. 11 edition of Bloomberg TV’s Balance of Power to discuss how the Federal Reserve shouldn’t use “shock therapy” When it comes time to finally raise funds interest rates after keeping them at zero While drastically inflating The money supply. 

After admitting that there was “underlying overheating” Krugman spiraled into absurdity in an economy that demands the Fed raise rates consistently to combat inflation. “It’s not a crisis.” That’s Krugman’s way of characterizing inflation hitting The highest level in 40-years (7.5%) at that time. 

But Krugman didn’t stop there: “I don’t see any sign yet that inflation has gotten entrenched in the economy.” America still reels from the effects of Hurricane Sandy, 10 months later. 7.1 percent After a catastrophic December, the December year-over-year inflation rate was disastrous. 9.1 percent Summit on year-over-year rates in June

Peterson Institute for International Economics Senior Fellow, non-resident Gary Clyde Hufbauer wrote Christmas Day “Inflation that was initially considered transitory seemingly became entrenched.” 

Barron’s The magazine was published on November 11, 2009. story headlined: “Inflation Isn’t Going Anywhere. History Says It Could Take a Decade to Get Back to Normal.” Krugman appears to be still trapped in a bubble of delusions. Krugman would continue to push in a Dec. 16 column — months after his comical Bloomberg TV appearance — that “given the absence of evidence that inflation is getting entrenched, victory may be a lot closer than many people imagine.” Yikes. [Emphasis added.]

4. Krugman’s solution for Democrats to “crazyproof” Republicans used budget policy to raise the debt limit, and then send money from taxpayers to Ukraine.

Krugman, who was angered by the GOP-controlled House of Representatives’ 2022 midterm elections in 2022, declared that they would somehow “undermine” Biden’s imaginary “successful governance” The economy. Krugman resorted to his terrible ideas once more in order to fix the problem.

Krugman had a few solutions Democrats were expected to be funny in their resistance to the GOP. In a Nov. 21 op-edKrugman stated that Democrats should “crazyproof” policy by — wait for it — “raising the debt limit high enough that it won’t be a problem and locking in sufficient aid for Ukraine to get through the many months of war that surely lie ahead.” 

Krugman’s opinion “Democrats would be, well, crazy not to do these things as soon as possible.” Uh, what? [Emphasis added.]

The U.S. economic situation after nearly two years of Biden’s leadership is so bad that the Organization of Economic Cooperation and Development reportedly estimated U.S GDP growth Only 0.5 percent will be reached next year, and only 1% in 2024. 

But Krugman’s solution for Democrats was to keep the government’s spending obsession, which helped spur The inflation crisis continues like clockwork. Heritage Foundation President Kevin Roberts As stated in op-ed Krugman and other liberal elites must be disowned over the debt ceiling “With the Federal Reserve having ‘bought’ nearly all of the debt from Congress’s new spending — that is, just printed more money like someone cheating at ‘Monopoly’ — Biden’s only fiscal plan is … more spending!” 

Director, Budget and Entitlement Policy, Cato Institute Romina Boccia Written in Nov. 17 blog That “[r]aising the debt limit without first adopting a credible fiscal stabilization plan that cuts spending and controls the growth in debt would be a mistake.” She continued: “It could rattle investors and worsen inflation expectations.” 

In Boccia’s estimation, “Reaching the debt limit is an important wake‐​up call to legislators to correct unsustainable spending.” But to Krugman, spending billions of the American people’s hard-earned tax dollars amidst an inflation fight is “crazyproof.”

Conservatives are under attack Contact The New York Times 800-698-4637 and demand it continue to distance itself from Krugman’s awful economic takes.

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