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Thursday, June 23, 2022

Krugman strikes again

Paul Krugman is a Nobel-winning economist, NYT columnist and advisor to Enron.

In 1998, he wrote, "The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’—which states that the number of potential connections in a network is proportional to the square of the number of participants—becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s."

In 2016, upon the election of President Trump, he wrote, "It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?

"Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.

"Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never."

But then Biden became president, and Krugman made up for his bad advice about the Internet, Enron and Trump by correctly predicting the economic collapse of the country under Biden.

He told us to stock up on baby formula, to plant gardens and to stuff our money in a mattress. Save that bacon grease, too.

Oh, I am kidding. The man is a gigantic doofus. His beard is smarter than him. He makes John Kerry seem bright.

Krugman wrote, "Making the Most of the Coming Biden Boom. The economic outlook is probably brighter than you think."

The New York Times actually paid him money to write this.

At the time, the brief Pandemic Panic recession had ended, and the bull was back on Wall Street with the quickest recovery from a bear market in history. Unemployment was lower than it was in 2012 when the people re-elected Obama.

But Krugman insisted we were still in a recession.

He wrote, "This time, however, households entered the pandemic slump with much lower debt. Net worth took a brief hit but quickly recovered. And there’s probably a lot of pent-up demand: Americans who remained employed did a huge amount of saving in quarantine, accumulating a lot of liquid assets.

"All of this suggests to me that spending will surge once the pandemic subsides and people feel safe to go out and about, just as spending surged in 1982 when the Federal Reserve slashed interest rates. And this in turn suggests that Joe Biden will eventually preside over a soaring, morning in America-type recovery."

He made a mistake newspaper columnists often make. He wrote from the top of his head without bothering to research.

Had he fact-checked himself, he would have realized those "slashed interest rates" were a cut to 9% interest in October 1982.

Biden will not be able to slash interest rates because they have been discounted to nearly zero for two decades. 

What Krugman missed was the inflationary overspending by Biden. His $1.9 trillion infrastructure deal was a payback to donors and special interest groups. Trump left Biden 1.4% inflation.

Less than 18 months later, Biden pumped it up to 8.6%, a rate not seen in two generations. 

Krugman wrote, "If I’m right, however, the peculiar nature of the coronavirus slump may give Democrats another big political opportunity. There’s a pretty good chance that they’ll be able to run in the 2022 midterms as the party that brought the nation and the economy back from the depths of Covid despond. And they should seize that opportunity, not just for their own sake, but for the sake of the nation and the world."

Covid's still there, the economy's tanking and the midterms look bad for Democrats.

I sure hope Krugman is working on his Biden Will Be Re-Elected In A 50-State Landslide column for his post-midterm analysis piece. 

48 comments:

  1. Yesterday on his radio program, Clay Travis pointed out that if Republicans flip a mere 35 seats (net) in November, they will have their largest majority in the House since Calvin Coolidge was president. Of course, we would like to see enough to form a veto-proof majority.

    ReplyDelete
    Replies
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    2. Shouldn't you be going back to your office?

      Delete
  2. He is probably right. The government is having a boon year in this economy. Taxes are up, up, UP!!!!

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  3. Krugman...Krugman... wasn't he in that show, Quincy?
    -LG

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    Replies
    1. Naaaa, that guy was a darn sight smarter . " He makes John Kerry seem bright " ; man that is a low bar ! ๐Ÿ˜‚๐Ÿคฃ๐Ÿ˜

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    2. Yes LG, He was...when things go bad, you know Sam Fujiyama was going to get a beatdown!!! For an unattractive old bastard, Quincy was slinging some...Dick used to watch!

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  4. Unfortunately, Democrats will continue to cheat. I am worried about all of this landslide confidence when little has been done to correct election integrity by the Republican Party, the blue states, and the courts. Georgia, Pennsylvania, Wisconsin, Arizona, etc. Not to mention Dems posing as Republicans like Romney, Cornyn, Graham, Cassidy, the killer turtle and on and on.

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    Replies
    1. Agree with you, 110%. Too much confidence. I will wait until I see the results.

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    2. Trust in The Lord above all else. If His Will is that we should suffer, so be it.

      (Personally, I don’t think that’s His Will at all. But if we gotta do a Mad Max end time, so be it.)

      Delete
    3. https://thefederalist.com/2022/06/23/yes-biden-is-hiding-his-plan-to-rig-the-2022-midterm-elections/

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    4. I just read that Federalist article. It raises many, many alarm bells. Why are the Dems so desparate to chear?

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    5. LuAnn - Because they're desperate to stay in power. Because if they fall from power they might be held accountable for their crimes.

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    6. Agree. If they fall from power, they should never be elected again, or at least two generations to give them some time to reform.

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  5. Order change: Advisor to Enron, NYT Columnist and therefore Noble Prize Economist.

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  6. Shouldn't Krugman be retiring? Can't he do something to offend the young'uns at the NYT to force him out. I don't know why anyone would be a single word that he writes. Fake News.

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    Replies
    1. Forgot the word "believe" as in I don't know why anyone would believe a single word that he writes.

      Delete
    2. I would occasionally read the reader comments from his NYT columns. Years ago. His foolish fawning followers posted sickening comments. If he wrote that the earth was flat and the sun rose in the west, they would praise professor Krugman or Dr. Krugman for paragraphs.

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  7. ANYONE who listens to this fraud should never run for office nor be trusted with anyone's money. The fact Biden & Co. give him any credence is just one more reason to boot them all in November.
    .... Assuming elections can still be trusted by then....

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  8. I try and see things from Krugman’s perspective but I can’t get my head that far up my ass (stolen from the internet).

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    Replies
    1. Do better, Alderman! ๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ

      Delete
    2. If Krugman's head were any further up his ass, he'd be looking out through his nostrils.

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    3. There are some talents we can do without .

      Delete
  9. His record is as spotless as Brandon's.

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  10. Krugman, in the finest Obama tradition…when you fuck up, double down. Triple down. Quadruple down. The sheeple will still support you. Because global warming!!!

    ReplyDelete
  11. Maybe he should write for the Babylon Bee?

    ReplyDelete
    Replies
    1. If he accepts Jesus as his Savior. Just checked Draft Kings and the odds of that are 1,000,000,000,000,000,000,000,000 to 1.

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    2. True, so he will not be writing for the Bee. How about he just goes away?

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  12. If the outlook is brighter than I expect, that means Xiden is such a fuck up that he is fucking up his fucking up. Hard to imagine.

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    Replies
    1. If we keep using fuck up to describe Zhou Xiden's actions, pretty soon we will need to downgrade some colossal fuck ups to snafu's or glitches.

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    2. I hate to give him credit , but Obummer did warn us (Don't underestimate Joe's ability to fuck things up ) .

      Delete

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  14. I have lived through Clinton, Bush2, Obama, Trump, and now Biden. (Before Clinton, I was too young to really understand economics or politics.) Every time that some liberal is destroying the country, out pops some know-nothing mouthpiece to tell us how we are on the cusp of greatness, just wait. They live off of pie-in-the-sky promises, but that pie is nothing but a tin filled with whipped cream ready to be smashed in our faces. What I have learned in my lifetime is this, Dems actively destroy this country, RINO's passively help Dems destroy this country, and real conservatives are bludgeoned to death by both other camps for having the audacity of trying to actually help this country.

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  15. Krugman is the Roseanne Roseannadanna of economists. Every prediction he makes is wrong and he effectively responds - “Never mind” ๐Ÿคท‍♂️๐Ÿคท‍♂️๐Ÿคท‍♂️

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  16. "The New York Times actually paid him money to write this."

    This makes perfect sense. Paul is contracted to tell the NYT "base" WHAT THEY WANT TO HEAR.

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  17. Krugman did not win a Nobel Prize.

    Alfred Nobel established five Nobel prizes.
    Chemistry, Literature, Peace, Physics, and Physiology or Medicine.
    There is no Nobel Prize for economics.

    What Krugman won was the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
    It's a prize sponsored by the state bank.

    That's like winning the Federal Reserve Bank Prize in Memory of Alan Greenspan.

    ReplyDelete
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    ReplyDelete
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