Krugman: I Was Wrong About Inflation

[Rightguide]

MEDIA

Published July 21, 2022 10:05am EDT

With inflation worse than he predicted, NY Times' Krugman admits: 'I was wrong', a 'lesson in humility'​

Krugman acknowledged making 'a very bad call' when he downplayed inflation fears amid Biden's massive spending​

By Gabriel Hays | Fox News

The New York Times opinion columnist Paul Krugman published a mea culpa in column form on Thursday, flat out admitting he was wrong for thinking inflation wouldn’t be that bad.

In his piece, titled, "I Was Wrong About Inflation," the economics professor noted that he was on "Team Relaxed" when it came to fears of inflation and acknowledged that was a "very bad call."

Krugman began by recounting the "intense debate among economists about the likely consequences of the American Rescue Plan, the $1.9 trillion package enacted by a new Democratic president and a (barely) Democratic Congress." He mentioned how he originally didn’t see the massive government spending bill as that dangerous for the economy.

"Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call," he confessed.

https://www.foxnews.com/media/infla...-times-krugman-admits-i-wrong-lesson-humility

 

[Rightguide]

Every leftist here has hung on his every word. We have said all along that he is full of crap. He has called people who reported on inflation, "fear mongers." He should be fired. Janet Yellen as well. She is totally incompetent.

 

[Rightguide]

Where are Krugman's defenders now?

 

[Rotadom]

Where are Krugman's defenders now?

Where were they before this thread? Memory holed? Never existed?

 

[ll74]

Fuck, a guy admitted to being wrong in politics...I'm sure he'll be seen with integrity.....,.

Oh wait..RG decided to bitch a out leftists again using it?

Got it..well done

 

[YDB95]

I don't recall seeing anyone here giving any indication that we "hung on his every word", although I am a fan of his. Again, Whiteguide, we don't worship our political leaders the way your side does, no matter how desperately you want to think we do.

In any event, here's the column in question: https://www.nytimes.com/2022/07/21/opinion/paul-krugman-inflation.html
As per usual, it doesn't say anything like what the righties here think it says.

 

[JohnEngelman]

In his 1980 debate with Jimmy Carter Ronald Reagan said that cutting taxes and raising military spending would generate so much economic growth that he would balance the budget by 1983 "If not sooner." Where were the Republican economists who admitted that Reagan was mistaken?

When President Clinton raised taxes of the richest five percent of the U.S. population by a fairly small amount, Republican economists predicted a recession. What we got instead was low inflation, low unemployment, and eventually balanced budgets that reduced the national debt. Where were the Republican economists who admitted that they were mistaken?

President Biden's mistake was in not raising taxes on the rich before handing out stimulus checks.

 

[HisArpy]

I don't recall seeing anyone here giving any indication that we "hung on his every word", although I am a fan of his. Again, Whiteguide, we don't worship our political leaders the way your side does, no matter how desperately you want to think we do.

In any event, here's the column in question: https://www.nytimes.com/2022/07/21/opinion/paul-krugman-inflation.html
As per usual, it doesn't say anything like what the righties here think it says.

Then why is Krugman apologizing for his prior opinion on inflation if it doesn't say what it says?

It's like you're REALLY REALLY stupid or something...

 

[LukSkyFokker]

Then why is Krugman apologizing for his prior opinion on inflation if it doesn't say what it says?

It's like you're REALLY REALLY stupid or something...

Because he's talking about vettebigot whining about "the Left" hanging on his every word and defending him here, you no comprehending RAPEY dumbfuck.

 

[John_von_Neumann]

Because he's talking about vettebigot whining about "the Left" hanging on his every word and defending him here, you no comprehending RAPEY dumbfuck.

It’s like Rapey is REALLY REALLY stupid or something…

 

[LukSkyFokker]

It’s like Rapey is REALLY REALLY stupid or something…

Nah, it's exactly that.

 

[LittleDixie]

Krugman is a clown.

 

[Rightguide]

Then why is Krugman apologizing for his prior opinion on inflation if it doesn't say what it says?

It's like you're REALLY REALLY stupid or something...

Harpy gets right down to the rat killing.

 

[YDB95]

Then why is Krugman apologizing for his prior opinion on inflation if it doesn't say what it says?

It's like you're REALLY REALLY stupid or something...

I don't know if you're REALLY REALLY stupid or you're deliberately avoiding seeing my point. Quite possibly both.
Krugman is acknowledging that his prior opinion was wrong. But that opinion was not what Klanguide suggested it was. These are not mutually exclusive.

 

[BabyBoomer50s]

Here’s what he wrote in 2016. His warning may become true, even if his timing was off by about six years.

“Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work, so we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”

 

[Chobham]

Over the years Krugman has been consistently wrong about a LOT (most) of the things he's predicted. I figure that the only reason he won the Nobel prize was under the "blind squirrel finds nut" principle.

The only reason I can think of as to why the NYT keeps him around is that he consistently parrots the political narrative they're chasing at any given time.

 

[LittleDixie]

Bob Murphy and Tom Woods had a podcast for awhile dismantling Krugman's wrong opinions.

https://podcasts.apple.com/us/podcast/contra-krugman/id1045736181​

 

[HisArpy]

I don't know if you're REALLY REALLY stupid or you're deliberately avoiding seeing my point. Quite possibly both.
Krugman is acknowledging that his prior opinion was wrong. But that opinion was not what Klanguide suggested it was. These are not mutually exclusive.

The only point you have is the one on the top of your cone shaped head.

You FUCKING ADMITTED that Krugman's apologizing for what he said about inflation. Then you tried to ad hom your way out of it by slandering Rightguide and then denying that you ever admitted anything.

For someone who self professes to be "smart" you absolutely aren't.

 

[JohnEngelman]

The only point you have is the one on the top of your cone shaped head.

 

[Rightguide]

I don't know if you're REALLY REALLY stupid or you're deliberately avoiding seeing my point. Quite possibly both.
Krugman is acknowledging that his prior opinion was wrong. But that opinion was not what Klanguide suggested it was. These are not mutually exclusive.

Go back and "read" the article "I Was Wrong About Inflation," those are krugman's words. These are his words as well:

Krugman began by recounting the "intense debate among economists about the likely consequences of the American Rescue Plan, the $1.9 trillion package enacted by a new Democratic president and a (barely) Democratic Congress." He mentioned how he originally didn’t see the massive government spending bill as that dangerous for the economy.

"Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call," he confessed.

He admitted exactly what the headline stated and implied. You are the dummy who can't read.

 

[Rightguide]

Over the years Krugman has been consistently wrong about a LOT (most) of the things he's predicted. I figure that the only reason he won the Nobel prize was under the "blind squirrel finds nut" principle.

The only reason I can think of as to why the NYT keeps him around is that he consistently parrots the political narrative they're chasing at any given time.

He's wrong because he's a political economist.

 

[YDB95]

Go back and "read" the article "I Was Wrong About Inflation," those are krugman's words. These are his words as well:

The one I posted the link to, and you didn't? Yeah, I read that. And as usual, you're seeing what you want to see rather than what's actually there.

 

[QueequegsHead]

Over the years Krugman has been consistently wrong about a LOT (most) of the things he's predicted. I figure that the only reason he won the Nobel prize was under the "blind squirrel finds nut" principle.

The only reason I can think of as to why the NYT keeps him around is that he consistently parrots the political narrative they're chasing at any given time.

Bingo. Pretty much what I was going to point out. When your economics is driven by political leanings, you're not going to be very accurate for the most part.

 

[mayfly13]

Go back and "read" the article "I Was Wrong About Inflation," those are krugman's words. These are his words as well:

Krugman began by recounting the "intense debate among economists about the likely consequences of the American Rescue Plan, the $1.9 trillion package enacted by a new Democratic president and a (barely) Democratic Congress." He mentioned how he originally didn’t see the massive government spending bill as that dangerous for the economy.

"Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call," he confessed.

He admitted exactly what the headline stated and implied. You are the dummy who can't read.

was it because the rescue money went to corporations?

dunno about economics, but during the Pandemic govts pumped heaps of 'stimulus' money into them. They emerged far richer than before , and the working class ... more poor

 

[QueequegsHead]

Doesn't matter where you dump the money, it aways matriculates upward.

The poor are not providing the goods and services that the middle class demands.
The more money you print, the richer the top gets and the poorer the bottom gets due to inflationary pressures.