Good day all. For decades, alleged Economist Paul “Kruggles” Krugman has been using his Nobel Prize for economics to con people into thinking he actually knows what he’s talking about. Anyone who’s paid attention to his rambling nonsense knows that he’s just a socialist and Big Government totalitarian who has no clue about anything.
Krugman picked up the nickname, Kruggles, years ago, and it wasn’t meant to be humorous honorific. He has been pushing every liberal economic idea this side of a Soviet Five year Plan for decades. He was a major booster of socialist medicine and was once caught flat footed during a panel.
He was pushing Obamacare I think and was touting the “Greatness” that was the Canadian health system. He made the mistake of asking if there were any Canadians in the audience and asking them what they thought of their healthcare system. The look on his face was a classic as the Canadians tore the system he liked into small pieces and flushed them.
Now the idiot has been boosting Bidenomics and announcing that inflation wasn’t really an issue, going so far as claiming that the “War on Bidenflation” had been won. Once again, he’s being blasted for his slobbering stupidity. Here are the details from Fox Business News:
Economist Paul Krugman was blasted on social media, and by an economist who spoke to FOX Business, over a tweet claiming that the latest CPI numbers show that inflation is “over” and that it was defeated at “little cost.”
“The war on inflation is over,” Krugman, an economic professor at City University of New York and a New York Times columnist, posted Thursday on X, formerly known as Twitter.
“We won, at very little cost.”
There was a small issue with Kruggles pronouncement. It had no basis in fact and he was called out on TwitterX over it.
The post was tagged with a “community note” by X that said, “The exclusion of food, shelter, energy, and used cars is misleading. All prices included in CPI shows year over year inflation at 3.7% as of September 2023.”
Excluding things that most people consider to be rather important, such as food, housing and energy costs, (Gas, electricity, etc), would make things seem to be under control. Or you have so much money that inflation doesn’t really bother you all that much. That or you are flat out liar shilling for the Progressive Liberal Democratic Socialists.
EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, told FOX Business that Krugman’s tweet is “dishonest.”
“Krugman’s so-called analysis would make Goebbels blush at its dishonesty,” Antoni said. “This is another example that if you torture the data enough, it will confess to anything. Krugman literally removed 58.006% of the entire CPI index to bring inflation down to 2%.
I wouldn’t call that “Torturing the data. I would call it flat out falsifying the data. Anyone else would be thrown out of any professional association and fired from any jobs that had anything to do with economics. However, Kruggles is one of the “Special People” so I expect he’ll get a raise or something.
Antoni continued, “While Krugman is at it, he might as well remove a few more components of the index if he really wants to bring the number down. For example, according to my latest estimates, if you remove the whole CPI from the CPI, then inflation goes to zero. Krugman would presumably title such a graph ‘CPI ex CPI’ and tout it as the ultimate proof of Bidenomics’ success.”
Kruggles ended up getting hammered in TwitterX. Hammered is actually not entirely accurate. It was more like he was clubbed like a baby seal.
“Outside of food, energy costs, the cost of housing and buying cars, we won the ‘war on inflation,'” Outkick writer Ian Miller posted on X. “How did anyone ever take people like this seriously? Just completely in denial of anything that makes his political party look bad.”
That describes both Kruggles and the average Progressive Liberal Democrat to perfectly. They deny reality and substitute their own. The problem with that is when their bubble gets popped.
Krugman seemingly walked back his original post on X with a follow-up post.
“I was too flip here,” Krugman said. “I’ve been using this particular measure for a while, so want to be consistent. But it has flaws (medical insurance too optimistic). But almost every measure now <3 percent. 1/When you look at the whole distribution, we do seem quite close to prepandemic inflation 2/And PCE inflation, which doesn’t share the same flaws, showing us closing in on 2 percent. E.g. 3/People have been reluctant to call this. But the data really want to tell us that inflation has very nearly normalized.”
“What Krugman is implicitly saying is that if you’re homeless, starving, and freezing to death, things aren’t so bad because everything else is affordable. Alfred Nobel is rolling over in his grave with his eponymous award being given to such a charlatan as Krugman.”
Kruggles is a fraud, however he’s also a progressive and therefore is always right, even when he’s wrong. This bozo should have his Nobel Prize revoked. Why anyone listens to him these days is a mystery for the ages. Still, he is good for some comic relief when he gets called out for his bull, or gets blindsided when someone tells him how things actually are.
Thatisall
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