Liberal economist Paul Krugman issued a bizarre proclamation about inflation on Thursday, and he faced the fury and ridicule of social media over it.
The New York Times columnist posted a graph of one inflation rate measure falling year over year since May.
“The war on inflation is over. We won, at very little cost,” wrote Krugman.
The Biden administration has expressed angst and frustration that so many Americans have criticized the administration for inflation eroding the buying power of the dollar. While the rate of increase of inflation has fallen overall, prices have not fallen at all on average.
“Inflation is easing; it’s edging lower. However, food and energy prices remain elevated, and the average American lives in an environment in which food and energy are basics for their budget. And that budget is climbing higher,” said LPL Financial chief strategist Quincy Krosby to NBC News.
Krugman’s attempt to spin the inflation rate only enraged critics on social media, many of whom pointed out the inflation measure excluded spending on food, energy, shelter, and used cars.
“Thank heavens I stopped buying food, energy, cars, and housing in 2021,” responded Brian Riedl, an economist at the Manhattan Institute.
“It’s been such a s****y week so thank you for the laugh. Guys, if you exclude food, energy, shelter or used cars, we’re doing super great!” replied Karol Markowicz, a New York Post columnist.
“No one needs food, energy, shelter, or transportation. Get this man another Nobel Prize,” said author John LeFevre.
“If you just ignore the food you need to survive, housing to protect you, cars to get to work, and energy that’s necessary for your home and car, inflation is under 2%, y’all! Mission. Accomplished,” read another mocking missive.
Others pointed out that Krugman’s sleight of hand mirrored exactly a parody headline from the Babylon Bee, a satire website, from May 2021.
Krugman has admitted in 2022 that he was completely wrong when he predicted that massive government spending under the Biden administration would not lead to any significant inflation.
“As it turned out, of course, that was a very bad call,” he said at the time.
In June, the White House social media account tried to make a similar proclamation of victory over inflation, and they were similarly mocked and ridiculed online.
Here’s more about Biden’s inflation debacle:
CONFRONTED: ‘Inflation Reduction Act’ FAILS To Live Up to Its Namewww.youtube.com
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